Getting Financial Help Without A Payday Loan

A couple are seeking advice from a financial adviser
Best Deals On Payday Loans
Part 1 How To Identify Safe Payday Loans
Part 2 Payday Loans Online And How To Apply
Part 3 The Best Payday Loan Company For You
Part 4 Getting Financial Help Without A Payday Loan

Payday loans should only every be used for emergencies as financial help but statistics show that a lot of people are using them for day to day living expenses which leads to a situation where they are in constant debt. If this is the state in which you find yourself, it is a good idea to look at some of the alternatives that are available. In this article we examine:

  • Credit union and co-signed loans
  • Paycheck advances
  • The alternatives you should avoid
  • Finding the best online deal for a short term loan

Credit union and co-signed loans

If you are looking for a payday loan because you have a poor credit score why not consider a credit union loan instead? Credit unions offer small loans for short terms and the interest rates are lot lower.

A good lender will always ensure that the application process is easy

Another alternative is to ask someone who has a good credit score to co-sign a a short term loan. This could result in a lower interest rate or more favorable terms. However, remember that in this situation, if you fail to make the payments, your co-signer will be responsible for the debt.

Paycheck advances

If your pay fluctuates because you sometimes get tips or bonuses you could consider asking your employer to advance a small amount of your next paycheck. Some employers will do this and make no extra charge in interest.

The alternative loans to avoid

Some types of payday loans are not really payday loans at all. They can carry more risks so it is better to avoid some of the other alternatives that are around.

Title loans

Title loans are sometimes offered as an alternative to a straightforward payday loan. These kinds of loans involve you signing over the title to your car. If you fail to pay off the loan, the lender can seize your automobile. Title loans also charge very high rates of interest and the terms include extra fees.

An employer is shown speaking to an employee offering them financial help with a paycheck advance

No credit check loans

These types of loans are not strictly payday loans and although you can receive financial help without undergoing any credit checks, the term will be longer and the interest rate will be just as eye wateringly high. So, at the end of the loan you will be paying far more in charges.

Looking for the best loan deal online

A quick glance at a website is not enough to weigh up whether a lender is offering you a good deal. Always check the rates of interest, the total charges and what consequences are involved should you be unable to make the full repayment.

Look at the application form and make sure that you fully understand the process. You should also check that the website is secure. A good lender will always ensure that the application process is easy and streamlined. And, you should make sure that the lender is licensed to provide payday loans in your home state.

A lender that does not offer same day or next day funds is not offering a good service according to the market standards.

Any online lender offering guaranteed loans might be charging very high fees or rates of interest. You should also check that the process is fast as having immediate access to funds is a pre-requisite of needing a payday loan. A lender that does not offer same day or next day funds is not offering a good service. Taking your time and learning as much as you can about the offers of payday loans will give you the financial help to ensure that you get the right deal for your individual situation.

Best Deals On Payday Loans
Part 1 How To Identify Safe Payday Loans
Part 2 Payday Loans Online And How To Apply
Part 3 The Best Payday Loan Company For You
Part 4 Getting Financial Help Without A Payday Loan

About the author

David Warren

David Warren is an expert on personal loans across the United States. His career in banking has helped make David the loans specialist that he is today. He shares his analysis and insight into the personal finance industry on onlinecreditusa.com