Balancing work and leisure to attain an enjoyable lifestyle can be quite challenging especially to an average-earner employee. To be able to earn more, one must do extended hours of work which leave them exhausted on weekends. Family time suffers along the way as it often cut short.
The only reward an employee looks forward to after the long hours in the office is the usual vacation leave benefit that gives them two to three weeks a year to enjoy themselves. In this time of the year, one plans a perfect and unforgettable getaway vacation they will enjoy.
But what if the next dilemma you have to face is on how to secure fund for your dream vacation?
Things you should look first for your Personal Loan
- Interest rate. For every loan offered comes an interest to pay. Be it an auto loan, a personal or a payday loan, interests cannot be avoided. The only thing to do is to ensure you’ll be able to get the lowest interest rate for the loan offered.
- Fees. Aside from scouting for lower interest, check on the fees packaged with the loan. Common fees are application fees, late payment fees, penalties and the like.
- Loan amount and term. When scouting for a loan, check on the amount and terms amenable to you. One loan product such as a payday loan might give you shorter term than you desire or a lower amount, wherein a personal loan might match your financing needs.
- Repayment flexibility. A traveler sometimes seeks for a personal loan to fund their vacation as the costs are spread over time. One need not produce a huge amount to spend on the vacation using their own pocket, but rather find it more affordable to spread the expense of their travel in a year or two.
- Credit rating. Before applying for a loan, check on your credit score so that somehow, you’ll already have an idea if you’re capable of applying for one and up to how much money you can borrow. Especially for personal loans, approval is vouched through your credit score and repayment capacity.
Travel within your Budget
Include in your travel planning stage the budget you afford and willing to spend and make sure that you don’t cross the line of overspending. There are various ways to cut on costs when traveling, like scouting for a cheaper place to stay or carefully planning the itineraries to manage the transportation fares. Reading blogs on the internet can also help you check on how to DIY your getaway. Some ways to save are:
- Book in advance. Booking your airfare ahead of time gives you a huge discount as the fares go higher especially if the selected flight date is already near. The same principle applies to the hotels that offer early booking discounts.
- Go through a travel agency. To save time and energy of commuting around the country of your choice, you may opt to book your vacation through a travel agency. Some travel agencies offer low packages especially if you are in big groups. This way, you’ll save the costs of commuting around the city or a country because the agency can provide everything for you. You can also ensure that the total costs fit your budget prior to traveling.
- Travel in the Low Season. Tourist spots are always in demand during holidays and school vacations, giving the hotel owners and airlines the opportunity to double their rates due to the high demand. Schedule your travel when it’s off-peak and you’ll get up to 70% discounts on your bookings.
Borrow as little as possible
This is in connection with keeping up with your budget. Try to create a travel budget that can fit your lifestyle and won’t leave you indebted for long after the luxury you gained. You need not book a five-star hotel to enjoy the place, but rather, you can feel the real culture when you mix with the locals. Instead of dining in a fancy restaurant, why not try the local foods to save you a fortune. Through wise decisions, you’ll be able to enjoy traveling while not emptying your pocket.
Repay your loan as quickly as possible
After your vacation, you’ll have to face the reality of paying your loan as agreed in the loan agreement. If you have excess funds at the end of every month aside from the savings you set aside, try to add this to your monthly loan payments. That way, you’ll be able to shorten your term and free yourself from any loan obligations ahead of time. Moreover, repaying your loan earlier than expected can reduce the interest payments you have to pay. This will benefit you in the long run.
Always Consult an Expert
To better understand and also for you to be enlightened when you’re not really sure whether to apply for a personal loan especially when you have a bad credit record. It is always advisable to consult an expert in the field just like on this website – http://www.personalloansnow.com.au/services/bad-credit-loans/ or you could book an appointment online with an expert.