For example, Carnival Cruises is currently offering 0% promotional loans on cruises with $0 down. It's unclear when the company offers a 0% interest rate, but I suspect this is reserved for special limited-time offers. At the high-end, this is an incredibly high interest rate that's more than most credit cards. Unlike carrying a balance on a credit card, Uplift only charges interest on the purchase, not the interest incurred over the life of the loan.Īccording to Uplift's website, APR can range between 0% and 36%. Uplift charges simple interest on all bookings, and - as discussed - your rate depends on your credit profile. As you'd expect, the most obvious expense is your interest. There are a few costs associated with using Uplift to pay for your travel. Related: 6 simple rules to stay out of credit card debt costs associated with Uplift The website states that loan applications are processed immediately and that checking loan eligibility doesn't affect credit, so it's likely a soft credit pull. The loan application asks for basic information like your address, income and last-four of your Social Security Number. Uplift can be used on purchases of $100 or more. You'll see a "pay monthly" option at the check-out screen where you can quickly apply for an Uplift loan. Head to Southwest's website, enter your desired itinerary and continue through the booking process as usual. It's always great to have more payment options, but there's a question on all our minds: is taking out a loan for travel a good idea? Here, I'll show you how Uplift works when booking airline tickets and the costs associated with using the service.įor more TPG news delivered each morning to your inbox, sign up for our daily newsletter. It also has partnerships with a handful of online travel agencies, cruise lines and resorts. The service is currently available for a number of airlines, including Alaska Airlines, Allegiant, Air Canada, Frontier, Spirit, United and others. The service's main focus is making travel more attainable for some by offering monthly payment options when purchasing flights. (Previously, this service was only available on Southwest Vacations packages.) Last week, Southwest Airlines became the latest carrier to offer travelers the option to book flights now and pay later with the travel finance services company, Uplift.
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