Online Payday Loans

A 401(k) loan is a risky payday loan alternative.

Although 401(k) loans are cheaper than payday loans or credit card cash advances, the benefits are outweighed by substantial drawbacks and risks…
(More information… )

One alternative to a payday loan is an employer paycheck advance.

Since a paycheck advance from your employer is not a loan, no money is lost to interest fees.

Employer advances have advantages and disadvantages:
(More information… )

Bounced check protection is a dangerous alternative to payday loans.

It is a form of overdraft protection.

Unlike an overdraft line of credit, however, bounced check protection is expensive and carries risks…
(More information… )

Credit card cash advances are a dangerous alternative to payday loans.

While the APR is much lower than that of payday lenders, credit card cash advances are expensive loans that carry risks.
(More information… )

Credit unions are an excellent alternative to payday loans.

Let’s face it - if you are having financial difficulties, things will not improve in one paycheck. In fact, payday lenders are banking on this. They want you to ‘roll over’ the loan by paying only the interest because it increases their profits. That’s why they don’t let you pay off a part of the principle - it is all or nothing.

Credit unions, on the other hand, offer both long and short-term solutions to financial problems…
(More information… )

Borrowing from family and friends is an interest-free alternative to payday loans.

Loan approval is quick and repayment terms are flexible.

There are, of course, risks involved. Listed below are the basics of borrowing from people you know and simple things borrowers and lenders can do to minimize risks…
(More information… )

Many payday lenders target US military personnel:

• service personnel have a steady, guaranteed income
• many service members are young
• many young people do not consider time value or cost of money

There are, however, a wide range of interest free loan options available to American armed service personnel that are excellent alternatives to payday loans…
(More information… )

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.

The grants are, of course, subject to limitations…
(More information… )

An overdraft line of credit is a good alternative to payday loans.

It is a form of overdraft protection.

Unlike bounced check protection, however, overdraft credit is safer and cheaper…
(More information… )

P2P (peer-to-peer) lending services, which facilitate unsecured personal loans between individuals, make excellent payday loan alternatives.

Also known as “person-to-person” lending, these online services cut bankers out of the loan equation giving borrowers competitive interest rates between about 7% and 18% APR. Also, since professional lenders are involved in the process, you can avoid the pitfalls of borrowing from family and friends.

Let’s take a look at the benefits, eligibility requirements and borrowing strategies of P2P loans…
(More information… )