15 Alternatives to Cash Advance
Did you know that you pay almost twice as much for the payday loan compared to the actual amount of money you have borrowed? And not including the loan itself. There are moments when you need cash, and need it very fast. But payday loans aren't the only option to get money when you are in a hurry.
Payday loan might end you up in a trap where you will be accumulating debt after debt, and it will be very difficult to repay it. Consider alternative options to payday loans before going to a payday loan office.
Extend your due date if possible
If you think of using a payday loan to repay your current credit, first consider talking to your creditor about extending your due date. You will be surprised, that many credit lenders will be willing to help you just to get the credit paid out, and won't charge any additional fee for setting back the date. The same can work with your service providers.
Work overtime
Work overtime if your boss allows it. This could bring some good extra cash.
Find a part-time job
If you are good at something, don't waste the skill and use it to earn money. You would be surprised of how much money you could earn with your hobby if it's in demand.
Opt for a payday advance
Payday advance is basically the same short term loan as a payday loan, only provided by your employer at much more favorable conditions. Consult with your human resource department about getting an advance with your paycheck. Only remember that it will make your next paycheck pay less. In some cases, employers will allow you to repay the advance over an extended period from multiple paychecks.
Get rid of the things you don't need
There are definitely many things in your house that you may be attached emotionally to, but actually don't put in use. In times of financial need you can sell such items through online auctions like eBay, go to the pawn shop or have a garage sale. In this case you get both the cash and get a chance to clean up the house.
Review your tax withholding
When you face financial issues having extra dollars withheld from the paycheck in order to get a bigger tax refund is not the brightest idea. You can use the IRS website’s tax withholding calculator to calculate the sum which will be held from your paychecks as taxes. Just make sure you don't cut your taxes drastically or you may actually end up owing to the state some serious cash.
Tweak Your Income Tax Withholding, Tips on Financial Planning
Save on service bills
The article How to Get Money to Get out of Debt, explains of ways of reducing domestic monthly spendings. There are many simple things you can do to increase the amount of cash in your family budget.
Opt for local emergency hardship programs
There may be organizations in your area providing financial aid or loans with advantageous conditions to people experiencing financial problems. Consult with your local Department of Human Resources to learn if there are any support programs around you. Various religious communities are a good place to start with.
Borrow from someone you know
It may be a bit inappropriate to borrow money from friends or family. But owing some hundred bucks to your best friend is a better option than having a due date with the local payday loan center. But don't think of it is an easy way to escape debt – be serious about repaying your family and friends like you owe money to the bank.
Consider a small loan with your bank or credit union
In case you have a good credit rating and a stable income, your bank may provide you with a small personal loan. Such loan will have much better rates and conditions if compared to payday loans or check advances.
Use your credit card
Consider using your credit card with available credit for funding a purchase instead of applying for a payday loan. Look out for the signs of a bigger money problem, like using credit cards to on any occasion there is. |
