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Should You Take Out a Loan to Travel?

February 7, 2020 by John Telford

There is no doubt that travelling has countless benefits. In addition to having some fun, it gives you the chance to explore different places, relax, and learn and try out new things among many other benefits. However, travelling requires money. You need money for your ticket, accommodation, food, activities and souvenirs. So, what happens when you want to travel but don’t have enough money to pay for it? Should you wait until you have enough, or should you take out a loan and travel right away? This article highlights some of the key reasons why taking a loan out to travel can be a good idea as well as instances when you shouldn’t take a loan.

Cost is Spread Over a Couple of Months

When you take a loan to travel, you will make the repayments over a couple of months. This spreads the burden, especially when you are taking an expensive trip. For instance, when taking a trip in January, instead of covering the whole amount in January, travellers can consider short term loans from sites like LoanPig that can be repaid in three to twelve months.

No Need to Postpone Travel

Loans can also be helpful when you want to travel at a certain time but don’t have enough money for it at the moment. Maybe you wanted a summer trip but by the time you save up enough, it will be snowing. In such a case, you can weigh the benefits and cost of the loan and apply for the financing you need to make your trip a success.

Travel When You Have Free Time

Loans can also make it easy to travel when you get some free time but hadn’t planned financially for a trip. Maybe you just got some days off work or you are taking a business break and you just get the urge to take a short vacation. Since it may be a while before you get some more days off, you can consider taking a loan and travelling while you have the time.

However, as stated above, there are times when you shouldn’t take a loan to travel. And when you decide to take one, you should think about your decision carefully. Consider these three points:

  • Before you apply for the loan, check the interest rates and see if it’s worth it. Also, compare loans from a couple of lenders to ensure you get one with the lowest cost.
  • Don’t take a loan to travel if you won’t be able to pay it back on time. Late payments attract interest and penalties. Also, don’t do it if it will cause you to strain financially when making the payments. It’s not worth taking a trip if it will cause you to struggle with basic needs over the next couple of months.
  • Finally, find ways to lower your travel costs so that even if you need a loan, it won’t be a big one. Some steps you can take to achieve this include taking advantage of shopping cash backs and credit card rewards, booking your trip when airfares are low, and house sittinginstead of staying in a hotel.

Hopefully this guide has helped make it clearer on whether or not taking out a loan is right for you.

Filed Under: Travel Tips Tagged With: travel, travel loan, vacation

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