As Payday loans can be sometimes more expensive to borrow small money. Hence they can be disastrous than being helpful to the needy people. These types of lenders are not the only option to take debt to meet your emergency money calls. Some lenders may offer you low interest rates for a loan or there should be no late fee for the late repayment.
“Every coin has two prospective. Payday loans are quick and easy to get but hard to payback too. The later phase leads to other loan alternatives.”
In reality they do not solve the money matter but leads to some more with extra cash due.
So the borrower can up with more ways to borrow cash instead of paying more for less cash. Credit loans, advance salary, saving loans, bank overdrafts, consumer loans, budgeting are the best solutions other than payday cash.
More ways to get rid of money problem
Alternatives to payday loan disasters having high interest rate
• Get credit union loans
Credit union loans are the one of the early alternatives. A credit union member is offered with $500 loan. These loans are connected to SALO accounts from which 5% of the loan payment is automatically connected every month. It is approx. 30 times cheaper than a normal cash loan. These loans give their borrowers a long repayment period along with the installments facility.
Any citizen or non-citizen having a fixed income resource meeting the eligibility criteria can apply for the union loans. They have no penalty fee for late payback and no hidden loan charges are there.
• Take salary in advance
Without any extra fees or charges you can loan a salary from your employer. You can directly contact your human resource department and get the advance salary cash easily. This is the cheapest way to fulfill your money requirements as there will no extra fee for even a single dollar you are taking in advance.
• Credit Counseling
There are many credit counseling agencies for consumers all over the country providing advice to make up your repayment plans. These services cost very little or are simply free.
• Bank overdraft
You should have tried to ask a bank for a small overdraft rather than borrowing high interest rate loan. You will be charged very less as this may include some administration fee or monthly fee for the amount of money taken. If your are lacking with money on regular basis then it will be not good to get another draft as it can be taken back at any time, so you should be clear in early times.
• Consumer loans
Borrower can also opt for a small and short-term consumer loan. These have very low interest rates of up to 60% with APR of 25%-36%. A consumer can borrow up to $1000 for almost a year and can pay $200-$400 for the same period.
• Credit loans or Cards
If you are an urgent need of buying something or any bill payment then check for its credit facility. With no cash in your hand you can simply deal with situation by your credit card. Credit also gives you the protection in case of your thing is damaged or lost somewhere. The credit card statement can witness in case the original receipt is lost for the purchase. Some credit cards also come with the discount facility for some stores and services. An only loss of a credit card is that it leads to spend over the budget.
• Budgeting Loans
Budgeting loans are the other alternative to payday loans. They issue the borrower a repayment period of two years. The money is interest free and paid directly to the bank account.
• Borrow from a friend or a family member instead of a loan agency
Instead of borrowing from a loan agency, try to borrow from your friends and family members. They can understand your problem in more efficient member any official firm. In addition to this they can lend you money for the minimum rate of interest or sometimes no interest rate. The scenario can be worse here too because money and relations do not play good mix. In that situation it’s better to contact a loan agency.
• Do Over-time
In some firms there is an option to do an overtime shift to earn more money along with the regular wages. If you are really hardworking and much concerned towards your family money issues then go for overtime instead taking loan.
• Get another part time job
If the current job timings are less and you remain free for some hours, then don’t idle and stressed thinking about your financial crisis. Look outside for some part-time or hobby related job which yield your regular income. In this way you can solve your money problems with the partnership of enjoyment of work.
• Assistance programs
Many social services programs are conducted to deal with the emergency money calls. In these communities, low income families are helped in case of heating or cooling emergencies. Any citizen or non-citizen fulfilling the eligibility criteria can be assisted through these programs.
• Get a extended due date from your creditor
If you have good terms with your creditor then you can try this option. When you know in advance that you cannot repay on the due date, and then you should have words with your creditor in order get the due payment date extended with no late fee.
“Look for all the possible ways leading to your destiny before going straight way. Things can be different by alternating your path.”