Valentine ‘s Day is just around the corner and it may not be our best time to buy a gift. First the Christmas holidays and then the January slope. Therefore, we may consider the need to request a loan that will provide us with extra financing to buy that gift that makes us so excited. Let’s analyze if it is a good idea or not to apply for a loan on these dates.
Can I apply for a loan to buy gifts or take a trip?
Currently, there are loans and credits for all types of projects. The most common purposes are the purchase of a car, finance studies of the children or make a reform at home. However, we find loans for other purposes such as buying a gift or making a trip that you want to make, in this case, on the occasion of Valentine.
The negative part of this type of loans is that it is not usually granted by traditional banking entities. Banco Sanbuwan, PushSave Bank, among others, invest in projects that have value for themselves (such as a car or one-story furniture) and that, if necessary, could sell and recover the investment.
The purchase of a gift or use the money to make a trip probably have no value once used and, therefore, banks are reluctant to finance them.
4 characteristics of loans to buy gifts
In the case of wanting to apply for a loan to cover specific money needs such as loans to buy gifts, these are the characteristics we would look for:
Traditional banks aside, normally, the request for personal financing is made through small loans. They can range from $ 1,000 to $ 4,000-5,000, with the aim of using it as a gift for Valentine’s Day, for example.
2. Fast and online processing
Another important point for personal financing is that it can be done online and quickly. Normally, who requests money needs it to cover a timely expense quickly, so the processing times are greatly reduced.
3. Short-medium term return
The shorter the term we choose, the lower the interest accrued on the loan. For this purpose, the ideal is to return it in a few months or a couple of years. However, it is not advisable to set the return date before if that can make the saving capacity decrease significantly, as we would have a higher monthly payment.
4. Less demanding requirements
Each lender is a world and can establish their own requirements and criteria. However, as a general rule, these types of loans do not usually require excessive information. The basic thing will be to contribute economic income, to guarantee your solvency.
Which entities grant loans with these conditions?
As we have mentioned, the amount of these types of loans and the purpose of the loan will greatly limit the supply of loans that we can access, but even so, there are entities that are focused on offering these types of loans where we do not have to justify in what we spend the money, among them we can find loans like Neostar Money.
Is it worth asking for a loan to make a gift on Valentine’s Day?
Taking into account all the previously mentioned premises, we must assess whether we are really interested in requesting a loan for Valentine’s Day, or any other special occasion, such as to make a trip.
We must always consider what implications this loan has. If we want extra financing to avoid seeing our account weakened, yes, let’s do it, but if we have been dragging a debt or a bad economic situation for a while, it may be better to postpone it for another time.