Borrowing to Go on Vacation

Borrowing to Go on Vacation

Borrowing to go on vacation has pros and cons to consider and depends on many factors such as destination, amount required, your credit score, and what your financial institution has on offer when it comes to charges, repayment terms and schedule, early repayment, etc. While for some people it is a stupid idea to borrow to go on a holiday, a trip abroad or vacation is a great opportunity to gain valuable experience and make money out of it.


Borrowing to go on vacation may be a bad idea if you need a lot of money and your options are more limited. If you have fair or poor credit, then financial institutions are likely to offer you a loan with higher interest charges. You may get approved for a collateral-free personal loan but the interest charges are high compared to secured options. Borrowing to finance your holiday doesn’t make sense if you have multiple debts to repay because this will add to the total balance. Another downside is that this will lower your borrowing threshold and ability to borrow in the future. In fact, your application may be turned down or you may not get the loan amount you apply for. If you need urgent cash, you would be forced to apply with bad credit and payday lenders that charge extremely high rates. Finance experts point out that loans should be used for emergencies, assets, and basic necessities and not for luxury items and travel. While this is not a luxury per se, borrowing to go on vacation means that you are living beyond your means.


While there are downsides to keep in mind, borrowing to go on vacation makes sense in some cases. If you use a secured credit card during the introductory period, then the amount borrowed can help you finance your holiday without paying tons of money in interest charges. This works pretty much like an interest-free loan provided that you repay the outstanding balance by the end of the intro period. Keep in mind that some issuers offer cards with relatively short introductory periods of about 6 months. If you have multiple high-interest balances to repay and plan an expensive vacation, it pays to shop around, especially if this is a one-in-a-lifetime opportunity for your family. If this is your partner’s or children’s dream holiday, then you may want to get a holiday loan with fixed payments. Fixed rate loans are easier to budget and plan when it comes to monthly payments. Keep in mind that the best deals and rates are reserved for regular customers and borrowers with stellar credit and a solid payment history. If you have a good or fair score, you have to do quite a lot of shopping around to find affordable rates. At the same time, paying cash (if you are short of cash) puts limitations on what you can do. You have to settle for less which can ruin your vacation plans. You may return home feeling stressed, deprived, and anxious instead of happy and revived.

Alternatives to Borrowing

There are alternatives to finance your holiday and one is to arrange that money is automatically transferred from your deposit account or paycheck to a separate account that you forget about and then use the money to go on vacation. The best way to go about it is to open a high-interest or savings account for additional savings.

Southwest Alberta Travel Guide

Welcome to our Southwest Alberta Travel Guide!

Nature, Reserves, and Parks

If you are a nature lover, you’d love it here in Alberta. You can go visit the Athabasca Falls, Moraine Lake, Columbia Icefield, Jasper National Park, or Banff National Park. Jasper National Park is situated in the Canadian Rockies and is the largest one to visit there. The park has diverse flora and fauna and includes mountains, waterfalls, lakes, hot springs, and glaciers. You will have the chance to observe white-tailed deer, mule deer, moose, caribou, and elks. Wildlife also includes wolverines, mountain lions, grey wolves, and hoary marmots. The Banff National Park is also located in Alberta, west of Calgary and includes alpine landscapes, coniferous forest, icefields, glaciers, and mountains. Wildlife is well-represented and includes mountain bluebird, American three-toed woodpecker, gray jay, golden and bald eagle, Columbian ground squirrels, and mountain goats. You can also go visit the Cave and Basin National Historic Site, Maligne Lake, Canada Olympic Park, and Bow Falls.

Architecture, Museums, and Other Places of Interest

There are plenty of points of interest to go and see, including the Rutherford House, Royal Alberta Museum, Telus World of Science, Glenbow Museum, Alberta Legislature Building, and many others. The Royal Alberta Museum features collections and exhibits, including permanent exhibits that showcase fossils, minerals, rocks, artifacts and Aboriginal culture, and a lot more. Visitors are also offered the opportunity to watch great movies such as The Man From Laramie, The Wonderful Country, Seven Men From Now, The Far Country, and many others. The Alberta Aviation Museum is also a great place to visit if you are in Edmonton. You will have the chance to see many items on display, including Waco Model UIC cabin aircraft, Noorduyn Norseman MK V, Avro Canada CF-100 Canuck, Boeing 737-200, and many others.

What Else to See

There are other places of interest to visit in Alberta, whether visiting during a business trip, for leisure, family reunion, or anything else. For example, you can go visit the Prince’s Island Park, the Cypress Hills Interprovincial Park, Commonwealth Stadium, Tunnel Mountain, Vermilion Lakes, Edmonton Valley Zoo, and many others. The Edmonton Valley Zoo is a great place to go if visiting Alberta with kids. You will have the chance to observe more than 350 different species and exhibits, including Birds of Prey, the Saito Center, the Elephant House and Exhibit, the Inner Zoo, and others. It is open 364 days and is the home to reptiles, mammals, birds, and amphibians, including black and white ruffed lemur, arctic fox, African pigmy hedgehog, Asian elephant, Guinea pig, and many others. The good news is that if visiting Alberta with kids, there is plenty to do, from shopping and dining out to visiting parks, recreational areas, and plenty more. There is plenty to do and see in Alberta – glaciers, skywalks, parks, historical buildings, museums, and a lot more.