Loan for vacation

Whether it's a spontaneous short trip, a much-needed rest on your annual vacation or a romantic honeymoon, your vacation wishes are often bigger than your own budget. Here a credit for the vacation can help to realize the dream vacation. How this works and what you should pay attention to, you will learn from us!

What is important when taking out a loan for a vacation?

Financing your vacation through a loan is a great way to pay for your well-deserved relaxation and escape from everyday life in convenient monthly installments. However, there are differences between this and other loans that you should be aware of:

  • In the case of a loan for a car or other object, the loan amount is offset by a certain material security.
  • With a loan for the vacations this material security is not given.

For this reason, it is particularly important that the parameters such as the loan amount, term and the resulting amount of the installments are adjusted so that you can pay the monthly installment at any time without difficulty. While you could, for example, with a car loan in an emergency sell the car to pay off the loan, this possibility does not exist with a loan for the vacation.

Advantages of a vacation loan

Of course you have the possibility to wait with your dream vacation until you have saved enough of your own money for it. However, this is in many cases very tedious and to save you must be disciplined. Often, even due to the stressful everyday life, immediate rest in the form of vacation is necessary, so you do not even want to wait longer. So taking out a loan for a vacation not only makes you more independent, but also much more flexible. For example, you can quickly respond to special travel offers from tour operators.

In addition, no one wants to have to pay close attention to the money during the vacation. A vacation credit can be adjusted accordingly in its amount so that all necessary costs can be covered and you can enjoy the vacation to the fullest. After all, especially on vacation costs occur permanently, especially for:

  • The hotel / pension / vacation home
  • The journey
  • The food during the trip
  • Various activities on site
  • Entrance fees for sightseeing and cultural activities
  • Souvenirs and memorabilia
  • Spontaneous undertakings or the ice cream in between.

In advance of taking out a loan, you should therefore plan how much money you will need on vacation for all these things to be able to take out a vacation loan in the appropriate amount. Of course, it is also important that you consider your own financial possibilities within the monthly budget available for the loan installment. Furthermore, it may be useful to take out appropriate travel cancellation insurance, so that you are not stuck with the cost of the installment loan in the event of sudden prevention due to illness or the like.

Requirements for a vacation loan

Basically, the same requirements apply to taking out a loan for vacation as for any other consumer loan:

  • You are of age and have full legal capacity.
  • You are registered at a german residence.
  • You have a german bank account.
  • You have a sufficient regular income.
  • The credit check on you comes back positive.

In order for your vacation loan application to be processed as quickly as possible, you should also prepare the most important documents before submitting your application. These include, first and foremost:

  • The last 3 pay slips
  • Bank statements of the last three months
  • A copy of the employment contract
  • Current tax assessment notices for self-employed persons to prove income.

If you submit these documents directly together with the signed loan agreement, you will speed up the application process and be able to start your vacation sooner.

How does the identification work?

Every borrower must legitimize his identity before taking out a loan. This is how the law wants it. In principle, you have two options for this:

1. The video-ident procedure

In times of digitalization you have the possibility to do the identification comfortably from home. All you need for this is a webcam-capable device and you should have your identity card ready. Many credit providers already offer the video-ident-procedure. To use it, proceed as follows:

  • Fill out the online application for your desired loan. You will then be redirected to the website of the video-ident provider.
  • Start the video chat or. The video phone call with one of the service employees.
  • To prove your identity, you will be asked to hold your ID card up to the camera during the process.
  • If the information in the credit application can be successfully matched with your ID card, the service employee confirms your identity to the credit provider.

As a rule, this process takes only a few minutes. Thus, the application for the loan for your vacation can be done quickly and easily. Nothing more stands in the way of your dream vacation.

2. The post-ident procedure

The classic way of identification is the post-ident procedure. Here's how you can use it:

  • After completing the online application for your loan, you print it out and sign all the necessary forms.
  • You will also find the post-ident-coupon in the application documents. With the complete documents for the loan and your identity card, visit a branch of deutsche post.
  • There you present the application documents, the post-ident coupon and your identity card. A deutsche post employee verifies all information and your identity.
  • If the identity check can be completed successfully, this is confirmed on the post-ident coupon. This is forwarded to the loan provider along with all the application documents.
  • After final processing of the application by the bank, you will usually receive the loan approval and the money transferred to your account a few days later.

This procedure, which seems somewhat old-fashioned in this day and age, naturally takes longer than the video ID procedure. Therefore, for a spontaneous vacation, it is better to choose providers that offer a fully digital credit application.