Can You Get a Loan to Travel: World Delivers
Many of us dream of traveling, especially around the world. Life has a way of taking over, however, and this dream often remains just that, a dream. Ask some of your elder friends and relatives what they wish they had done when they were younger and many will say they wish they had taken the chance to travel and see the world. Unfortunately, the best time to take a travel adventure is when you are young but that is also the time when many people have bad credit or no credit at all.
They are starting jobs or just out of college. Those with jobs may have families, no vacation time, house and car payments, and many other responsibilities. They decide to wait until a more ideal time. Time moves quickly and soon they find that they are those elders who are regretting letting the chance to travel and see the world pass them by. This doesn’t have to be the case. There is always the chance to get a world travel loan to help you realize your dream. Can you get a loan to travel? Yes, it is often called a personal loan for travel that can be used to pay for the cost of your trip. Let’s explore some ways you can find the money necessary to take a world travel adventure.
Plan Your Adventure!
The first step in your adventure is to plan an affordable trip. You will first want to determine how long you plan on being away. You will want to map out all the locations you plan on visiting, how you will travel between each destination, where you plan on staying, etc… The more details you can get in place now, the better you can determine how much funding you will need.
It can be difficult to determine how much an entire trip will cost exactly but knowing the details of major things like food, shelter, and travel expenses can give you a general idea of what you are looking at. Of course, if you opt for a pre-planned world cruise, all those things are determined by the travel provider. In most cases, however, you will have to figure this out on your own. Whatever the cost, you can help reduce the overall amount but that still leaves you with some you will have to pay and you can get a loan to travel in order to cover those costs. The lower your expenses, the lower your loan will need to be.
Do some Research
While you are planning, do some research into the different areas you are interested in visiting. Check out what kinds of options you will have with regard to food and shelter. Maybe you would like to camp outdoors at various places but you will need to check on the safety issues and resources available in each area. Remember that in many countries, being a foreigner can leave you open to dangers the local residents aren’t because you have no intimate knowledge of what to expect. If you are planning on being outdoors in largely uninhabited areas, you might consider also looking into hiring a local guide when you get there.
You next have to check out what travel options are open to you. Will you travel across the ocean on a boat or do you prefer to fly? Cross-country gives you options like buses, trains, renting a vehicle, or hiking. Knowing how you will travel will enable you to book early when you need to so you aren’t left sitting in one location because there was no space available. As you plan, don’t forget to figure out what you are going to do for food. You will also want to plan on having a little extra money to take care of unforeseen issues or medical needs.
World Travel Financing
Not only will you want to find ways to save money on your travel adventure, but you will also want to look into ways you can finance your travel. Sometimes even the smallest efforts will result in big savings over time. By the time you can get a loan to travel, you may find you can get a considerably lower amount. Check into some of the following.
Gather travel points
You don’t only earn points through traveling but can also earn money for doing things like signing up for a credit card, buying gas and groceries, shopping online, and eating at certain places. You will want to be careful about what activities you consider worth doing. After all, you don’t want to spend money you wouldn’t otherwise spend if you are trying to save. Shop around to get the most from your points program.
Look for travel discounts and coupons
make a point of regularly visiting travel sites and places that gather lists of discounts as deals can change often.
Take on a part-time job and save all the earnings toward your adventure
Uber is always looking for drivers and many new shopping and delivery services have sprung up over the past couple of years. All of these allow you to work on your own schedule. Even one day a week should see you saving a fair amount.
Consider cutting your living expenses
Do you really need to subscribe to cable? Is there a way to lower your utility bills? Maybe shopping for groceries in a discount supermarket will save you money you can put toward your travel.
Consider buying a bicycle and using it instead of your car
During your travel around town think about it when the weather permits. The money you save on gas can be put into your vacation fund.
At the end of the day, toss all your change into a container
Change can add up quicker than you realize. When you fill the container, turn the coins in for paper money to deposit in your vacation fund.
With a bit of brainstorming, there are many other ways you will find where you can put aside a little extra toward your dream.
Can You Get a Loan to Travel?
Yes, you can get a loan to travel. Now that you have done all the planning, know where you want to go, and have figured out how much money you still need, you are ready to look for a personal loan to help you get on your way. You can’t just walk into any bank and expect to come out with the money in hand. It would be great if things worked that way, but banks have a set of guidelines you must adhere to before they even consider lending you money. Before you know where to seek a loan to travel, take time to find out where you stand financially.
Check into your credit report to see where you stand. If your credit score is on the lower end, you will have fewer choices available to you. You can also expect to pay a higher interest rate on any loan you do get. Now you can sit down and figure out your budget.
Make a list of all your expenses!
This needs to include everything you pay during the month. Once you have that figure, list all sources of income and what you average each month. For some people, this will be an exact amount but for others, the amount may vary slightly from one month to the next. Use the lowest monthly figure from the past six months. This will help you make sure you are able to cover expenses if you have a slow month. Now subtract your expenses from your income. The remaining figure will let you know how much money you will have available to pay back any travel loans you get. This figure is important as loan companies will consider this when they work with you regarding the amount they will lend and how long you will have to pay back the loan.
You should check on your credit score as soon as possible when you plan on traveling. This will help give you a chance to start working on bettering score so that you are in a better position when you actually approach a lender. Even if you can’t bring your score up, just being able to show you are working on doing so will look better to lenders than not trying at all. Let’s look at some ways you can help improve your credit score.
What About the Bad Credit?
Can you get a loan to travel with bad credit? In most cases, you can. It helps increase your chances and opens up more options, however, if you can show you are working on improving your credit. It takes more time to improve your credit than it does to ruin it. Unfortunately, many places don’t look at what happened to get you in that spot. It may not have anything to do with being poor with managing your money. It does not necessarily have to do with being irresponsible. Sometimes missing payments on bills can result from things like losing a job, taking care of an emergency vet bill or unexpected medical emergencies that insurance didn’t cover. There are many things that can come up unexpectedly and need taken care of immediately, regardless of what other bills are waiting.
Once you know your start working on improving it. One of the ways you can do this is by getting a loan to travel. This is how that works. Every time you make a payment on your loan, the company will report to the credit bureau that you did so on time. When you finish paying it off completely, they also report this to the credit bureau. These positive reports help the credit bureau know you are being responsible and your score goes up. Think about this as the loan serving two purposes. It helps you realize your dream adventure and improves your credit score.
Other tips to improve your credit score
Other things you can do to improve your credit score while you are planning your trip include paying off outstanding accounts on your report. If you can’t pay them off completely, try making payment arrangements and then make sure you keep up with the payments. You might also want to check out your credit report thoroughly. If there is something listed on it that is incorrect, such as an account listed as still being owed when it has been paid, contact the credit bureau and ask that this be corrected.
Can you get a loan to travel without increasing your score? Yes, but the better your score, the more options you have available to choose from. This will allow you to shop around for a better interest rate, increase the number of available willing lenders, and help you return to your regular life on better footing than before you left for your vacation.
Save Money As You Travel
While you can get a loan to travel, you are best off trying to find ways to save money on travel. This way you don’t have to borrow too much. Keep in mind, especially if you are seeking a vacation loan with bad credit, that life will continue when you return from your adventure and you will want to know you can easily pay back your loan without causing financial hardship. Let’s explore some of the ways you can save money while you are traveling.
Many destinations offer lodging in hostels.
Some college campuses rent dorm room cheaply during the off-season. You can check out options for both in advance by visiting websites that gather lists of places available for little or no money. If camping is an option, buying a small tent and sleeping bag could potentially save you hundreds of dollars over the course of your trip.
What about an hotel off the main tourist track?
If there are no hostels available and camping is out of the question, consider looking for a hotel that is a bit off the main tourist track. Hotels catering to tourists often charge more. Look into private homes that may have rooms to rent or consider taking advantage of one of the couch surfing apps and look for someone who may be willing to let you camp out on their couch for a day or two. Another option, especially if you plan on staying in the area for several days is to look for house-sitting opportunities.
Whenever possible, avoid restaurants and do your own food preparation. Carry snacks and drinks with you when you travel so you aren’t left paying high prices at train stations or bus depots.
Book in advance
Book air flights and train rides as far in advance as possible, or wait until the last minute if you can’t. These are the best ways to get deals on tickets. Also, avoid holidays and weekends as ticket prices are often higher during these times. This is also the case on weekends.
Avoid tourist seasons as much as possible
Avoid visiting destinations during peak tourist seasons. In fact, try to avoid the most popular tourist areas unless you specifically want to see something. When tourists are in abundance, prices are higher. You can often get a better feel for the people and region if you step off the well-visited path and view the area through the eyes of a resident rather than a visitor.
Doing a little advanced research on ways to save money on world travel will help save you money in the long run that can be used for activities or for emergencies. You may end up being surprised at how fast the savings add up.
Don’t Let the World Pass You By
Not only can you get a loan to travel but it is something you should seriously consider. Ask yourself, “should I take out a travel loan“, but do the research to understand want you can afford. Granted, if you are just now finishing up high school you may want to wait a few years to help establish some credit, but for the majority of people seeking world vacation loans, they are out there. Your credit history may eliminate your local lenders from helping but there are still many options available to help you fly now and pay later.
At loanry.com we help you find a lender who may offer a personal loan for a vacation to meet both your needs and your financial situation. Our large database of lenders allows us to help you find a lender and when you provide a small amount of information we can see if they are willing to take your application. You won’t have to spend endless hours and face many rejections searching. We do that work for you. You end up with the choices based on your circumstances and allow you a chance of getting a loan and heading out on the adventure of a lifetime.
About the Author – Joyce A
Ethan founded OfferEDGE in Dec 2013 with the mission to unify the financial quadrants through a system that allows businesses to be seen when consumers use a Single Sign On across Lending, Credit, Money and Real Estate. Taub invents the offers and IP, while overseeing all aspects of the company. He also has orchestrated the company’s earned media across the brands Loanry®, Cashry®, Debtry®, Budgetry®, Billry®, Taxry® and more. This includes over 500 publications that have been featured across the web.