The idea of travelling is usually a joyous affair. You get to take a much needed break from work, explore a different city and immerse yourself in the local culture. More importantly, you get to see the country for what it is, and no longer through what you imagine it to be!
Sounds good? That is till some of us realise that we might not necessarily have the requisite funds to travel. Or, that we would rather save them for situations that require more attention such as a medical emergency.
That said, Lending Bee understands that some of us, especially those with families would relish the opportunity to take some time off work to travel and spend quality time bonding with their loved ones. This is why we have specially tailored travel financing loans to help you.
A travel financing loan is meant to help with the cost of your travel. Just like any other personal loan, it allows you to travel to whatever your destination is for work, a holiday, a honeymoon, or any other purpose. A travel loan can be used to cover any travel related expenses including air tickets, accommodation, meals, transfers and the like. These costs can be prohibitive but a travel financing loan can make travel possible for those who may not have the necessary amount to spare.
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In order to better allocate your spending and find out how much you need for a loan, it is important to list down your budget and expectations of the trip. Here are some of the basic travel expenses that anyone hoping to travel must include when creating their travel budget. These include the following:
The cost of a visa will depend on the country you are travelling to and how long you will be there. As Singaporeans, you can check if your intended country of travel requires a Visa here. The Embassy will have the costs listed on their website most times, or you can call to enquire about them. Although not much, all costs should be in the travel budget to make it as accurate as possible.
This is important whether you are travelling for business, leisure, studies, or anything else. It offers assistance in the event of a trip cancellation, medical treatment, delays and interruptions among other things. It will not cost very much, but it will cover you to the tune of thousands of dollars should a problem arise. Depending on your length of travel, most travel insurance should cost below $100 per person.
Most people prefer the convenience of using their credit card when travelling. Every time you swipe, you might incur foreign transaction charges. Debit cards will also incur the same. That said, there are a few cards that do not charge foreign exchange fees. That said, it might be wise and more convenient to bring cash over on your travels instead of using your debit or credit cards.
Most times people go to a country for business or pleasure and discover an adventure they can’t pass up. After all, you’ve already spent the time and money to travel all the way there so why forgo an added opportunity? Even though you may not factor this in precisely, it is important to have a miscellaneous amount set aside for spontaneity.
This is going to take up a large bulk of your costs. Depending on your country and period of travel, flight tickets can easily cost a few hundred and go up to the thousands.
This is going to be another one of your larger costs. Depending on your length of travel and location of your accommodation, this can easily cost you a few hundred dollars.
What’s travelling to a country without trying their local fare? How much you are going to spend on your meals hinges largely on where you dine at. If you prefer to dine in the luxury of a restaurant with proper air conditioning, then it will naturally cost more than if you prefer to have your meal at night markets or street food.
This is another important cost to consider. It’s important to stay connected to our friends and family when overseas.
Even though people fly out hoping for the best, it is always prudent to make plans in case of an emergency. Travel insurance is one way of doing that, but also, ensure that you have a small emergency fund put aside in case of any emergency. Factor in your emergency fund when working the budget.
According to a study done by a Singapore financial site, the average Singaporean family spends about $2,285 on vacation costs yearly. This comes down to $662 per person. More well to do Singaporeans will spend as much as $7,554 on vacation for each household.
Most Singaporeans tend to travel to ASEAN countries due to their proximity and how it is more cost effective. The cost of a trip that lasts one week can cost between $389 and $1,412 for each person.
The most popular destinations are in Australia and East Asia and they cost between $1,251 and $3,346 for each person for a week.
The United States of America is the costliest destination, with the high cost being driven by expensive accommodation and long flights. The hotels range between $200 and $700 for a decent place and air tickets starting from $1,300.
Europe is also a popular destination and becoming more popular with time. With a budget of about $2,300 for vacation for a family, it is no wonder that most Singaporeans prefer to holiday within Asia.
Whatever one’s reason for travelling, the costs can be quite high and if you haven’t saved up all the money you need, a travel financing loan can help to significantly ease the financial burden.
Don’t let your finances stop you from travelling.
Travel loans are usually secure, fast, and easy to sign up for. The amount that you take will depend on how much you need. Good borrowing practice is to make sure that you do not borrow more money than you need, and that calls for making sure you have a working budget that includes every cost associated with travel, along with a cushion for emergencies.
Here are some of the advantages to taking a travel financing loan with Lending Bee:
Unlike credit cards and banks with notorious interest rates, Lending Bee aims to make our loans as accessible as possible. This is why we offer you with friendlier interest rates, depending on your financial standing.
All our loans are unsecured loans, meaning that you do not have to provide any collateral in exchange for the loan.
At Lending Bee, we try to understand each individual’s financial situation as much as possible. This is why we offer unsecured personal loans with loan tenures of up to 36 months to ensure comfortable repayment so you won’t have to struggle with monthly repayments.
Our application process is easy and hassle-free. You can apply for a loan with us online and your loan will be processed within 1 hour*. Following which, all you have to do is head down to our main office with the relevant documents for the cash to be disbursed to you.
Life is too short for any regrets. If you’ve been trying to save up for a holiday but lack the funds to do so, Lending Bee can offer you with timely financial assistance.
*Final interest charged and loan application time varies for each applicant.
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