Does this count as a example of n+1 query and can it be improved?

A little background, I have a table of debtors who pay back there loans periodically at different frequencies (daily, weekly, monthly). the code below is a going to be used by a cron job to update the next payment date for each loan depending on the payment frequency of each loan. I want to ask if this is an example of an N+1 query of some sort, and can I optimize this better performance wise?

    public function handle(LoanRetrievalServices $loan_retrieval)
    {
        $loan_schedule = LoanRetrievalSchedule::whereDate('next_payment_date', Carbon::today());
        $loan_schedule->each(function ($item) use ($loan_retrieval) {
            $next_payment_date = $loan_retrieval->getNextPayDate($item->repayment_frequency);
            $item->update([ 'next_payment_date' => $next_payment_date ]);
        });
    }

##getNextPayDate function:

  public function getNextPayDate($frequency)
  {

      switch ($frequency) {

          case 'daily':
              $next_payment_date = Carbon::now()->addWeekday();

              $holidays = Holiday::select('day_date')->where('active', 1)->get()->toArray();

              foreach ($holidays as $holiday) {
                  if ( $next_payment_date->toDateString() == $holiday ) {
                      $next_payment_date->addWeekday();
                  }
              }
              break;

          case 'weekly':

              $next_payment_date = Carbon::now()->addWeek();

              $holidays = Holiday::select('day_date')->where('active', 1)->get()->toArray();

              foreach ($holidays as $holiday) {
                  if ( $next_payment_date->toDateString() == $holiday ) {
                      $next_payment_date->addWeekday();
                  }
              }
              break;

          case 'monthly':

              $next_payment_date = Carbon::now()->addMonth();

              $holidays = Holiday::select('day_date')->where('active', 1)->get()->toArray();

              foreach ($holidays as $holiday) {
                  if ( $next_payment_date->toDateString() == $holiday ) {
                      $next_payment_date->addWeekday();
                  }
              }

              break;

          default:
              # code...
              break;
      }

      return ($next_payment_date->toDateTimeString());
  }
}