Payday Loan Alternatives
We are always very up front with the fact that payday loans are expensive. They are perhaps the most expensive type of loan that you can get. These loans are high risk for lenders and they charge according. They do serve a purpose though and can get people that would otherwise not qualify for a loan what they need, money. Still, you should sit down and consider the alternatives to a loan before you take the plunge. Here are some alternatives to consider.
- A Loan From A Bank
If you have the credit, consider a loan from your local bank. The benefit to this would be that you can borrow the money longer and the interest and fees would be far less.
- Money In Savings
No use letting it sit there only to take out a high interest loan.
- Credit Extensions
Call your lenders and see if you can get an extension on your debt. Many will often do so to keep you current.
- Family & Friends
Nobody likes to borrow money from family or friends but it could save you big. Just be sure to be respectful and pay the loan back as soon as possible.
- Open A Credit Card
Credit card rates can be high but are less than payday loan fees.
- Have A Garage Sale
An impromptu garage sale can often raise a few hundred dollars. A side benefit is that you often get rid of junk that you do not need.
- Employer Advance
This can be just as embarrassing as borrowing from friends, but many employers will advance you money on your next paycheck. It is free and could be a great option.
- Military Loans
Are you in the military? You might have special programs available to you.
- Turn in Small Change
Many banks have coin counters that allow you to turn in all of your small change for paper money. You could easily have 20 or 40 dollars hiding around the house.