Alternatives to payday loans
Many consumers take out payday loans out of desperation because they feel that there’s no other way to pay bills, buy groceries or take care of other financial obligations. However, there are alternatives to payday loans.
Check these alternatives to payday loans:
• Use savings set aside for emergencies to pay for necessities can prevent consumers from accumulating large payday loan debts.
• Credit unions are sometimes able to help low-income or distressed consumers by offering short-term low-interest loans.
• Traditional banks may offer lines of credit or overdraft protection on checking accounts at a much lower rate.
• Credit card cash advances – they’re expensive but still not as costly as payday loans.
• Borrowing from friends and family members can prevent you owing an overwhelming debt to a payday lender.