Ideally, no one would ever go into debt, but sometimes, you just need some money, and fast. Enter payday loans. But if you’re familiar with them, you know they can be the entry point to a slippery slope, so what payday loan alternatives can you try out?
The first alternative is kind of obvious – ask your friends and family. Yes, it’s never ideal to need to ask for money, and it can be a little embarrassing, but at the end of the day, it’s your best bet. A loved one will be able to lend you the money without the waiting times involved in getting approved for a regular loan, and hopefully, they won’t ask you to pay interest.
However, mixing money and relationships is always risky, and there is some universal wisdom that says one shouldn’t involve family and friends in things like this, lest you destroy the relationship because of financial matters. After all, what happens if you can’t pay the money back? Or can’t pay it back immediately? Or they ask for interest? One party is always at risk of holding resentment.
When looking for payday loan alternatives, have you considered going to your boss and seeing what you can do about getting an advance on your usual pay? Some places are flexible about this kind of thing and they will be willing to help you out by releasing your funds a bit early. Even just a partial payment can help, because it saves you from a difficult situation.
A lot of us have savings accounts or just a stash somewhere in our home, just in case. Financial experts say everyone should always have around 3 months’ living expenses at the ready, just in case something comes up, such as an accident that renders you unable to work, sudden job loss, etc.
Now, while that money is set aside for a different purpose, this would be a good time to use it, and we’ll tell you why: even the best online payday loans with instant approval will still come with high interest rates, so why incur that debt?
Almost everyone has a credit card, and while normally, the advice would be to avoid using it as much as possible, if you’re finding yourself wondering “where can I get payday loans near me?”, then a credit card may be a better solution. Credit cards may actually be among the best payday loan alternatives, because they allow you to pay for something instantly, and then just pay off the balance later, which is kind of exactly the service a payday loan offers.
Of course, should you be unable to pay the balance in full, you will be charged interest, but you’d incur interest charges with payday loans, too.
If no other options are available or good enough, payday loan alternatives exist, if you want them. While payday loan providers such as Cash Central, Rise, Advance America, Speedy Cash, or CashNetUSA will work with you to find the best solution and the best rates, you will still be bound to the same terms as everyone else, and that means a high interest rate. Getting a more traditional personal loan, for example, offers you slightly better rates and more affordable installments.
Ultimately, if nothing else works, and you’re backed up into a corner with no other solutions available, then selling an asset or pawning something may be a temporary solution. Obviously, it’s not ideal, but if your credit simply cannot take another hit and you know you won’t be able to pay back the payday loan, then maybe it’s worth parting with some of your valuables.
Now it’s easier than ever to make money selling old items you no longer use, including clothes, electronics, collectibles, etc. Sites and apps like eBay, Depop, Poshmark, and others facilitate this operation.
If you’re in need of money, a payday loan can be your answer, but there are also payday loan alternatives to look into!