A holiday loan can be an unsecured personal loan or a secured loan used to fund a holiday. With unsecured personal holiday loans, the lender will lend you a fixed amount of money over a set amount of time. You’ll then need to pay it off in monthly instalments, plus interest.
With secured holiday loans, the loan will be secured against your property. Secured loans enable you to borrow larger amounts and often come with longer repayment periods. However, if you’re unable to pay back your loan, your home could be repossessed to cover the cost.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
As with all holiday finance, the amount you can borrow depends on your personal circumstances.
Here at Splash Loan, our lenders offer unsecured personal loans of up to $25,000. With a secured loan, you might have the potential to borrow more.