Many individuals and families plan to go on vacation this summer. Some of them haven’t traveled in a couple of years, and they feel like 2022 is their time to hit the road again. While you may feel this way too, you may not have enough cash to cover your hotel, flights, and other expenses at the moment.
A personal loan for vacation expenses might be your best move if you’re determined to take a trip this year. In this article, we’ll talk about vacation loans. We’ll also go over three of the best options that are out there.
What is a Vacation Loan?
If you approach a lending entity like a bank or credit union, they probably won’t have something they specifically call a “vacation loan.” However, you can get a personal loan that you can use for vacation expenses.
Any personal loan that you get for traveling can be a vacation loan. Typically, if you pursue one of these loans, you want one with a fixed rate and an acceptable term length.
3 Vacation Loan Options
1. Discover
If you’re looking for a vacation loan this year, Discover Personal Loans should be on your radar as you can apply for a loan with flexible payment options for an amount from $2,500-35,000.
You can also choose your repayment term. When you apply, you can look at a list of repayment terms that range from 36-84 months and see an estimate of how high your monthly payments will be based on your repayment term.
2. Affirm
Affirm is a lending entity that partners with travel sites like Vrbo, Expedia, and Priceline. They offer a buy-now, pay-later borrowing option for vacation travelers this year. They advertise they have no hidden fees.
If you look into borrowing from Affirm, you’ll see that your loan’s cost will depend on what payment option you select. When you choose a payment option and apply for the loan, you can set up autopay. That way, you don’t have to worry about missing a payment.
3. Marcus
Marcus by Goldman Sachs is another possibility if you’re hunting for vacation loans. You can apply for a loan that ranges from $3,500 to $20,000. The terms range from three to six years.
You will generally receive your funds in five days or less if you get approved. A personal Marcus loan also comes with fixed monthly payments and a fixed rate. You will know precisely how much you must pay every month for the duration of the loan.
A Marcus loan comes with no prepayment penalties, sign-up fees, or late fees. That should certainly make it a top contender.
There Are Several Vacation Loan Possibilities
If you want to take a vacation this year and need a loan for that, you can make it happen. Marcus gets you a loan in as little as five days and comes with a fixed rate and fixed monthly payments.
With Affirm, you can take advantage of a buy-now, pay-later business model. They have no hidden fees, and you can also set up automatic payments to pay back the loan, so you never miss a due date.
There’s also Discover, which will lend you anywhere from $2,500-3,500 if you have an account with them and you get approved. You can choose a repayment term between 36 and 84 months.
Getting a vacation loan and going somewhere you always wanted to visit can be a fun way to splurge that you and your family are sure to enjoy.
