Work without rest becomes unproductive over time. Qualified managers and personnel understand the need for vacation.
They know that the level of effectiveness of an employee, who does not have a good rest, sharply reduces. However, not every vacation gives the desired result. In order for the vacation to really benefit, the employee must rest not only physically, but also mentally. The most effective form of relaxation is to change the usual way of life. Traveling around the country or abroad is perhaps the most popular and at the same time one of the most valuable types of recreation. This, of course, depends on the needs and wishes of each person. However, it often happens that the time of holidays has come, but there is no money for the desired vacation. In this case, you can take a vacation loan.
How do vacation loans work?
There may be several options:
- tours on credit at a travel agency (the scheme is similar to the scheme for buying goods on credit in stores)
You select a tour, write a loan application to a partner bank of a travel agency. You make the main payment immediately to the travel agency account, some part of the tour cost (for example, 10%) is paid from the client’s funds (down payment).
The procedure for applying for such a loan is very fast (within an hour) and is beneficial when applying for a last-minute tour when you need money very quickly. But there are more drawbacks in this option: there is no way to choose suitable loan conditions and a suitable bank, and interest is usually much higher.
- targeted loan for vacation
Some banks offer such loan programs. In this case, the procedure will be different. First, you select a bank, with the conditions that suit you for obtaining a loan, and a tour package will be purchased at one of the bank’s partner travel agencies.
In this case you can overpay when buying a tour (if you yourself chose a travel agency to book hotels and tickets, you probably would have spent less).
• non-targeted loan
Why can this be beneficial? Contrary to logic (a targeted loan should be more profitable than a personal loan granted for any needs), often a non-targeted loan is actually the most profitable one. This is due to the fact that the number of banks that grant personal loans is very large, lending programs are very different. There are not so many banks that grant targeted loans for holidays.
These programs differ in the term for which a loan is granted. Personal loan, as a rule, can be granted for a long period of time, which will allow you to repay a small amount monthly. Vacation loans are usually provided for a short period: from 3 to 12 months and less often – up to 18 months.
When applying for a non-targeted loan, there are more opportunities to analyze and compare the conditions and rates for both non-targeted loans and targeted loans, and choose the most profitable options. With money on hand, you can expand the search for a tour in different travel agencies or do without them and buy tickets and book a hotel yourself.
The only inconvenience may arise if you want to get such a loan in order to buy a last-minute tour. The loan application in this case is considered, as a rule, several days.
• credit card
This option is quite acceptable if the money to pay for the trip (to get a visa, book a hotel, tickets) is needed in advance and subject to their timely return in the grace period, during which, as you know, interest is not taken for using a loan. This period is different in banks: 40, 50, 100 days.
A credit card with a long grace period when booking on your own is a very good option. It is convenient to pay for airline tickets by credit card, which is also an airline bonus card. This is especially convenient if you often fly on the plane of the same airline, for which you get bonus miles that can be used on subsequent trips.
But it is worth remembering that there are some rules when working with credit cards. The main problem is violation of the grace period and cash withdrawal at an ATM, for which you will have to pay the bank additionally. And also when buying travel vouchers at travel agencies, some of them offer more expensive tours when paying with a card than in cash.
By the way, the number of cards with a wide variety of features and a set of functions that banks offer to travelers is growing every year.
How can I apply for a vacation loan?
First you need to choose a place where you would like to go. After you have decided on a ticket, you need to write an application for a loan. Then you need to get the consent of the bank and receive money.
How much does it cost to go on vacation?
- The average vacation costs $ 1,200 per person;
- food – $ 50;
- hotel price – $130-260 per night;
- transportation expenses for domestic trip – $250;
- transportation expenses for international trip – $1,800.
When I should take a vacation loan?
Vacation loan makes sense when:
- there is an urgent need for rest (there is no more strength to work due to fatigue and overwork), but there is absolutely no money for it. In order to recover faster and return to normal efficient work (including trying to quickly work out the money spent on vacation), it makes sense not to postpone the rest. After all, the benefit of a tired person at work is minimal, and the harm to health is obvious;
- there is no money for the vacation (but they will definitely be in a couple of months), but you were given a vacation at work now. It is not necessary to postpone the rest in this situation, because with a quick return of borrowed funds no problems will arise;
- last-minute tour (a profitable trip option has turned up, but the money is not enough).
When is it more profitable to buy tours?
Since you have decided to rest on credit, you need to try to save on it to the maximum. For example, you will find it useful to know when it is more profitable to purchase tickets. We will give you only two tips:
1. Naturally, it is better to buy tours in advance, but ensure that they do not fall, if possible, on children’s school holidays or on public holidays. These days, the cost of travel automatically increases. This recommendation also includes advance booking of the hotel where you plan to stay, and transport tickets.
2. Use the last-minute tours. This option is completely opposite to the first advice and consists in buying a ticket a few days before departure. However, the whole difficulty is that at the very last moment there may not be a “last-minute ticket” for the expected tour. Also, our website provides detailed information about engagement ring loans and boat loans. Webmoneyloans is always ready to help you.
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