Whether a spontaneous short trip, the much-needed rest during the annual vacation or a romantic honeymoon, the vacation wishes are often greater than your own budget. A holiday loan can help here to make your dream vacation come true. You can find out from us how this works and what you should pay attention to!
What is important for a vacation loan?
Financing your vacation with a loan is a good way to pay for your well-deserved relaxation and escape from everyday life in convenient monthly installments. However, there are differences from other loans that you should know:
- In the case of a loan for a car or other object, the loan amount is accompanied by a certain level of material security.
- This material security is not provided for a holiday loan.
For this reason, it is particularly important that the parameters such as loan amount, term and the resulting amount of the installments are adjusted so that you can settle the monthly installment at any time without difficulty. For example, while you could sell the car in an emergency in the event of a car loan to repay the loan, this option does not exist for a holiday loan.
Benefits of a vacation loan
Of course you have the possibility to wait with your dream vacation until you have saved enough own money for it. However, in many cases this is very tedious and you have to be disciplined to save. Because of the stressful everyday life, a vacation in the form of a holiday is often necessary, so that you don’t want to wait any longer. Taking out a loan for a vacation not only makes you more independent, but also much more flexible. For example, you can react quickly to special travel offers from the organizers.
In addition, nobody wants to have to pay close attention to money during the holiday. The amount of a holiday loan can be adjusted accordingly so that all necessary costs can be covered and you can enjoy the holiday to the fullest. After all, there are permanent costs, especially for:
- The hotel / pension / apartment
- The arrival
- Food during the trip
- Various activities on site
- Entrance fees for sights and cultural offers
- Souvenirs and memorabilia
- Spontaneous activities or the ice in between.
Before you start borrowing, you should therefore plan how much money you will need for all of these things on vacation in order to be able to take out a vacation loan of the appropriate amount. It is of course also important that you consider your own financial options within the budget available for the monthly loan installment. Furthermore, it can be useful to take out appropriate travel cancellation insurance so that you are not left at the expense 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 holiday loan as for any other consumer loan:
- You are of legal age and have full legal capacity.
- You are registered at a place of residence.
- You have a bank account.
- You have a sufficient regular income.
- The personal credit check is positive.
In order for the loan application for the vacation to be processed as quickly as possible, you should also prepare the most important documents before you apply. Above all, these include:
- The last 3 payslips
- Account statements from the past three months
- A copy of the employment contract
- Current tax assessments for self-employed persons for proof of income.
Submit these documents directly with the signed loan agreement, speed up the application process and can therefore start your vacation faster.
How does the identification work?
Every borrower must legitimize his or her identity before taking out a loan. So say the law. You basically have two options:
1. The video identification process
In times of digitization, you have the option of doing the identification conveniently from home. All you need is a webcam-compatible device and you should have your ID card ready. Many credit providers already offer the video identification process. To use it, do the following:
- Complete the online application for your desired loan. You will then be redirected to the website of the video identity provider.
- Start the video chat or video call with one of the service employees.
- To prove your identity, you will be asked to hold your ID card in the camera during the process.
- If the information in the loan application has been successfully compared with that of your ID card, the service employee confirms your identity to the loan provider.
This process usually only takes a few minutes. Thus, the application for the loan for your vacation can be done quickly and easily. Then nothing stands in the way of your dream vacation.
2. The post-identification procedure
The classic way of identification is the post-identification procedure. How to use it:
- After completing the online application for your loan, 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, go to a branch of Post.
- There you submit the application documents, the Post-Ident Coupon and your ID card. A Post employee checks all information and your identity.
- If the identity check can be successfully completed, this will be confirmed on the Post-Ident Coupon. This is forwarded to the loan provider together with all application documents.
- After the 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 today, naturally takes longer than the video identification process. For a spontaneous vacation, you should therefore better choose providers who offer a fully digital loan application.