Long term trip, how should I finance it?

by - 1:51:00 AM

Your best friend has just told you that she scored the opportunity to go to a terrific destination abroad, and she has invited you and a few other people to travel along with her. Now this is somewhere warm, and exotic, and somewhere that you have always dreamed about going. At this point you are thinking to yourself that this is a great opportunity, because your lodging is completely paid for, and the only things that you would have to pay for out of pocket is airfare, and your meals. There is just one problem, the airfare is pretty pricey, and it is just not in your budget, so you are sort of stuck between a rick and hard place, but you don’t have to be, because you could take apply for an unsecured personal loan, and be on your way to sandy beaches, blue water, and lots of sunshine.

You can get a personal loan in any amount ranging from $1000 all the way up to $25,000. One of the best things about getting a personal loan is the fact that you can take out a personal loan for any reason. Unlike a home improvement loan, the money allocated to you is not being allocated for any specific purpose. Also, there is no collateral required when applying for an unsecured personal loan. Generally the application process for these types of loans is pretty quick and painless. The terms of your loan can range anywhere from one to seven years.

Now that you have figured out how you are going to pay for your trip, it is time to talk about how to plan financially for your travels. First and foremost before you think about hopping on that plane, there are a few things that you need to take of first. If you are planning to use your savings to fund your extended trip you might want to look into secure term-deposits or stocks or even the possibility of investing in fixed rate bonds if you are in the position whereas you won’t have to use the funds immediately.

This should go without saying, but if you are traveling abroad for an extended period of time, you should definitely make sure that you have online banking. Take a little time to make sure to take the time to check to make sure that your passwords, and your user names work properly, and that you can get into your banks online system to access your account. You also need to plan for how often you intend to withdraw funds using your debit or bank card while you are abroad, because sometimes access fees can cost as much as $10.

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