Cruising Into Bank for a Vacation Loan

The industry’s third largest cruise line, Los Angeles-based Princess Cruises, is hoping that “instant loans” will get more cash-strapped but well-salaried baby boomers aboard its ships.

Under its new “Love Boat Loan” program, customers can call for a loan to finance their cruise right from their travel agent’s office. In most cases, Princess said, it should take 10 minutes or less to get approved for a line of credit from MBNA America Bank of Wilmington, Del. The maximum amount and the interest rates (14.99 to 26.99 APR) vary depending on a customer’s credit history.

“To the best of our knowledge it’s an industry first,” said Princess spokesman Rick James. He said the goal is to put cruises on a “level playing field” with other big-ticket items that are often bought on credit, such as big-screen TV sets. For information on the loan program, see a travel agent or call (800) 774-6237.