Vacation Loans

Ready to turn your dreams into reality?

Let’s Finance Your Next Vacation

Are you looking to take that much-needed vacation, but don’t want to be put in a financial bind? Whether it’s tropical, clear water with a sandy beach, the mountains and great outdoors, a big city with bustling nightlife, or shopping and entertainment, your perfect vacation is whatever you want it to be—so if you can dream it, Tower Loan can help.

Why Thousands of Customers Love Tower Loan

How to Apply for a Vacation Loan

If you’re interested in applying for a travel loan online, we offer a few different options to make your application process quick and easy.

1.   Apply Online

Complete your vacation loan application 100% online by clicking here! For those that qualify, you may even be able to sign your documents electronically & have the funds deposited into your account without ever having to step foot in one of our branches!

2.   Apply Over the Phone or In Person

Want to talk to a representative about how to finance your vacation instead? With over 250+ locations, you can use the branch locator below to find the address or phone number for the branch nearest you and speak with one of our representatives who can help guide you through the best travel loan options available.

The Advantages of Vacation Financing

A vacation loan is essentially a type of personal loan, which can be either secured or not secured. Financing a vacation with a personal loan has a number of benefits.

  • Same Day Financing
    • Once qualified for a vacation loan, you’ll receive a check or ACH through a relatively quick process. If you visit one of our offices, you’ll receive the funds same day!
  • Fixed Number of Payments
    • Financial planning and budgeting for your payments is easier when your monthly payments remain the same.
  • Fixed Interest Rate
    • No fluctuating interest rates means your rate stays the same throughout the entire term of your loan.
  • Understand All The Details Up Front
    • With monthly payments, loan term, and interest rates determined during the qualification phase, we make sure you’re well aware of every detail right off the bat.
  • No Surprises = Stress-Free Vacation
    • Travel loans catered to your particular circumstances means you’re well aware of what to expect and can enjoy vacationing in peace!

Do I Qualify for a Vacation Loan?

There are a few factors we look at when determining whether you qualify for a vacation loan. However, it's important to note that the issuance of a loan is based on the entirety of your financial background, rather than one individual factor.

Credit Score

Checking credit scores during the application process helps determine eligibility and interest rates. However, a poor credit score doesn't disqualify you from receiving vacation financing if income levels or financial history are enough to support loan repayments.

Monthly Income

Evaluating monthly income levels for vacation loan qualification determines the capacity to comfortably repay the loan. Income stability ensures you have a consistent income stream, which is essential for managing monthly payments without financial strain.

Debt & Financial History

Assessing debt levels and financial history allows lenders to gauge financial responsibility and ability to manage additional debt. A lower debt-to-income ratio and a positive financial history often strengthen your chances of securing favorable vacation loan terms.

Ready to apply for a vacation loan?

Have vacation financing questions?

Contact your nearest Tower Loan location today.

Our dedicated team members are here to serve and help every customer in a professional manner.

What Makes a Vacation Loan Different?

A vacation loan is not the only option at your disposal when looking to finance travel expenses. First, let’s look at two other options to determine the differences between them and travel loans before checking to see if a different type of loan might be better for your situation.

Line of Credit

  • Functioning as a revolving account, a line of credit allows you to withdraw money up to a certain limit, repay, and then redraw once again. A line of credit is open ended, meaning there is no fixed end date to the line, while vacation loans are lump sums issued to the borrower and repaid over a fixed term.
  • The most popular types of line of credit are credit cards and home equity loans. Line of credit is ideal for small, on-going purchases while vacation loans are most suitable for larger, one time purchases.

Cash Advance

  • Utilizing available funds from your credit card, a cash advance provides you with easy-access cash. Like a debit card, simply visit an ATM and withdraw money using your credit card. Repayment means paying off your balance according to the terms of your credit card.
  • While easy to access, cash advances come with a price. Extra fees tacked on can include cash advance fees (approximately 1% of the transaction), ATM fees, and more. Interest rates are also typically 5-8% higher than regular credit card rates. Vacation loans avoid this problem by offering a fixed interest rate and only one monthly payment: no extra fees or unexpected changes.

Consider Other Types of Loans

Personal Loans

Personal loans apply to a wide range of situations and sudden expenses such as medical bills, expensive electronics, funeral bills, and more. They are also a popular option for people looking to consolidate debt.

Online Loans

Tower Loan is one of the few consumer finance companies to have the capability to make an online loan! If you apply within business hours, you can expect to hear a decision on your application within minutes.

Home Improvement Loans

Whether it’s the renovation project you’ve always dreamed of or sudden issues with your home that need to be dealt with immediately, home improvement loans can be a great option allowing you to get started right away.

What Can You Use a Vacation Loan For?

Since vacation loans are essentially personal loans, there are very few limits to what you can use the funds for. The sky’s the limit when it comes to ways you can spend your loan for traveling. Here are just some ideas to help you get started:

  • Airplane tickets
  • Hotel room bookings and suite upgrades
  • Book a private tour guide
  • Travel insurance
  • Relax in a resort in Mexico
  • Hike to the ancient Inca citadel in Peru
  • Dine at top-rated local eateries
  • Swim with turtles in Australia
  • Tee-off at a golf resort
  • Experience an African safari
  • Enjoy an all-inclusive cruise with family

What to Expect With Tower Loan?

Our interest rates & APR vary based on a variety of factors. Once approved, your loan specialist will go over this along with term options that best fit your lifestyle. Here is what you can expect for the process:

Application2

1) Complete an application. This can be done online by clicking here or you can call or visit one of our local branches near you. We’ll request some of your personal, financial, and employment information to provide an immediate decision on your loan application.

Verify

2) Verify your information. If you completed your application online, you may be able to answer a few identity questions to do this. Otherwise, you’ll be visiting the closest office near you to have a loan specialist verify your identity, income, and collateral (if applicable) as well as discuss your loan options.

Application

3) Sign and receive your funds. For the online loans, after choosing your term options, you can sign your documents electronically, then expect the funds to be deposited into the account you’ve provided. If in the office, you’ll review and sign your loan documents there, then will be provided a check with the proceeds from your loan. Then, you’ll be all set!