Holiday Loan

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Holiday Loan

There are two things we know: holidays are fun, but holidays are expensive! Whether you are planning a special milestone trip or the holiday of a lifetime, the costs can quickly start to add up.

Whether you’re staying in Canada or heading abroad, planning a trip can be one of life’s great joys. If you’re ready to go and don’t want to wait to save, a holiday loan may be the right option for you.

What is a holiday loan?

A holiday loan is an unsecured personal loan with a fixed interest rate to help spread the cost of a trip over time. Factors such as how much you’ll borrow, for how long, and how much you’ll repay each time will determine the exact terms of the loan you choose.

You can often choose the exact amount you want to borrow (down to the dollar) and how long you want the repayment period to take, on the date of your next paycheque or depending on circumstances up to a month.

It is worth planning the costs of your trip in advance, and once you know how much cash you will need you can start the process of securing the right holiday loan for you.


Where to get a loan over the holidays?

Not all lenders are open during the holidays. Fortunately, My Canada Payday is open on all major holidays to provide loans. In addition, our online loan acceptance system operates 24/7 no matter what. You can get a loan on:

  • New Year's
  • Easter
  • Thanksgiving
  • Christmas

What to look for in a lender?


When searching for a holiday loan that meets your needs, it is crucial to do your due diligence. Like with any financial matters, there can be unscrupulous people out to steal your financial information or money. To avoid this, here are some important factors to look for:

  • Loan agencies must be licensed to practice in Canada, and their licensing information should be freely available (or presented upon request).
  • There should be a guarantee between the lender and borrower that any sensitive financial information is kept securely to prevent your identity from being sold or stolen
  • A reliable lender should have a strong history of positive reviews online. If there are bad reviews or no reviews it can be a sign of a scam or a dodgy loan agency. A loan is not the place to take a chance on a new business
  • For a short term loan, the funds should be sent immediately. There's no reason a lender shouldn't be able to provide a same day loan.
  • All communication from the lender should be clear and in writing. There should be no confusion about terms of repayment or loan conditions. Remember that even if you are only borrowing a small amount, you will still be entering a legal contract and all documentation should reflect this
  • As well as this, the loan agency should also be easy to contact with effective customer service. It is important to trust that any questions or concerns you may have regarding your loan will be quickly and thoroughly addressed

How to apply for a holiday loan?

Once you decide to seek out a cash advance loan, here is how to secure your cash quickly and safely:

  • Research the best apps and online loan services available to you in your province of Canada. Each region may have slightly different interest rates, so make sure to keep your search narrow and specific
  • Once you decide which mobile loan service to use, take the time to properly fill out the application and submit it.
  • Once your application has been submitted and approved, the lender will present you with a loan contract. This contract is no obligation, so make sure to read it carefully (including the fine details)
  • If you approve of the terms of the contract and repayment schedule, you can electronically sign it and return it. This whole process is done online
  • Once the lender has received your signed contract they will transfer the funds to your account. Most lenders advertise that the funds will reach your account within 30 minutes
  • You will then have to repay your loan in accordance with the signed contract - usually the terms for a loan will be to repay on your next paycheque.

What if my credit is bad?

If you have been previously denied a loan from a bank or an agency because of bad credit, you may believe that you are not eligible for a short term personal holiday loan.

This is not necessarily true as there are many agencies that specialize in low or no credit lending. If you look for a lender that specializes in low credit, then as long as you meet their basic requirements like having a regular income, you are almost guaranteed to be approved. While your credit score will likely still be checked as a formality, it is very possible to be approved for a loan from an agency, even with bad credit.


Some of the best moments in life are spent with family and loved ones on holiday. If money is tight and it doesn’t look like you will be able to afford a dream trip any time soon, a holiday loan may be right for you.

By researching the right loan and lender, you will be able to make memories on holiday sooner rather than later. Like with all financial matters proper planning is important, but many Canadians are taking advantage of the freedom that a holiday loan can provide.