Mammoth AwardsWhat can you do when you want to take a trip now but don’t have the cash saved up to pay for it? You could put it all on a credit card, but that may not be a great financial decision since:
- Your credit cards could be maxed out or near their limit.
- The interest rate could be high.
When can you use a credit card to help pay for a vacation? It may be a decent option if you have some cash saved and just need a little bit of help with paying for the rest. Or if you have a card with 0% introductory APR on purchases that lets you avoid costly interest charges.
What could be a better option? Getting a vacation loan.
The Benefits Of Vacation Loans
If you lack savings and want to avoid using credit cards to fund your trip, a vacation loan can save the day. Depending on the lender, you could enjoy same-day funding to take that trip ASAP. You could enjoy lower interest rates than credit cards, plus no fees in some cases. And if you want low monthly payments, you may have the power to choose the repayment schedule as well.
The Downsides Of Vacation Loans
Can a vacation loan be convenient? Sure, but that convenience could backfire in the eyes of many since they say you should be careful with going into debt for a non-necessity.
Beyond that main downside, some vacation loans may come with fees or prepayment penalties that can increase what you owe.
How To Fund Your Trip With A Vacation Loan
If you feel like a vacation loan is a great way to take a much-needed trip now, here are some lenders that offer such funding.
Get Up To $20,000 From OneMain Financial
Some people do not feel comfortable applying for a sizable loan online. If you are one of them, give OneMain Financial a try, as it has over 1,400 offices nationwide where you can apply for a vacation loan in person.
OneMain Financial offers personal loans ranging from $1,500-$20,000 with fixed interest rates and monthly payments. There are also no prepayment penalties, which is a plus if you want to pay off the loan quickly.
Apply For A Vacation Loan From LightStream
There are several reasons to use LightStream to fund your vacation. The lender matches competitors’ rates, has loans from $5,000-$100,000, and fixed interest rates from 3.49% to 19.99% APR.
Get a $40,000 Vacation Loan From Marcus
Marcus by Goldman Sachs has personal loans up to $40,000. No fees are involved, and you can take as much as six years to pay back the cash.
Fund Your Trip With Discover
You can get next-day funding via Discover for vacation loans ranging from $2,500 to $35,000. There are no origination fees. Fix rates sit in the 5.99% to 24.99% APR range, and you can take up to 84 months to pay the loan back.
