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3 Alternatives To Taking Out A Payday Loan

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If you're in need of a quick bit of cash, payday loans can be a quick and easy way to supplement your income. Whether you're running low on rent or need groceries for the week, a payday loan is a surefire way to get the money you need immediately. However, there are reasons why you may wish to avoid a payday loan, or bad credit might be preventing you to take one out. There are several alternatives that you can employ in order to get the cash that you need.

Credit Unions

Although most lenders that offer payday loans are quite generous with those who have bad credit, they do have some restrictions. Credit unions are a bit less stringent with these rules, and will often offer small loans to those who are in need of the cash. Credit unions tend to offer interest rates that are comparable to those offered by payday loans and are considered to be a great alternative to those that cannot take out a payday loan.

Loans From Family Members

A family member can often times help you out with a financial issue. If you're considering a payday loan, chances are, a family member can help you with this issue immediately. However, it is recommended that you agree to the conditions of the loan and get them in writing. It is best to have a document to have the conditions of the loan – including interest and total amount loaned and owed – even if the person is a trusted family member. It is also a way to prove to your relative that you intend to make good on your end of the deal.

Credit Card Cash Advances

If you own a credit card, chances are you qualify for a cash advance. It is quite similar to receiving the cash you would from a payday loan. A cash advance, however, can hurt your credit score, so it is not recommended that it is a strategy that you frequently employ. The APR that is applied to a credit card cash advance is generally equal to the amount that is offered by most lenders on a payday loan.

When you're in need of cash quickly, then your options are rather limited. In addition to a payday loan, there are a scant number of other options that are readily available to you. Sometimes, however, a payday loan might be your only option. For more information on payday loans, visit