One of life’s ultimate goals is to travel the world… or at least to your dream destination. But you might not always have the funds ready to see Maldives, the Eiffel Tower, or the Statue of Liberty. Good thing, travel loans now exist in the Philippines.
But before I tell you what kind of loans you can avail for your excursions, let me give you a warning. travelling for leisure is a privilege and not a right. This means it’s totally unadvisable to just go out and see the world if you’d end up broke in the end. If you can, save up first for your dream tourist destination even if it would take you years to accomplish! Trust me, it feels better and so much more worth it.
Nevertheless, if you do need to travel for work or for a necessary reason, there are a lot of options available to you. Most travellers opt to get a personal loan that would cover the cost of flights and hotels. But there is now a special type of loan that could give tourists, migrants, and even students enough cash assistance for their visa requirements such as show money.
Now here are a few questions you need to ask yourself before taking out a travel loan. If the majority of your answers are no, then I suggest foregoing your trip in the meantime.
- Can I afford my trip? Well duh, you’re thinking of taking out a loan for this so most likely no. But seriously, what I mean is can you afford to pay for your loan? This means that you have the capability of paying back your loan without incurring extra fees at the set terms. And no, this does not include having to take another loan just to pay for this one.
- Do I really need to travel? I am talking about the purpose of the trip. Is it a business trip? Is it an emergency? Or you just want to see the cherry blossoms bloom in Japan? Is it a matter of life and death?
- Is the trip worth the loan? Okay. Loans do have interest rates no matter how fast you can pay for it. If the interest rate is so high, might as well wait for that seat sale or choose another travel option that won’t break the bank.
At this point, I’m assuming most of your answers to the previous part is yes (or maybe you’re still too stubborn to follow). Even if you badly need to travel, there is still one last hurdle: your requirements. So here’s a few things you need to know/prepare for your travel loan application:
- You should be at least 18 years old at the time of your application.
- You must be a Filipino citizen.
- You have a source of steady income.
So by now you’re wondering how you can get a travel loan? There are 2 main ways. First, apply for one in your local bank. And second, charge it to your credit card.
Good luck in your application and stay safe.