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Alternatives to Payday Loans

Alternatives to Payday Loans

Payday loans come in handy when you’re strapped for cash. However, these loans can be problematic due to their high-interest rates and short repayment periods. 

If you aren’t able to pay back the loan by its due date, payday loans rollover. You would only pay the fees owed on the loan while the due date is extended.

You’ll also be charged a renewal or rollover fee, plus a possible late fee and the original amount. This can be expensive. Fortunately, payday loans aren’t your only option; there are other alternatives to get the money you need without paying such high fees.

Here are payday loan alternatives:

Apply for a Bad Credit Personal Loan

Instead of getting a payday loan, you could apply for a bad credit personal loan. Many loan lenders offer these loans for amounts ranging from $500 to $10000. 

Also, note that APRs can be quite high, and you may end up paying an original fee or other charges. Unlike home and auto loans, these loans don’t require you to put up property as collateral.

Borrow from Your Family and Friends

If you’re in financial limbo, family and friends can be of great help at this point. This option will likely be the cheapest for you in terms of fees. You can simply borrow money from a family member or friend.

Just make sure you agree on repayment terms beforehand and put it in writing to avoid any future conflicts. 

Failure to repay a loan of this type of loan won’t hurt your credit score, but it can result in legal action and severed friendships, and strained family relationships.

Get a Payday Alternative Loan from a Credit Union

Another payday loan alternative is to get a payday alternative loan (PAL) from a credit union. Credit unions are nonprofits, so they typically charge lower fees and rates than banks. 

And like banks, they will also report your payment history to the credit bureaus, which can help you improve your credit score.

Ask Your Lenders for Payment Assistance

If you’re struggling to make your payments, reach out to your lenders and see if they offer any payment assistance programs. Many lenders have programs that can help you lower your payments or even pause them for a brief period of time.

Secure a Credit Card Cash Advance

If you have a credit card, you may be able to get a cash advance from the card issuer. This can be a good option if you need money quickly and can’t qualify for a loan. 

However, it’s important to note that cash advances typically come with high-interest rates and fees, so you’ll want to be sure you can repay the debt before taking this step.

Get a Personal Loan

If you have good credit, you may be able to get a personal loan from a bank or credit union. Personal loans typically come with lower interest rates than other types of loans, so they can be a good option if you need extra money.

Tap Into Your Home Equity

If you own a home, you may be able to get a home equity loan or line of credit. This can be a good option if you need a large amount of money and have good credit. However, it’s important to note that these loans typically come with high-interest rates and fees.

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