Travel loan checklist when going on holiday

Published on November 20th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.

You may have a long list of places that you want to see and the thigs you want to do when you get there, but sometimes finances get in the way of achieving your bucketlist. Here is how you can tick off the things you want to do with a travel loan checklist that will help you get things done without being left with a financial holiday hangover.

What is a travel loan?

travel loan is basically a personal loan that can be used for holidays to help you take care of your travel needs and more without going bust. It can be used to cover a range of travel expenses such as flights, accommodation, tours, and travel accessories you may need to complete the trip. However, not all travel loans are created equally which is why you need a travel loan checklist to see if it is the one for you.

Do you already know where you going?

Knowing which destination you are travelling to can let you know if a travel loan is for you. Being a travel who is gone with the wind can quickly result in you accumulating holiday debt since there is no plan or budget in place. Researching where you headed to will let you map out possible expenses like whether it is cheaper to fly or drive, food, accommodation, and potential specials that are happening around the time you want to travel. This will also make it easier to know what loan amount you need to adequately cover your expenses.

How to know if a travel loan will work for you

Not all lenders are the same. Therefore, it pays to compare your way to a loan that has features and an interest rate that is suitable for you. In general, personal loans usually have a minimum amount of $5,000 and a maximum of $50,000 that have a loan term of 1 to 7 years.

Depending on your credit score and your circumstances of your trip you will get access to a certain amount and loan term. Check to see if a lender is offering an amount that will help you adequately cover your trip. You can also check if you will be able to afford the loan by using a personal calculator to see how much you will be paying over the loan term.

It is vital that you check the features of the loan such as the interest rate, ongoing fees and charges that come with it as this can affect your repayments. Check if the lender offers a repayment plan that is works with your cash flow such as being able to make repayments weekly, fortnightly, or monthly.

Did you find this page helpful?

Thanks for your feedback!

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for personal loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

In this article

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on pinterest

Looking for a personal loan?

Compare personal loan lenders with Savvy and get approved today!

* Terms and conditions and lending criteria apply.

Smart money saving tips

Subscribe to our newsletter.

By subscribing you agree to our privacy policy

Compare personal loans today

We’re here to help you find the most affordable options, so there’s no better way to compare personal loans and rates than right here, all in one place.

Related articles

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.