6 Payday Loan Alternatives

Are you looking for quick cash to ease your financial worries? Applying to payday loan lenders is certainly one option that you can explore, but in some cases it is not always the right choice.

With this in mind, let’s take a look at some payday loan alternatives:

Use your savings

If you have an emergency financial situation, then maybe you could dip into your savings account to get some quick cash? Sure, this is not an ideal situation, but it’s probably better than taking out a high interest loan.

Ask family members

Most people never consider asking family members for help when they are short of cash, but it is certainly a viable option, especially if your situation is urgent. Remember, your family members won’t charge you interest, so it can be a good way to loan a small amount of cash.

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Contact your bank

Another good alternative to payday loans is to contact your bank. You might be able to get a small personal loan if you have a good relationship with them, or they may even extend your current overdraft, which means you will have immediate access to extra funds.

Apply for a credit card

Many credit card companies now offer introductory rates for new customers, which means you can often get a credit card with a low interest rate or even a 0% interest rate. Just make sure that you pay off the balance as soon as possible, because once the introductory rate is over you will then be charged a much higher rate.

Sell some items

Maybe you have some unwanted items just lying around the house? If so, then you can turn these items into immediate cash, by selling them online, taking them to a pawnshop, or even having your very own garage sale.

Sure, you probably won’t get full value when you are looking for a quick sale, but some money is better than no money.

Ask your employer

Payday loans are high interest loans that you can get until your next ìpaycheck.î With this in mind, why not cut out the middleman and go directly to the source by asking your employer for a cash advance on your wages.

At the end of the day, the worst thing that they can say is no, and if successful, you can get the money you need without having to pay interest or worry about late payment fees or debt collectors turning up at your house.