Whenever you face a financial emergency, payday loans are considered the easiest and fastest way to get money. Though penalties, a high rate of interest, and fees are attached to payday loans still it is considered as the best way to avoid the accumulation of debts. But if you are unable to get a payday loan due to any reason then you will have to search for payday loan alternatives. Some of the alternatives of payday loans are briefly discussed here under for your consideration.
Start side jobs for some time
If you are unable to get a payday loan then you trying to do a side job to cover up your financial needs for the time being. You can offer your car for a shared ride after your working hours to make some additional money. You can also consider the job of a tutor, babysitter, offering services on certain websites or freelancing services for this purpose.
Work for additional hours at your workplace
You can also try to do some overtime at your existing work to make some extra money even without breaking the continuity of work.
Cut your luxurious expenses for some time
You might be spending some of your money on your luxurious lifestyles like eating out, watching movies on cable, membership in a gym, or drinking coffee in the morning, etc. You can save some money to meet your financial emergency by cutting down these expenses for some time.
Borrow from your family or friends
Though it is not easy to ask anyone for help still you have many people around you like your family members and friends who can help you at the time of need. You can ask them to help you and pay them back as you get your next paycheck. It will improve your credibility as well as save the fees and interest to be paid to the lender.
Ask creditors to create a payment plan
You can contact your creditor and explain your financial problem. Most of the creditors can help you in creating a new payment plan. In this way, you can lower your monthly installment by negotiating with the creditor.
Apply for PAL or payday alternative loan from credit unions
The members of credit unions are usually allowed to apply for PALs or loans alternative to payday loans. These small loans can vary between $200and $1000 and are available for a period of 1-6 months. The charge $20 as application fees and their APR is also lower than regular payday loans. These loans have been organized by credit unions to help people borrowing loans at higher interest rates.
Request your employer for a pay advance
You can also ask for an advance on your pay from your employer. But before asking for this loan you must check the policy of your company in this regard. After getting this loan you should manage your expenses so that you may not need such help in the near future
So you can use some of these payday loan alternatives to meet your financial emergency.