Many online lenders now offer unsecured, short-term installment loans to borrowers with bad credit. They are yet another payday loan alternative that, in some cases, can offer cash loans to residents of states that prohibit payday lending.
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…
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.
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.
An overdraft line of credit is a good alternative to payday loans. It’s a form of overdraft protection. Unlike bounced check protection, however, overdraft credit is safer and cheaper…
Bounced check protection is a dangerous alternative to payday loans. It’s a form of overdraft protection. Unlike an overdraft line of credit, however, bounced check protection is expensive and carries many risks…
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 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 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.
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.