Alternatives to Payday Loans

We have talked a lot about payday loans on this site, everything from payday loans actually are, and the majority of people that tend to end up using them. Throughout all of our articles, we have expressed that payday loans are not the best form of loans out there for those experiencing financial hardship. For those who are in a financial crisis, they should first look to the multiple alternatives to payday loans versus just immediately going for them. This is especially true for people who are wanting to get a payday loan just to pay off routine bills rather than bills that pop up as a one time external circumstance such as in the case of a natural disaster wrecking your home.


So what are the other options to payday loans and how can you use them to your advantage instead of having to suffer the often ridiculously high APR of payday loan institutions?


First of all you can use places like pawnbrokers or credit union loans that lower APRs. However, credit union loans are not as quick of a turnaround as payday loans are, and take a longer time for actual approval to get the money into your pocket. One of the cheapest methods to get a loan is just to ask your employer for an advance on salary – basically an advance on wages earned but unpaid for in that period. This can be very useful and it saves you a lot of the headache and APR nightmares that are associated with payday loans. Make sure if you do this you do not get yourself into a worse position by overspending all your money, you want to make sure you budget properly since your next check will be significantly lower from your employer if you do this.


Other methods outside of payday loans include emergency community assistance plans, small consumer loans, cash advances from credit cards (often have a much lower APR than payday advances from lenders), small consumer loans and of course direct loans from family and friends. All of these are typically much better deals than from a payday advance institute and will help you quash your financial burden better rather than hurt your financial position.


Other methods include looking for ways to earn more money. There are hundreds of ways to do this. You could get a part time job in the evenings. These part time jobs do not need to be anything where you actually have to go to a place to work either, they can be freelancer positions such as online content writing. Often these kind of jobs can snowball into becoming very lucrative for you down the road. You just need to remain consistent and keep doing what works and eventually you will break through. Earning more money is typically more fun than getting a loan whose debt will be hovering over your head anyhow.


There are a TON of options for you besides payday loans, remember that. You do not ever need to feel like you are trapped in a financial bind, there is hope and there are numerous ways out of debt that do not require the incredibly difficult route of payday loan debt hardships.

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