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 $35,000.
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.