How a Travel App Is Changing Marketplace Lending
International travel has long remained a pipe dream for many who cannot afford the sometimes-expensive tickets and bookings. Now, travel company UpLift has introduced a new service that seamlessly blends the quick ease of marketplace lending with the world of travel bookings.
With its new flagship product Pay Monthly, the company is working to bring the world of travel to more people by enabling customers to pay for the trips in installments. With a strong focus on accessibility and helping people achieve their dreams, UpLift is changing the way the world looks at lending by putting power back in the hands of borrowers.
A New Way to Pay for Travel
Until now, many would-be travelers have been forced to shelve their adventure plans as the costs for flying, hotels, and other travel-related expenses make the costs unrealistic. UpLift is looking to shake up the traditional model for paying for travel by making it more accessible.
With their “buy now, pay later” model, UpLift helps consumers break out of the traditional constraints with a product that allows them to pay for their trips when they can. With Pay Monthly, UpLift is looking to apply the model of another recent breakout industry - marketplace lending - to the world of travel.
Pay Monthly is based on marketplace lenders’ ability to quickly move money from the lender to the people who need it. The service lets customers pay for trips and bookings in installments directly through the application instead of racking up high interest rates with credit cards or traditional loans.
Studies have shown that more and more people are looking for easier financing options, and especially in the travel field. A recent survey found that roughly 41.00% of respondents showed interest in using installment payments to book more expensive trips. With the ease of lending becoming more prominent, the travel field should present an interesting challenge for marketplace lending.
CEO Brian Barth believes UpLift has a leg up on marketplace lenders for those interested in investing. For one, UpLift offers better interest rates and payment plans, ensuring people are more likely to pay on time while promoting repeat use of the application again.
Now, the company is taking things one step further by partnering with several companies that offer travel packages and own chains of hotels.
Travel Made Easy
Thanks to a series of new partnerships, UpLift is looking to expand its services and offer a better range of travel services to its users. The company recently announced a new partnership with Golden Nugget, which operates hotels and casinos in four states, as well as United Vacations, Southwest Vacations, and Funjet Vacations. Under the terms of the new deal, these travel companies will offer the ability to book packages on their websites while enabling the purchase of these packages using UpLift’s Pay Monthly service.
For UpLift, the push into marketplace lending offers an excellent opportunity to cash in on one of the hottest growth industries in recent memory. Furthermore, the move offers an extraordinary opportunity for would-be travelers seeking an affordable solution. While credit cards and traditional personal loans might carry unappealing interest rates that make them risky options for financing travel, UpLift’s straightforward approach and affordable rates relegate these issues to the past.