Advance from Employer
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:
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Payment Plan with Creditors
The best alternative to a payday loan is to contact creditors and propose a payment plan.
One prerequisite of cash advance loans is being employed. If creditors know you are working and want to pay back your debts, they may be more willing to work with you.
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P2P Lending
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…
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