Loan Advice

Valentine's Day Payday Loans for 2021

by Jim Hughes   Jan 26, 2021

Valentine's Day is coming up soon, which means it's time to start looking for that perfect gift for your loved ones. Whether you're looking for a romantic gift for your partner or a fun, unique Valentine's Day gift for a Galentine's Day celebration, it never hurts to have a little extra cash.

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The National Retail Federation (NRF) reported that last year was a record year for consumer spending on Valentine's day gifts. Over 55% of people celebrate Valentine's Day, and those who did, spent an average of $191 on gifts last year. Half of Valentine's Day spending last year went towards a gift for a spouse or romantic partner. The other half went towards everyone from classmates and teachers to coworkers and even pets.

Valentine's Day gift next to roses and in front of a red background.

If money is tight right now, but you still want to show your loved ones how much they mean to you, you might consider taking out a payday loan online. Even if you have a bad credit score, you may still have funding options. No matter your situation, we're here to help connect you with lenders who can provide you with a cash boost so you can surprise your loved ones with the perfect Valentine's Day gift.

Payday Loans for Valentine's Day

Payday loans, or cash advances, as they're sometimes called, are offered through direct lenders. Direct payday lenders operate out of storefronts or online. These lenders offer short-term loans similar to personal loans you would find at a traditional financial institution such as a bank or credit union.

The most significant difference between a payday personal loan and a bank personal loan is clientele and price. Bank loans are considered the more favorable of the two for borrowers because they come at a lower overall cost. However, qualifying for these loans can be tricky. To be approved for a bank loan, the borrower must meet or exceed the bank's credit threshold. Those with a low credit score or who do not have a credit history likely won't qualify for a bank loan.

Those customers still need cash, though. That's where direct lenders come in. Direct lenders often work with customers who have low credit scores and approve customers that banks don't. Even if you don't qualify for a bank loan, you may still be eligible for a payday loan.

The usual term for a payday loan is two weeks or whenever the borrower receives their next paycheck--whichever comes first. Because the loan term is short, the funding comes at a higher interest rate or APR.

APR can be anywhere from 36% to 700%, depending on your state's regulations. Each state regulates payday loans and cash advances differently, and some states prohibit them altogether.

Before searching for a Valentine's Day payday loan, be sure to look up your state's payday lending laws to see how they are regulated.

Advantages of a Payday Loan for Valentine's Day

Woman filling out a payday loan application online.

When looking for funding for Valentine's Day gifts, going through a direct payday lender may be the perfect loan option for several reasons.

  • Quick cash. Need funding for a last-minute gift? Direct lenders may be your best bet. If you submit the required documentation without delay, a lender may be able to approve your loan request within minutes. You may then be able to receive cash as soon as one to two business days. Payday loans often have a shorter waiting period than bank loans, which can take weeks or even months to be approved and delivered to your bank account.
  • Easy application. The application process for payday loans is considerably smoother than other types of personal loans because they require less documentation. Many lenders, even storefront lenders, have streamlined their application process by making their loan request form available online.
  • Short-term. Payday loans and other cash advances are short in term – usually about two weeks, or until the borrower's next paycheck arrives (hence the name payday loan). Payday loans are designed for short-term usage rather than as a solution to long-term financial problems and are therefore best-suited to short term funding needs like money for a Valentine's Day gift purchase.
  • High approval rates. As an alternative to traditional financiers, payday lenders often approve consumers that banks reject. If you weren't approved for a bank loan, you might still be able to get a loan through a direct payday lender.
  • Variety of purposes. Payday loans can be used to cover a multitude of expenses, virtually anything from emergency medical bills to home improvement. This includes luxury items and other gifts for Valentine's Day.

How to Apply for a Valentine's Day Payday Loan

Woman opening an empty wallet.

To apply for a Valentine's Day loan, you'll first need to conduct some research on lenders in your area or online. To save time, fill out our online request form and we will try to connect you with a lender.

Once you've identified a lender you want to work with, you will have to submit an application, along with some documents. If everything is in order and you are approved for a loan, the lender will then write up a loan agreement. Be sure that all the terms and conditions of the loan are in this written contract and that you read through them carefully. Once both you and the lender sign the contract, the agreement is legally binding. The lender will either deposit your funds in a checking account or load them onto a debit card. You're then free to use your money to buy your 2021 Valentine's Day wine, chocolate, and bouquet.

Payday Loan for Valentine's Day 2021 Requirements

Before you can secure funding for the perfect Valentine's Day gift, though, you'll need to submit the required paperwork, including:

  • Valid government-issued photo I.D. proving borrower is 18 years of age or older.
  • Verifiable source of income or alternative income
  • Valid email address and phone number
  • Proof of residency
  • Social Security number

These are the very basic requirements you may need to meet for a Valentine's Day payday loan. However, keep in mind that some lenders will have their own requirements in addition. For example, some lenders require the applicant to be at least 19 years old or have an open bank account. In this case, you would need to provide an I.D. proving you are at least 19 as well as a bank account number and routing number.

Payday Loan Repayment

Piggy bank in front of a chalkboard that has "payday loans" written on it.

Before withdrawing a cash advance to buy gifts like chocolate, wine, or another sweet treat, it's important to understand how repayment works. Typically, payday loans are due within two weeks of whenever the borrower receives the funds. The lender will obtain repayment in one of two ways: either they will ask for a post-dated check in the loan amount, which will be cashed on the due date, or they will withdraw repayment directly from the account used to deposit the loan funds.

If the due date arrives and you find you can't repay the loan, your lender may be able to give you a rollover. A rollover delays payment by another term (usually two weeks). However, keep in mind that a rollover means you'll be paying double in interest, making this a very expensive option.

If you know you won't be able to repay the loan within the original term of two weeks, you may want to consider a small installment loan. Installment loans are paid off in small monthly payments rather than in one large lump sum. Installment loans can reach up to a year in term. You may also be able to get a larger amount of money through an installment loan than you could through a regular payday loan, making this a good option for those planning to buy an expensive Valentine gift. Of course, an installment plan means you'll also be paying more in interest because the term is longer than a regular payday loan.

Tips for How to Borrow Responsibly

Payday loans can be used to cover costs once in a while, but they shouldn't become your main source of funding. If you're making a one-time purchase like gifts for Valentine's Day, a payday loan may be a viable option. However, you shouldn't become reliant on payday loans. Here are some tips for how to borrow money through a cash advance responsibly.

  1. Consider whether you can afford a loan. Payday loans may seem enticing when you want to splurge on a luxury gift for your valentine, but ask yourself whether you can really afford that loan. Budget your income for the month and determine whether you can reasonably pay your loan balance on time. If not, you might want to reconsider. Taking on debt that you can't repay on time will only lead to more debt.
  2. Pay your debt on time. Delaying payment on a payday loan will only lead to more debt once you factor in interest rate, rollover fees, and other finance charges. Paying your debts on time will help you avoid the risk of falling into a debt trap, which many people who take out payday loans do.
  3. Read the fine print. Always read through your loan agreement carefully. Predatory lenders might assume you won't and may try to sneak hidden fees into the agreement. A hidden charge here and there adds up, and before you know it, you may be stuck in a cycle of refinancing a loan that only gets more expensive as time goes on.
  4. Compare interest rates. Payday lenders make their money on interest rates. Remember that you're never just borrowing the principal loan amount. With short term loans, you'll be borrowing much more in interest. Before accepting a loan offer, make sure you understand how much you will actually pay on a loan. It never hurts to shop around and compare interest rates offered by various lenders.

We hope you have an excellent Valentine's Day and that you can find a great gift for your sweetheart.

Jim Hughes, author at OpenLoans
Director of Content
Look to Jim for advice on budgeting, savings, insurance, stocks, retirement funds, and other topics in personal finance.
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