Explore Your Options: 7 Alternatives to
Fast Cash Payday Loans
When people need fast cash payday loans, it’s usually because there’s a financial need that can’t be met. Worrying about money struggles is enough to keep anyone awake at night.
However, there could be other solutions you may not have thought about. So, before you instantly apply for that payday loan, take a look at some of these alternatives.
1. Local Organizations and Charities
Most areas have charities that are set up to help people in need when they can’t afford basics. For example, if an unexpected financial burden falls upon you (e.g. a broken washing machine) you may have to choose between paying a bill or fixing the problem.
Many local charities hand out food parcels, provide second-hand clothing and even give out tokens for gas money. However, you'll likely have to prove your low-income status with pay stubs.
2. Medical Bill Help
Medical bills can be devastating to your finances if you aren’t financially prepared to pay them. It could mean that your scraping to make ends meet each month because you’re bombarded by these bills.
However, there are a few options to consider before deciding on getting a payday loan. For instance, you can discuss a payment plan with your medical clinic to make your payments more affordable and stretch them out over a longer period of time.
A medical bill advocate may also be able to negotiate how much you pay as a whole and will be able to spot any discrepancies in your bill. If you’re paying for something you shouldn’t be, your advocate will have it struck from your bill.
3. Make More Money
Easier said than done, right? Don’t speak too soon. You may have some items worth selling at home that could make you the cash you need. For example, clothes, jewelry, watches, and more can sell quickly on websites like eBay.
Similarly, you could try your hand at being creative. If you like to write, you could get paid to write articles in your spare time. Jobs like customer service, administration, graphic design and more can all be done remotely, online and as a side hustle for some extra cash.
4. Ask Family and Friends
No-one likes to ask family and friends for money when they’re in a bind but the alternative could have a detrimental effect on your finances. If your family and friends know you’re trustworthy and you’ll get the money back to them as soon as possible, it could be exactly what you need.
It will buy you enough time to sort out your finances and make a little bit extra by doing some extra hours at work to pay the money you’ve borrowed back.
5. Create a Lending Circle
Everyone has financial difficulties at some point or another. A great way for everyone to tackle that problem is to form a lending circle. Find a few people that you completely trust to begin this process.
Each month focus on a different individual and raise money to help. The only problem with this one is that you’ll have to wait your turn. However, it can come in really handy if your financial burden isn’t time-sensitive.
6. Advance Your Pay Check
One of the easiest ways to tackle a financial problem is to ask your boss for an advance on your paycheck. If your boss knows you’re trustworthy and you’re not someone who asks for an advance regularly, you may just get what you’re asking for.
However, don’t make a habit out of asking for advances. It can make it difficult to organize your money when your paychecks aren’t regular and it can cause friction with working relationships.
7. Find a Pawn Shop
If you have some valuable items worth selling, it could be a good idea to take them to a nearby pawn shop. You’ll be able to get an evaluation on those goods and it may just raise the money you need.
You’ll be able to decide whether you want to sell the items or exchange them for cash for a period of time and then come back to buy them back. However, you should remember that the pawn shop will only hold your items for so long before selling them to customers. Be sure you know the rules before walking away.
When Payday Loans Are Your Only Option
If you’ve exhausted all your options, a payday loan may be your only choice. That doesn’t necessarily mean it’s a bad one. In fact, payday loans are fast and can often get people out of tricky situations that need immediate solutions. Find out more details before you go ahead.
The most important thing to keep in mind with a payday loan is that it’s usually a short-term loan that requires repayment, usually by your next paycheck. It’s vital not to fall into the trap of continuously needing payday loans because you can’t catch up.
Are Fast Cash Payday Loans Good For You?
Fast cash payday loans can be tremendously helpful when you’re in a tight spot. It’s difficult to plan for things that can go wrong, so when you need a quick cash injection, a payday loan is a good option.
You should always weigh up the pros and cons of a payday loan and make sure you can make repayments on time. Take a look at some more of our articles for great advice.
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