You can issue a vacation loan from payday loan Lafayette LA today. However, as it turns out upon detailed examination, not everyone can take a vacation loan and not in any direction.
First of all, you need to understand how this happens. Whatever scheme you come across, keep in mind that it is not a travel agency that issues you a loan, but a bank. There are different ways to get a vacation loan.
The first option is that the client comes to the travel agency with an ID. The manager fills out an application with the traveler’s data: the address where he/she is registered, information about work and paycheck, financial status, etc. In fact, the list is not much different from requests for other types of loans. The only difference is that you can do without an income statement. The completed form is sent to the bank, and after a certain time an answer comes whether they will give a loan or not. Many travel agencies claim that it takes half an hour to process the travel package.
In reality, be prepared to spend 1.5-2 hours in the travel agency. Often 20-30 minutes is required only for filling out and sending an application. And the bank does not give an answer so quickly. If you nevertheless waited for a positive decision, you will be issued a tour and sent to the central office of the bank to sign a loan agreement.
The second option – the loan is issued by a specially trained manager. In this case, your profile is checked in your presence right at the travel agency. You also sign the contract there. But there are very few such proposals today. The demand for holidays on credit is still low. Therefore, not every agency is ready to invite a bank employee to their office, who could check the documents.
There is also a third option. The client goes to a travel agency, chooses a trip, pays at least 20% of the cost of the travel package, after which he goes to the bank with papers from the travel company and already there he issues a loan for the trip.
What is the cost of a travel package?
A vacation loan, as a rule, is given for a short period – from 6 months to a year. The rate can range from 10 to 20%. $ 20-30 will have to be paid as a registration fee. In this case, you must independently pay at least 20-30% of the tour cost. It is very rare for a company or bank to agree to credit your vacation if you are not willing to pay at least part of its cost out of your pocket.
For a vacation worth $3,000, you immediately have to pay $100. And after 6 months it will turn out that the vacation cost you $3,300 – $3,400. However, for the opportunity to relax without having savings, the price is not so high. In addition, the loan allows people who have saved up a certain amount for vacation, to choose a more expensive trip than the one they could have originally counted on.
First of all, last minute travel offer is a kind of disadvantage. After all, one way or another, it takes a certain time, sometimes several days, to sign a loan agreement and transfer money from a bank to a travel agency’s account. Until the sellers receive the money, they cannot be sure that the client was given a loan. So be prepared for the fact that you will be denied the sale of the so-called “last minute” tour, which are sold at a good discount.
As a rule, specific tours, hotels and planes are offered on credit. If you want something exotic or, on the contrary, you decide to save on air tickets or a hotel, you can be left without the desired rest.
Finally, the most unpleasant catch is force majeure. Problems arise even in the simplest situations: upon arrival you are given a room of a lower level than you expected; you are not met by a traffic from the airport; the cuisine in the hotel is different from what the travel agency promised. With today’s level of service and competition, this doesn’t happen often. But troubles cannot be ruled out. The worst part is that even for a ruined trip, you have to pay the bank. After all, the creditor is not guilty of disappointed expectations. In order to somehow compensate for the moral and physical suffering, you will have to sue a travel agency, but at the same time make monthly payments accurately and on time.
Nevertheless, vacation loan can be cheaper and easier than making a large purchase on loan. For people who find it difficult to allocate a large part of the family budget for vacation at one time, a vacation loan will be the solution to the problem.