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A New Form of Financing for Vacations

by Prosper on 06/3/08

As gas prices continue their march towards and beyond $4 a gallon, many Americans have been left wondering what to do about their annual vacation. It’s a tradition in this country to take a vacation during the summer or fall and recharge our batteries. However, this year, it has become so costly to go anywhere that many people are torn between relying on high interest credit cards to pay for their trip, or just staying home.

Thankfully, there are a few new options when it comes to financing your vacation. Instead of charging up your credit card and biting the bullet when it comes time to make those high interest payments, p2p lending offers a viable alternative. This is a new type of financing that is somewhat similar to going to the bank for an unsecured loan, but the process is much easier.

When you set up an account on a p2p lending site, you’ll be asked to submit your loan request. You’ll have the option of selecting how much interest you’d like to pay and what terms you’d like to have with your personal loan. Once that request goes live, p2p lenders will bid on that request, hoping to get your business.

That is a far cry from trying to get a loan at a bank right now. Many banks have moved away from offering unsecured loans, and the ones that do have made the entire process quite difficult and lengthy. The housing crisis and the economic crunch have made banks very wary and the availability of personal loans, particularly for something like a vacation, has waned considerably.

P2P lending is a great answer to this problem. Unlike a bank loan or your credit card, consumers have the freedom to set their own interest rate range and pick the terms that are most beneficial. Those with good credit will be able to get very low interest rates on their person loans and there is no need to worry about providing collateral.

With this type of financing, the consumer is in control and can pick the lender that offers the best deal. Much like a bank, you’ll have a set amount of time (3 years) to pay back that personal loan and you’ll make regular monthly payments. Unlike a bank, you have a lot more freedom when it comes to figuring out those terms. There is a lot of freedom when it comes to getting a fast personal loan on Prosper. The consumer is in control of how much they are willing to pay and this can mean significant savings.

In addition to these benefits, the whole process is streamlined, which means that consumers no longer have to wait for weeks on hand for a bank’s decision. In many cases, the entire process can take just a few days when you’re dealing with a p2p loan. This is a great option to get financing for their vacation.

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Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.