Travel Loans

Can I get a travel loan?

Get a travel loan by shopping unsecured loans. Also called personal loans or signature loans, these loans involve borrowing money without putting up any collateral. LendingTree personal loan offers allow you to shop for the best rates and terms for personal loans up to $50,000.

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​You were going to take a road trip along Route 66, but your landlord raised the rent and your dog broke her leg at the dog park. Your vacation fund vanished and there’s no getaway in sight. Travel loans can help fill the gap between your travel plans and everyday life. Here’s the lowdown on where to find vacation loans and how they work.

Travel loans require no collateral

Travel loans, or vacation loans, are typically personal loans that are not secured by collateral such as your home or car. Personal loans are typically available in two forms. You can choose a loan of a specific amount with a fixed interest rate and regularly scheduled payments of the same amount; or you may choose a personal line of credit. A line of credit is a loan, but it works differently as you can draw funds as needed against your credit line. The Consumer Financial Protection Bureau notes that personal credit lines have variable interest rates and you only pay interest on amounts drawn against your credit line. Personal lines of credit are also unsecured loans; no collateral is required. A personal line of credit has a draw period, during which you can use the credit line up to your limit. It’s important to know that there is no required amount to be withdrawn from a personal line of credit, so there’s no need to spend for the sake of spending. Which option should you choose?

Travel loan or line of credit?

You’ve seen advertisements for all-inclusive vacations on fabulous tropical islands. If you’re planning to take this type of vacation, you may find that a travel loan meets your needs; you pay in advance for the vacation, accommodations, food and beverages. You’ll also want to budget for shopping and extra expenses, but for the most part, you know ahead of time how much your all-inclusive resort getaway is going to cost. And, you can estimate how much you’ll need in advance.

A travel line of credit, usually called a personal line of credit, may be a good choice if you’re unsure of how much your vacation will cost or how much cash you’ll need. You have the option of paying for travel expenses as they occur instead of borrowing and paying finance charges in advance. This can save on interest and may help you monitor your spending as you’ll need to draw against your credit line for each travel expense. If unexpected expenses arise, you can draw against your credit line. With a debit card attached to your personal credit line, you can pay for goods and services as needed, which can keep you from borrowing and paying for more funds than you’ll need.

Vacation financing: tips for success

  • Travel loans and lines of credit provide flexibility and may be less expensive to use than credit cards. And, are less risky than carrying large sums of cash. When deciding how much to borrow, allow for extra expenses in case they occur; if you don’t need all the money you borrowed, you can pay it back to your lender after your vacation.

  • Federal Trade Commission advises consumers to shop and compare loan costs online. Pay close attention to access fees on lines of credit as these can quickly erode the benefit of a low interest rate.

  • Keep in mind that your travel loan or line of credit must be repaid. Guard against breaking your budget on impulsive purchases and extravagant activities that aren’t in your vacation budget.

  • Our network of lenders provides free loan quotes and can answer questions about loans and lines of credit.