Personal loans are good for a lot of things, but arguably the best use is for much-needed vacation time! Whether it’s a month-long backpacking trip through Europe, or a relaxed family getaway in Hawaii, having a vacation loan can give you peace of mind when it comes to expenses.
A Little Extra Help
How disappointing is it when you struggle to set aside money all year for a nice vacation and discover that it’s not quite enough when the time comes? This is the perfect opportunity to utilize a vacation loan to give you the last little bit of funding needed. When people think of a vacation loan, they usually think of funding all vacation expenses with it. This is not typically the case! If you already have a good amount of money saved up, the loan can be used to simply cover the cost of lodging or expenses you may incur while at your destination. This not only lowers the amount you have to borrow, but can result in lower monthly payments as well.
Personal loans make vacation budgeting a breeze because they give you a set amount to spend, unlike a credit card. For example, if you take out a personal loan for $5,000 and by day 3 of a week-long vacation you have already spent more than half, you know it’s time to reign in the spending a little bit. By using only the funds you obtain from the loan, you are much better off sticking to a budget and avoiding overages.
Better Than a Credit Card
We provide personal loans for expenses you may not have all the funds for right now, to give you a better option than putting large expenses on your credit card. While it may seem tempting to fund a vacation on credit, it’s not recommended, as the interest rates are typically higher than those on personal loans and can fluctuate depending on how much you spend. With a vacation loan, you have a set spending amount and a set monthly payment.
Financing a getaway with a vacation loan is great way to ensure that you get the relaxation or adventure you need, even if you can’t quite afford it. To read more about the personal and vacation loans RMLEFCU offers and apply today, visit our website or give us a call at (303) 458-6660!