Cash Loans for Valentine’s Day

Get the cash loan you need and spread the love on Valentine’s Day.

Apply in less than 10 minutes.

Last updated on July 25th, 2022 at 05:14 pm by Kurtis Eichler

Get a cash loan for Valentine’s Day with Savvy

Valentine’s Day is the perfect way to show someone how much they mean to you, but if you’re a bit strapped for cash, Savvy can help you get a loan to pay for the right gift.

You can be approved and have your cash loan funded all from the convenience of your smart device or computer. Our partnered lenders offer rapid turnarounds, so apply with Savvy and get that bouquet or box of chocolates today.

How do I apply for a cash loan for Valentine’s Day?

Getting a cash loan for Valentine’s Day is as simple as applying with Savvy. Our small loan application process is quick and easy to complete and you’ll receive an instant outcome on your initial application to save time.

Before you start the application process, it’s a good idea to double-check you’re eligible to take out a loan. Loan eligibility criteria are generally the same from lender to lender and will usually be on their website. The requirements will include:

  1. 18 years of age or older
  2. A permanent Australian resident
  3. Earning a steady income
  4. No active payday loans
  5. Active phone number and email address
  6. Access to 90 days’ worth of internet banking statements

If you tick all the boxes, you can get the ball rolling on your small loan application. During the early part of this process, you’ll need to provide some personal details. This allows your lender to give you an instant decision on your application. The pieces of information they’ll require include:

  1. Some personal details such as your full name, date of birth and contact details
  2. Where you live, your residential status and how much you pay per month in rent/mortgage/boarding
  3. Employment status, job title, who you work for and the industry you work in
  4. Whether Centrelink benefits make up more than half of your income
  5. Income after tax, how frequently your paid and your next pay date

Once you’ve shared these details, your lender will request some ID to verify your identity. They will usually ask for a driver’s licence, passport, Medicare card or proof of age card (or a combination of multiple) which can be uploaded to your lender’s secure portal.

After you’ve provided all of this information, you can apply and receive your instant decision. If you get an instant approval for a fast cash loan, your lender will progress to checking your credit history and financials as part of the formal approval process. If these checks run smoothly, you should be offered formal loan approval not long after.

When will I receive my Valentine’s Day cash loan funds?

In most cases, you should receive your quick cash loan as soon as the same day you apply. This will depend on the time of day you apply and the speed of your bank’s payment processing times.

Once a lender offers you approval on a loan, they’ll ask you to sign and return some loan documents so they can release your payday loan funds. Lenders don’t operate 24/7 and can’t process approvals and payments at any time of night, so it’s important to get your application in as soon as possible. Applying earlier in the day or week can improve the odds of your application being approved and funded that day.

It’s also worth considering the speed of your bank’s processing times. Banks have faster transfer speeds during standard business hours and slower speeds outside those hours, such as over a weekend. If your loan funds beat the cut-off time, there’s a strong chance you’ll receive your money that day or, if not, very soon after, which is handy if you need cash today.

How much will my cash loan cost me?

Cash loans come with a set of fixed fees. However, how much these end up costing you will depend on the size of your loan and how long you choose to repay it.

Loans come with two types of fees: an establishment fee and a monthly fee. The establishment fee is calculated at 20% of your loan amount on loans up to $2,000, but larger loans come with a flat fee of $400. Monthly fees are charged at 4% of your loan amount for loans up to $2,000, while larger loans have their monthly fees capped at 48% for a year.

While choosing a shorter loan term will increase the value of your repayments, you’ll save money on monthly fees. The table below demonstrates how you can save on a loan of $2,000.

Loan term Establishment fee Monthly fee Monthly repayment Total cost Total saving
15 months
1 x $400
15 x $80
15 x $240
$3,600
N/A
12 months
1 x $400
12 x $80
12 x $280
$3,360
$240
Nine months
1 x $400
9 x $80
9 x $346
$3,120
$480
Six months
1 x $400
6 x $80
6 x $480
$2,880
$720
Three months
1 x $400
3 x $80
3 x $880
$2,640
$960

Frequently asked online loan questions

Can I repay my cash loan earlier than planned?

Yes – you can repay your loan before your term was originally scheduled to end. Payday lenders don’t charge early repayment or exit fees, so you can save money on monthly costs you would have had to pay.

What can I use my Valentine’s Day cash loan for?

You can use your cash loan for just about anything Valentine’s-themed need, such as accommodation for a getaway, covering the cost of a fancy dinner and night on the town, flowers, chocolates or a personalised gift. The beauty of a cash loan is you can use them for multiple purposes. You can also get cash loans for Christmas, Easter, birthdays or any seasonal celebration you have plans for, as well as other purposes like covering regular household expenses or funding important home repairs.

Can I apply if I have bad credit?

Yes – having bad credit isn’t a big problem when you’re applying for a cash loan. While the big banks or larger lenders may focus on your credit score, payday lenders prefer to look at your broader borrowing history and your ability to repay your loan now; they can look past your score.

Can I apply for a cash loan at the weekend?

Yes – you can apply for a cash loan 24/7 online through pretty much any lender. However, Savvy can help you get approved on a Saturday or Sunday through our lending partners, some of whom are open on weekends.

All of my income comes from Centrelink. Can I still apply?

Yes – if you need money ASAP and you receive a fixed and ongoing Centrelink benefit, you can apply for a cash loan. Temporary government benefits meant to support you as you look for work or study, such as JobSeeker or Youth Allowance, won’t apply if they’re your sole source of income. Eligible benefits include:

  • Age pension
  • Child care subsidy
  • Carers payment
  • Single parent payment
  • Disability pension
  • Veterans’ pension