8 Tips on How to Get/Leverage a Travel Payment Plan (Even With Bad Credit)

8 Tips on How to Get/Leverage a Travel Payment Plan (Even With Bad Credit)

100 million Americans are planning to go on or have already enjoyed a summer vacation this year. When you consider that the US population is comprised of about 327 million people, that number of summer nomads is pretty significant.

Would you love to be apart of that group that has summer travel plans but are held back by the fact that you don’t have the cash to get out into the world? We definitely don’t blame you for that.

After all, the average family vacation costs over $4,500. That’s a lot of money to just have lying around.

Fortunately, opting for a travel payment plan can make even a vacation that costs thousands palatable for the average household.

If you’re not sure how to get a travel payment plan, especially with bad credit, here are 8 great places to start your search!

1. Take Out a Short-Term Loan

Almost every bank and credit union offers a short term loan product. These are loans that are typically paid back in under three years and are for $10,000.00 or less.

Short-term loans through brick-and-mortar banks are great because they tend to carry good loan terms that won’t bankrupt you as you try to make payments. The reason why they’re not the sole suggestion that we’re giving you to support your travel payment plan ambitions is that they require good credit.

Even if you have bad credit, it’s worth talking to a bank representative to see if you qualify for one of their loan products. If they say that your credit score is going to be a concern, save yourself the trouble of applying and look into other options.

2. Use a Credit Card

Do you have an existing credit card with $5000.00+ available on it?

If you do, that’s great news! Borrow against your credit card to pay for your travel, meet your payment obligations each month and you’ll be in good shape.

If you don’t have a line of credit yet and are concerned that there’s not a bad credit credit card out there that’ll accept your application, don’t get discouraged. There are plenty of credit card issuers out there that have credit card products for bad credit borrowers.

Poke around to see what’s available and what you qualify for. Just be sure that you understand all of your credit card’s fees and interest obligations before using them.

3. Check Out Deferred Payment Bookings

Did you know that a lot of online travel agencies will let you book your vacation now and pay for it when you arrive at your destination? If you didn’t, now you do!

That’s great news because it enables you to pre-book your vacation months out and slowly build up enough money to pay for your trip.

4. Take Out a Vacation Loan

There are short-term loan products that are offered online called “vacation loans”. These loan products are designed from the ground up to help low-income families make their vacation dreams a reality.

While there are a lot of reputable online lenders that offer vacation loan products with fair fees and interest rates, there are also many lenders that try to take advantage of families with their products.

Be vary wary of those opportunistic lenders.

If you sign onto a loan with sky-high interest rates and fees, you’ll find it impossible to pay off your vacation and may even find yourself resorting to bankruptcy to clear your debt.

5. Talk to Friends and Family

If you have a loved one that might be willing to help send your family on vacation, talk to them. Let them know how much your vacation costs, why it’s important to you and how soon you’ll be able to pay them back.

If you borrow from loved ones with the intention of getting their money back to them, you might be able to secure a no-interest travel payment plan that has zero possibility of adversely affecting your credit.

6. Finance Your Vacation Through Travel Companies

Many travel companies are catching onto the fact that there’s a whole consumer-base out there that would love to travel but can’t afford to because of the up-front cost barrier.

These companies are progressively offering direct financing to consumers to A) Get their business and B) Collect lucrative interest payments.

JetBlue, for example, allows you to finance your plane ticket. Many other travel agencies will let you finance your whole vacation.

7. Try a Pawn Shop

Not all pawn shops are created equal and as such, there’s a chance that your local pawn shop won’t offer terms on loans that are conducive to your vacation endeavors.

Still, it may be worth trying to pawn a valuable item that could pay off your vacation and then make payments to your pawnshop over a period of time to buy your item back.

Again, some pawn businesses won’t allow you to pay off your loan over a period of time that’s long enough to make the loan valuable. You never know though unless you ask.

8. Save

Finding a way to secure a travel payment plan makes going on vacation today possible. Travel payment plans usually carry stiff interest rates that can make your vacation cost thousands more than it actually does though.

In a perfect world, you could start planning next year’s vacation today and start putting a little bit away into a high-interest vacation savings account each month until take off.

By saving money for your vacation, you’ll be able to enjoy your getaway at the lowest possible price without needing to put your credit on the line!

Closing Out Our Tips How to Get/Leverage a Travel Payment Plan

A good travel payment plan can help families in a variety of situations enjoy time off.

We hope that our post has given you some insight on how to go about securing a travel payment plan and we welcome you to browse more of the helpful content on our blog!


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