With travel restrictions lifting across the world, you may be getting the itch to explore and travel. Whether it’s a family road trip to the Grand Canyon or a solo backpacking trip across Europe, you need a healthy budget to go on vacation. If you’re coming up just short on funds, you may wonder if you can take out a personal loan for vacation use. The good news is you can! Let’s explore personal loans and how to get a vacation loan so you can start relaxing and making memories.
Personal Loans for Vacations
A personal loan is money borrowed from a bank or credit union that is paid back in fixed, monthly payments over a set period. Personal loans are unsecured loans, meaning you don’t have to provide any collateral to receive the loan. Instead, the lender will look at factors like your credit score or credit history to determine your eligibility for loan approval. Personal loans are incredibly versatile, so you can use them to pay medical bills, student debt, and, yes, vacation expenses.
Personal loans for vacation use can cover nearly any type of vacation expense as long as the lender doesn’t specifically prohibit the use. Typical expenses that could be covered by a vacation loan include transportation, hotel costs, tours, and so on. All you need to do is submit an application to secure a personal loan for vacation expenses.
When Should I Get a Personal Loan for Vacation Use?
You should carefully look at your financial situation before applying for a personal loan for vacation use. First, look at your monthly budget and assess if you can afford to comfortably pay back the loan over a set period. If you can do so without it interfering with your financial goals, applying for a vacation loan may be a good option. Financing a vacation through a personal loan can be a less risky option than taking on debt on a high-interest credit card or using a home equity loan, which puts your property at risk.
Other benefits of personal loans include the following:
- Personal loans are low-cost borrowing options.
- Personal loans often have flexible loan amounts and repayment terms.
- Personal loans often let you repay as early as you’d like without prepayment penalties.
Can You Get a Loan for a Vacation at a Credit Union?
You can often get a vacation loan at a credit union and, in many cases, at a better rate than a bank. Credit unions like Vocal Credit Union often have benefits over other lenders. Credit union loan rates are often lower and they have more flexible terms for personal loans.
You need to be a member of the credit union in question to apply for personal loans through said credit union. Luckily, membership applications are often simple and straightforward. If you are interested in securing a personal loan for vacation use through Vocal Credit Union, contact us to apply to be a member today.
Ready to Apply?
If you’re ready to start financing your next great adventure, apply for a personal loan for vacation use at Vocal. At Vocal, we understand that our members want to explore and seek new experiences for themselves and their families. That’s why we offer personal loans that make it possible to go on vacation at an affordable loan rate. If you have any questions about our personal loans for vacations, drop us a line today.