Ready to explore the world but limited by your finances? Don’t let that stop you from jetting off to your dream destination! Say hello to Travel Now Pay Later – the ultimate travel hack that lets you wanderlust without worrying about upfront costs. From exotic beach getaways to thrilling adventures, discover how you can satisfy your travel bug while staying financially savvy. Get ready to pack your bags and discover a whole new world with Travel Now Pay Later!
What is Travel Now Pay Later(TNPL)?
Many finance companies have introduced a new financing scheme for travelers called TNPL (Travel Now, Pay Later) to ease the burden of upfront payments. Similar to BNPL (Buy Now, Pay Later), this scheme allows travelers to pay for their travel-related reservations in EMIs without incurring any upfront costs. Most loans have a no-cost EMI option if paid within the specified time frame, but interest will be charged on the principal amount if a payment is missed.
How does TNPL work?
The updated version of BNPL, Travel Now, Pay Later, is now available from a range of financial institutions. Online travel agencies have partnered with banks, fintech companies, loan apps, and third-party lenders, or offer credit through their own fintech branches.
The TNPL financing scheme typically involves breaking down the payments into small amounts that are spread over a series of installments. The first payment is usually due at the time of check-out from the hotel. Depending on the amount borrowed and the duration of the loan, customers can choose between a no-cost EMI option or paying interest on the borrowed amount.
Should you opt for TNPL?
Travel enthusiasts love spontaneous plans, but not having enough money can dampen the excitement. That’s where travel now, pay later schemes come in, but it’s crucial to understand the terms and conditions before jumping in.
It is suggested to opt for it only if you qualify for a 0% APR offer, which is typically available to those with a strong credit profile. Remember, no financial product is truly free, so make sure you have backup funds to avoid interest and penalty charges.
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