Family and Friends

Borrowing from family and friends can be an interest-free alternative to payday loans. Loan approval is quick and repayment terms are flexible but there are a number of risks involved.

Let’s look at the basics of borrowing from people you know and simple things borrowers as well as lenders can do to minimize their risks.

Modest Needs

If your cash need is a one-time, unexpected emergency that requires $350 or less, Modest Needs is an excellent payday loan alternative.

The money provided by Modest Needs is a grant, not a loan. You don’t have to pay it back but grants are subject to limitations.

Interest Free Loans for Military Personnel

Many lenders target US military personnel because service personnel have a steady, guaranteed income. There are, however, a wide range of interest free loan options available to American armed service personnel that are excellent alternatives to payday loans.

Financial assistance available to US military personnel and their families include funds for emergency travel (burial of a loved one, etc.), food, temporary lodging, urgent medical needs, to avoid eviction, utilities disconnection, etc.

Credit Card Cash Advances

Credit card cash advances are a dangerous alternative to payday loans. While the APR is lower than that of a payday loan, credit card cash advances are expensive loans that carry risks.

Credit Unions

Credit unions are the best alternative to payday loans. They offer low-cost salary advance loans and free debt management programs as loss-leader incentives to join. These are concrete solutions for short and long-term financial problems.

With credit unions easing affiliation requirements and banks introducing absurd monthly debit charges, there has never been a better time to explore credit unions.

Payment Plan with Creditors

A good alternative to a payday loan is to contact creditors and propose a payment plan. If creditors know you are employed and want to pay back your debts, they will be more willing to work with you.

Truth in Payday Lending

Compare actual payday lenders by objective criteria. Make informed decisions. Avoid rogue lenders.

Find full contact info for hard-to-reach loan sites, rogue sites and unknown entities.

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