Vacation Loans
Are you looking to take that much-needed vacation, but don’t want to be put in a financial bind? Let Tower Loan help today. Tower Loan has been established since 1936 and has helped many customers make memories with their family and loved ones by helping finance their vacation.
You’ve got a lot of places you’ve always wanted to explore. Whether it’s tropical, clear water with a sandy beach, the mountains and great outdoors, or a big city with bustling nightlife, shopping and entertainment, your perfect vacation is whatever you want it to be—so if you can dream it, Tower Loan can help.
We know—it’s always hard to find extra time or extra money to travel. That’s where Tower Loan comes in just when you need us. We can help you get started! Whether you’re looking to travel abroad or not too far away, your vacation loan can make it possible—and Tower Loan is your trusted partner to help make your next vacation a reality.
Personal finance loans to travel can help so you don’t have to dig into or empty your savings account. With Tower Loan, you’ll have a fixed number of payments and interest rate. That way, you know all the details up front. In other words, no surprises so you can enjoy a stress-free vacation because after all, when you’re on vacation, less stress is best!
Vacation loans are a great way to make the most out of your time with your family or friends on a trip. When cash is a little short, Tower Loan’s personal financing for vacations can help provide that luxury and make lifetime memories. You can’t get time back, and you’ve got a lot of places to travel on your wish list. That’s why our goal is to help our customers reach their goal—and vacation loans are just one of the many ways that Tower Loan can assist you!
Interested in applying for a vacation loan online? It’s quick, easy and it’s a great way to get your started on the right track. To begin the first step of your next dream vacation, you can click the link below to submit a travel loan application 100% online! Do you want to talk to a rep about a personal loan for vacation? Click here to find the closest location to you to have a face-to-face interaction with a representative to guide you through the best vacation loan option for you.
Do I qualify for a loan with Tower Loan?
There are a few factors we look at when determining whether you qualify for a vacation loan. These factors include your credit score, monthly income, debt levels, and financial history.
Issuance of a loan is based on the entirety of your financial background, rather than one individual factor. For example, let’s say you have a poor credit score. In this case, you may still qualify for a loan if your income level is high enough to support loan repayments.
To find out whether you qualify, simply complete our quick and hassle-free online loan application. Alternatively, contact one of our representatives at Tower Loan. With a little background information, we’ll be able to determine whether you qualify for a travel loan.
How does a vacation loan work?
A vacation loan is essentially a type of personal loan. Personal loans can be either secured or not secured. Vacation loans are issued based on the borrower’s financial background and credit score.
Once qualified for a loan, you’ll receive a lump sum of cash that you are then free to use towards your vacation. Receiving your lump sum is a relatively quick process. If visiting one of our offices, you’ll receive the funds same day.
You’ll repay your vacation loan through fixed monthly payments for a specified term length. These monthly payments will also include the interest.
The benefit with fixed payments is twofold:
- No fluctuating interest rates. Your rate remains the same throughout the entire term of your loan.
- Budgeting for your payments is easier. Your monthly payments will also remain the same, providing stability in your financial planning.
Your monthly payments, loan term, and interest rates are all determined during the qualification phase. We understand everyone’s situation is unique, which is why Tower Loan offers vacation loans catered to you and your particular circumstance!
What makes a vacation loan different from other options?
A vacation loan is not the only option at your disposal when looking to finance vacation expenses. We’ll take a look at two other options and identify differences between them and travel loans:
Line of Credit
A line of credit functions as a revolving account. This means you can withdraw money up to a certain limit, repay, and then redraw once again. A line of credit is open-ended, meaning there is no fixed end date to the line. In contrast, vacation loans are lump sums issued to the borrower and repaid over a fixed term.
The most popular types of line of credit are credit cards and home equity loans. Line of credit is ideal for small, on-going purchases while vacation loans are most suitable for larger, one time purchases.
Cash Advance
A cash advance utilizes available funds from your credit card and provides you with easy-access cash. Like a debit card, simply visit an ATM and withdraw money using your credit card. Repayment means paying off your balance according to the terms of your credit card.
While easy to access, cash advances come with a price. Extra fees tacked on can include cash advance fees (approximately 1% of the transaction), ATM fees, and more. Interest rates are also typically 5-8% higher than regular credit card rates. Travel loans avoid this problem by offering a fixed interest rate and only one monthly payment: no extra fees or unexpected changes.
What can I use this loan for?
Since vacation loans are essentially personal loans, there are very few limits to what you can use the funds for. The sky’s the limit when it comes to ways you can spend your loan for travelling. Here are just some ideas to help you get started:
- Airplane tickets
- Hotel room bookings and suite upgrades
- Book a private tour guide
- Travel insurance
- Relax in a resort in Mexico
- Hike to the ancient Inca citadel in Peru
- Dine at top-rated local eateries
- Swim with turtles in Australia
- Tee-off at a golf resort
- Experience an African safari
- Enjoy an all-inclusive cruise with family
What kind of rates and interest do I need to know about?
A loan for vacation can see interest rates comparable to any other personal loan. Generally, for a travel loan is based upon credit & other attributes. Term lengths vary based on the amount borrowed with these loans.
As mentioned, a vacation loan is essentially the same as a personal loan for vacation. Interest rates for personal loans will depend on your financial background. This will include factors such as your credit score, income, debt levels, financial history, and more. Having a solid financial background will help in securing a better rate.
Taking out loans for vacations can get you and your family one step closer to visiting that dream location. Tower Loan offers competitive rates at fixed monthly payments making it easy to repay your loan for travel.
Interested in applying for a vacation loan online? It’s quick, easy and it’s a great way to get your started on the right track. To begin the first step of your next dream vacation, you can click the link below to submit a travel loan application 100% online! Do you want to talk to a rep about a personal loan for vacation? Click here to find the closest location to you to have a face-to-face interaction with a representative to guide you through the best vacation loan option for you.
Why choose Tower Loan?
Since all of our loans have equal installment payments, there’s no worry with getting lost in revolving debt. Tower Loan has more than 230 locations to serve you locally. We take pride in servicing our customers with the best customer service around. We listen carefully to your needs to make sure we take the worry out of obtaining credit. That way, you can focus on the important things—like packing your bag for your trip!
What to Expect With Tower Loan?
Our interest rates & APR vary based on a variety of factors. Once approved, your loan specialist will go over this along with term options that best fit your lifestyle. Here is what you can expect for the process:
1) Complete an application. This can be done online by clicking here or you can call or visit one of our local branches near you. We’ll request some of your personal, financial, and employment information to provide an immediate decision on your loan application.
2) Verify your information. If you completed your application online, you may be able to answer a few identity questions to do this. Otherwise, you’ll be visiting the closest office near you to have a loan specialist verify your identity, income, and collateral (if applicable) as well as discuss your loan options.
3) Sign and receive your funds. For the online loans, after choosing your term options, you can sign your documents electronically, then expect the funds to be deposited into the account you’ve provided. If in the office, you’ll review and sign your loan documents there, then will be provided a check with the proceeds from your loan. Then, you’ll be all set!