Installment loans include many of the most common types of loans that the people take either from banks, online lenders or credit unions.
Types of installment loans:
These include mortgage loans, student loans, auto loans and personal loans. You can also get an installment loan for your commercial purposes.
You can get an auto loan to buy a car, and pay back the installments within the range of about 12 to 96 months. Mostly the interest rate is between 3% to 15%.
A mortgage loan or home loan can be taken to purchase a house. The length of time for repayment is usually from 15 to 30 months and the interest rate can either be fixed or flexible.
A student loan can be taken to pay for your study expenses
You can get a personal loan for many other reasons. Personal loans can be taken to pay off unexpected medical bills or consolidate your debts. These loans generally have high interest rates ranging from 6% to 36% and a payback term of 1 to 5 years or even more. The interest rates are high because of the absence of a collateral. An unsecured form of personal loan that can be taken for the purpose of travelling is called a travel or vacation loan.
If you are yearning for a holiday but cannot afford to make it happen, if you are dreaming about spending time in foreign land and relaxing and relieving yourself from the tiredness of your routine life, you can make these dreams come true if you decide to get a personal loan for travelling. If you are looking for a lender, you can review options online.
Your travel loan can cover the money it would cost on your vacation; like the cost of travelling, staying at different places and even the accessories required for the vacations. As it would be an installment loan, you would have to pay the money back in fixed amounts and at a fixed time, following a schedule. It would be an unsecured loan so you do not have to offer anything as a collateral. If you are eligible for the loan or not, and the interest rate would be decided on the basis of your credit history and income.
You can get a travel loan ranging from 4,000 to 50,000$. you would get it in one single payment but pay back in installments. If you forget to pay an installment on time, the repayment would be automatically collected directly from your account, at a frequency you choose.
The biggest benefit of getting an installment loan for your vacations is that the installments are fixed so you would know exactly how much money you are going to pay in each installment and have a clear picture of the schedule of repayments. Another advantage is that the money is given to you within five days and then you can quickly go on your vacation. When you withdraw your loan money, you would not be charged with a cash advanced fee.
So, you should avail this facility if you want to; choose your lender wisely and go on your dream vacation.