Website allows users to pay for flights on payment plan
Another website is on the market to help people pay for pricey airfare on a repayment plan.
How the repayment plans work
Those plans, according to CNN Money, may be three, six or 12-month purchase plans, which have varying interest rates on the loans, based on credit-worthiness, ranging from 10% to 30% APR.
Read more: The #1 rule of cheap travel
It requires those on the plan to have established credit, and they will need to submit their name, email, street address, birth date, phone number and the last four digits of their Social Security number so that a soft credit check may be run.
CheapAir.com CEO Jeff Klee said the program is geared toward travelers who can’t afford their trip or do not have a credit card.
‘When you want to take a vacation, it’s a lot of money to put up out front and you might not be able to manage it all at once,’ Klee told CNN Money. ‘Spreading it out … makes it become more easy to manage.’
Klee said there is no limit on how many tickets a user can request financing for, and users get credit approval within seconds.
Financing is only for tickets that cost $100 or more.
This is not the only company to offer a repayment plan for airline tickets. Airfordable launched earlier this year and according to its website it does not require credit checks and does not have compounded interest.