Summer is a great time for families to plan a giant trip, attend school reunions, go across state lines to move one of your kids into college, or it’s simply the last time your family is able to take a family vacation. Whatever the circumstances, a vacation loan from Members Trust is there to help you. While you may be tempted to put everything on a credit card, let’s stop to think about why taking a loan out might be a better option.
A credit card is the fast and easy option because most of you already have one in your wallet that you use daily. It’s the quickest way to resolve a problem when you’re in a bind. However you need to consider the negative impact that could have on your finances long term.
Credit cards are incredibly tempting. It’s easy to spend more than you budgeted because you can quickly charge it and forget about it. Before long, you’re stuck with a higher balance than anticipated. When that happens you end up making the minimum payments and your (typically) high interest rate cards start adding up. You had planned on paying it off in three months… then that slowly rolls into six or more. With those interest rates and fees, a bargain at the time could end up costing you double or triple the original cost. Let’s not forget about those possible late fees if you end up making a late payment! Tack on the impact to your credit score and things aren’t looking so good.
On the other hand, when you decide to take out a vacation loan with Members Trust, you’re guaranteed to have a low interest rate, fixed repayment terms, and affordable payments. The difference between us and whatever bank you may use, is we aren’t here to make a profit. We treat our members like family and we believe in helping you achieve your personal goals without having to sacrifice your financial goals.
Contact us today to see how we can help or visit us online and start your application today!