Best Alternatives for Payday Loans In the event of a crisis

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A Better Alternative to payday loans to consider In the event of a crisis
If you're caught in a pinch and need money, try local charities, your friends or some other side hustles instead of payday loans.


Last updated on Nov 14, 2022

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Accessing cash quickly isn't easy in the best of times. It is even more difficult when the economy is in a slump.
If you're short on money and need to borrow money, you may need a payday loan may seem like the only choice -- but there's seldom a compelling reason to get one.
Even if you only need an amount to pay for an emergency, taking out a payday loan could leave you worse off than before you took out the loan.
Here are 10 options to think about when you require cash quickly.
Local nonprofits and charities

The best option is to get help for free to cover essential expenses.
Local sources of funding, like nonprofits and community centers, are especially helpful if you're struggling to pay for gas, groceries and other expenses with a new emergency. Certain of these organizations can be a resource for donated clothing, food or buses for health appointments, or even job-related interviews.
Find resources in your state.
Speed: How fast you will receive assistance depends on what you need and which organizations are in your vicinity. Give them a call to learn more.
Keep in mind: Charitable organizations may require proof of your need for assistance by providing recent pay receipts.
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Assistance with medical bills

Best for: Reducing a large medical bill or making it easier to pay.
There are a handful of alternatives to consider before going to a payday lender.
Payment plans Check with your doctor's office to determine to set up a payment plan that breaks the cost of a big bill into monthly installments.
Advocates for medical bills: Medical bill advocates negotiate down bills after an expensive hospitalization or procedure. They are also able to spot costly errors and dispute them.
Medical credit card: Some offered through medical offices offer promo periods of interest-free that could help you cover the expense. Be sure to read the terms of the contract carefully to avoid hefty interest charges.

Speed: Each choice varies in terms of speed, however you might be able to establish a payment plan through the physician's office over the phone.
Keep in mind: Each option may come with fees. Find out how much you'll save, then weigh it against the price you'll have to pay in order to make an intelligent decision.
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Online loans for bad credit loans

The best option is to get cash without a credit score lower than 690.
Some online lenders customize their loans to bad-credit borrowers. These lenders may accept applicants with good and fair or fair credit scores.
If you're not sure if you're eligible , you can pre-qualify to see what lenders will offer you. It won't impact your credit score, and pre-qualifying with multiple lenders lets you examine loan rates.
Speed A lot of online lenders provide quick funding and will deposit the funds into your banking account within a few hours of approval.
Be aware that online lenders report their payments to bureaus. In time payments can help improve your credit score, while late payments will hurt your score.
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Credit union loans

The best option is for members in good standing at a credit union.
If you're an existing credit union member or are eligible to become one there's a choice that is already available to you.
take into consideration your income and credit score when evaluating a loan application however, they will also look at your previous history as a member.
If your credit union provides , you can borrow an amount of money that is typically between $1,000 or $2,000 with a maximum amount of 28 percent and payment times up to 12 months.
Speed: Large credit unions may be able to fund and approve a loan within a few days. If you're part of a local credit union or are required to applyfor a loan, the process could take longer.
Be aware that credit unions report late or on-time transactions to credit bureaus which will affect the credit rating of your client.
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Payment plans for monthly expenses

Best for: Temporary relief from full or partial bill payments while you cover an emergency.
Ask for a payment extension, or installment plan from your landlord, utility company or mortgage lender creditor to temporarily ease those expenses while you cover another, more urgent cost.
Some creditors and utility companies have online forms where you can request an extension or a hardship program however, you may need to make an informal request to someone such as an owner.
Speed: Depending upon when your bills are due, you may receive some relief from payment before your next payment.
Be aware that it may be difficult to keep track of payment plans for numerous billing agencies or creditors. Add the payments to your budget or calendar, and make sure you be able to make the payments them.
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Other methods to earn money

The best option is to create a temporary or permanent side hustle , or making extra money in areas you've not looked.
You could make extra cash by selling your clothes or working for a ridesharing service or turning your hobby into an online shop.
Some of the options in take longer than others, but a lot of them can be accomplished on your own or at your own home.
Speed: The speed at which it can earn you money depends on how you choose to make money. Selling items online can take anywhere from a few hours to several weeks, while the drivers of rideshares typically earn their wages weekly.
Be aware that the internet is full of scams that promise quick cash. Do not apply for jobs that require money or demand financial or personal information.
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Lending circles

The best option is to get low-interest or no-interest cash, as long as you're willing to contribute funds to help others, as well.
A group of people who lend money to each other at no cost or at a affordable cost. It is a long-term commitment as lending circles generally help one person every month, but participating in one of them can assist you in raising money to fund a project like car repairs, or even help you get through a rough time.
Some websites cooperate with lending circles in order to send payments to credit bureaus, which can assist you in improving your credit.
Speed: This is dependent on when the cycle of payouts reaches you, but it's a slower funding option.
Remember: You must have a regular source of income to contribute to the lending circle fund on a regular basis.
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Family loans

Ideal for: Getting cash with no interest, if you're in a relationship with people to talk to them.
Asking someone you trust to pay a bill or pay for rent for the month won't harm you credit, though it can cause a rift in your pride.
The lender and you may come up with terms that will define when the loan will be paid back and whether you'll pay it back in installments or in one lump sum.
Speed: This is contingent on the terms you and the lender are willing to.
Be aware that a loan doesn't need physical collateral, however you could put a relationship in jeopardy therefore, make sure both parties are comfortable with the loan before you borrow.
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Cash advance applications

Ideal for: If you're employed and need emergency cash.
If you earn a steady income and need a paycheck advance, think about an .
These apps usually confirm your income and when you are paid, they provide an advance of from $20 to $500 your next paycheque.
They usually charge low fees however, most require a voluntary tip to pay for their service.
Speed: These apps can take several days to pay the money however, most will pay your advance within a few hours for an additional fee.
Be aware that paycheck advances are a temporary solution. If you are regularly using your credit card to access money that you've already earned, then you might need to reevaluate your .
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Pawn loans

Ideal for: Getting cash with no credit check and without having to sell an item.
A Pawnshop loan is a non-credit-check alternative which is just a little bit away from selling your possessions. To get one, you offer something you own to the staff members at a pawnshop. They they evaluate the value of the item and decide if they'll offer you the loan in exchange for the item.
The pawnshop and you agree on when you'll pay off the loan -- and any additional fees or interest -- in order to receive your item.
The speed of a pawnshop can usually tell you on the spot whether it is willing to lend you money and how much.
Keep in mind: Pawn loans aren't necessarily much more expensive, in terms of cost as compared to an payday loan. You want to ensure you won't end up with more debt than you can pay off.
These loans are also not an ideal long-term solution. If you find yourself making loans from pawn loans frequently, consider an alternative solution.
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About the writer: Annie Millerbernd is an individual loans writer. Her writing has been featured on The Associated Press and USA Today.







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