After the last post “What You Need To Know About Payday Loans” I thought it would be a good idea to share/summarize some alternatives to payday loans. Here is a summary of those alternatives from the last post as well as some additional options I was able to find.
With annual interest rates that are sky high payday loans only create more problems than they solve. But if you need money asap then what alternatives do you have? Here are a few options you should explore before taking out a payday loan.
(Some of these alternatives still have high interest charges/fees but can be preferable to expensive payday loans. Always do your own research before borrowing money)
Alternatives To Payday Loans:
- Ask for an extension on bills/mortgage/rent etc.
- Speak with a credit counsellor
- Dept of Justice: Approved Credit Counselling Agencies
- Borrow money from a friend or family
- Cash advance from your employer
- Bank or credit union loan (~7-20%+ interest)
- PAL – Payday alternative loan
- SDLP – Small dollar loan program
- Debt consolidation loan from an online lender like PersonalLoans.com* (7-16%+ interest)
- Credit card cash advance (~18-30%+ interest)
- Military loans
Do you know any other alternatives to payday loans?
Please share them in a comment below!
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Photo by Wonderlane via Flickr