If you want to travel but have limited funds, you could consider taking out a loan to help pay for your trip and your associated expenses. Taking out a personal loan that you can use for travel purposes is one of the best options because personal loans aren’t secured by collateral like your car or house.

Though, you should spend time comparing different loan providers to find the one with the best terms and conditions for your needs. For instance, you may want a loan with a fixed interest rate and no fees. Once you have chosen the right option for your situation, you can begin planning your trip. To help you get started, here’s a comparison of some of the leading loan providers from which you can get travel loans.

SoFi

Choosing the right loan to help you pay for your trip becomes a lot easier when you compare personal loans that can be used for travel expenditures. Though, you may not need to look further than SoFi because there are no fees and low rates. And you can borrow between $5,000 and $100,000, so SoFi has you covered regardless of whether you’re planning on going on a short break or an around-the-world journey. There are no origination fees, no prepayment fees, and no hidden fees. You simply pay the principal and interest, and that’s it. Fixed rates are as low as 7.99% APR. Also, you can quickly check your available rate without it affecting your credit score.

Lending Tree

With Lending Tree, you can take out a personal loan to use for travelling. Like SoFi, you can borrow up to $100,000, and sometimes more. And with Lending Tree, you can take out a loan amount of as little as $1,000. However, the best rates range from 8.83% to 22.74% APR and you could have to pay potential fees like prepayment penalties, late payment fees, and origination fees. Those fees are typically up to 8% of the loan amount.

Best Egg

With Best Egg, you can get a personal loan for holidays and other purposes, such as car repairs and home remodelling, that range from $2,000 to $50,000. While it’s good news that the annual percentage rates are fixed, Best Egg’s best rates range from 7.99% to 35.99%, so make sure you determine what your rate will be before you choose this option. Also, with Best Egg, you can take out a loan with either a three-year term or a five-year term.

Upgrade

The APR of an Upgrade personal loan begins at 7.46%, which is slightly less expensive than other lenders, but it can be as high as 35.97%, so make sure you check what your actual rate would be if you consider going with Upgrade. You can take out a personal loan of between $1,000 and $50,000 to use for your trip. And there are no prepayment fees, but there could be other costs.

The Advantages of Taking Out a Personal Loan to Fund Your Trip

You have other options to fund your trip. For instance, you could pay for it using a credit card or you could save up the money. But there are several advantages to taking out a personal loan to fund your journey. For instance, if you have a strong credit score, you could get a travel loan at a low rate. And most personal loans have lower APRs than credit cards. Also, pick the right loan provider, and you won’t necessarily have to pay fees. Other key advantages of personal loans are you get to receive the money in one lump sum and you’ll have predictable monthly payments when you go with a fixed rate option.