Category: Payday Loans

Should I get a payday Loan to pay for a Gift?

Whether to get any sort of loan should always be a decision that you think hard about. There are all sorts of loans and it is important to make sure that you get the best one for your purpose. You need to consider the cost as well and whether you think that it is good value for money as well as calculating whether you can afford the repayments. With a payday loan, there are some differences compared with other loans and so it is even more important to think it through.


The cost of a payday is often quite high compared with the cost of other loans. This means that it can be even more important to think about whether it is the right choice for you. As with all borrowing decisions, you should start by thinking about whether it is the best loan for the job. As a payday loan can be expensive, it can be wise to consider whether you might be better to use another short term loan like an overdraft or credit card. These do have disadvantages as well as advantages and if you have a poor credit rating, they may not be an option for you anyway.

Do calculate the total cost of the loan even if you have no other borrowing options. Think about whether you think that it is worth paying this on top of the cost of the gift. There may be other options, such as delaying buying something until you do have the money, which could be worth thinking about. The recipient may be very happy to wait for their gift or they might rather you didn’t even buy one if they knew that you would have to get into debt to buy it.


A payday loan tends to have just one repayment. You have to make this just after you get paid, in order that you are most likely to have the money available to do it. The same goes for all bad credit loan types. They even make you set up a direct debit so that you cannot forget to make the repayment. This is very handy, but you still need to be confident that you will have enough money in the account to cover that repayment. You also need to make sure that you will then be able to manage until you are next paid without having that extra money. It is not always that easy to work this out but it is possible, think about how you will feel to go without these things and whether you will be able to manage without them for a few months.

It is always good to imagine what might happen if you have other extra expenses as well. Perhaps you might have other things that you can cut back on or ways that you might be able to earn some extra money. It is worth giving it some thought just in case you need a plan to fall back on.


Using a loan for a gift is always a bit tricky. Payday loans are designed for use in an emergency and because of the cost of them, it is wise to stick to that. However, buying gifts is very much an emotional thing and it can be difficult to not do it particularly if it for someone we really care about. Many of us do not need to have gifts to feel the love that someone feels towards us, but many people just enjoy giving gifts to show that. It can be difficult to think that you might not be able to give a gift for someone. This is probably particularly tricky if the gift is for a child.

It can be good to think about how the recipient might feel if they knew that you were getting into debt in order to buy them a gift. Personally I would much rather go without, but my views will not be shared by everyone. Some people enjoy being spoiled and showered with gifts and others are happy without that. It could be worth trying to explain to the person about it and see what they think. This can be difficult to do though.

It can be worth thinking about whether you can buy the gift at another time or make something rather than spend money. Consider whether you have anything that you can re-gift or whether you can pick some flowers form your garden. There are many options that you can take rather than buying a gift. However, these may not be appropriate for the person that you are buying for and if there is no option but to buy a gift then a payday loan might be the way to go. However, make sure that you compare the cost with other forms of lending so that you are sure that you are making the best decision for you. Also compare payday loan costs as they will vary.