Is your wallet restricting your wanderlust? You certainly aren’t alone. Most of us end up setting travel plans aside because we haven’t saved enough. And while saving for travel should definitely be your priority, there are times when sudden or unexpected trips are simply unavoidable.

So what can you do when you have to travel, but don’t have the money for it? Should you take a travel loan or personal line of credit for travel? Are there any other options available, and which is the best one? We’ll answer all these questions for you!

Here are four instant funding options you should explore:

1. Personal Loan for Travel – Smart travelers often choose this option when they have to travel unexpectedly. Rather than taking money out of your emergency savings or high-yield investment portfolio, using a holiday loan, personal loan or personal line of credit to fund travel expenses helps you keep your finances on track. Of course, you need to make sure you can repay the loan on time, so make room for the EMIs in your monthly budget!
2. Travel Credit Cards – You could opt for a travel credit card, or use a credit card with an option for converting expenses into EMIs for travel funding. Credit cards allow you anywhere from 20 days to almost two months for repayments, interest-free. If you can convert spends to EMIs, you get even more time for repayment. Travel credit cards, on the other hand, are set up specifically for travel-related expenses, so they may be more competitive than regular credit cards.
3. Payday Loans – A payday loan is very similar to a personal loan, except that the interest rate is higher, with a shorter repayment period. Payday loans may be approved faster than travel loans and personal loans, so these can be a good option when you need funds urgently. However, you need to make sure you can repay the loan amount quickly, since the tenure for these short-term loans is generally between 3 months to a year.
4. Travel Operator Financing – Many travel operators partner with banks and NBFCs to offer financing schemes, where you can pay for tickets, stay, meals, sightseeing and other planned or unplanned travel expenses after your trip. Interest rates for these schemes are comparable to rates for personal loans, and repayment may be spread out over 1-5 years. There is typically an upper limit for how much these schemes will cover, though, so keep that in mind.

Remember, dipping into your savings or investments should be your last resort, unless you have set aside a separate fund just for travel. Even if you have saved enough, learn how to travel on a budget. And when you need to make last-minute plans, such as attending a wedding in the family or traveling for medical treatment, take some time to compare prices and select a loan option that really works for you!