If you have landed in a troublesome financial crunch and could think of no other means than payday loans for help, you need to reconsider.
You would be well acquainted of the horrific rates of interest and the vicious payday loan cycles which most of the loan acquirers land into. And due to these, your month-long loan could end up worrying you even after a year.
Here we have brought for you a list of alternatives to the payday loans which could help you avoid these dreadful money-devourers:
Ask Your Family & Friends: Your family and friends help you in each of your needs and they could help you with this too. You can borrow money from your family and friends and this would be totally free interest rates. Plus, you would never be under a pressure to repay.
Get Help From Your Employer: If you work at a prestigious organization, your employers could offer you an interest-free loan. And this could be recollected easily by deducting it from your paycheck.
Use Your Credit Card: Credit cards are never an answer for your long-term debt, but they could still act as an alternative to the payday loans. The interest rate is far less for the credit cards and you can always increase your credit when required.
Tap Into Your Emergency Fund: If you have been wise enough to save money for the emergencies, now is the time to get repaid. Spending your emergency fund for your present financial crisis is far better than using it to repay the payday loan installments.
Get A Personal Loan: Yes, the process of getting a personal loan is lengthy and it takes considerable time. However, if you have a good credit history, you can always obtain the loan in much less time. Besides, waiting for a personal loan is far better than getting a payday loan (in case itâ€™s not extremely urgent).
Get Payday Alternative Loan (PAL): Payday alternative loans or PALs are small loans offered by federal credit unions and their value ranges between $200 and $1000. Most importantly, the term of these loans ranges from 1 to 6 months so that you have ample time to repay your loans. Credit unions may require you to be a member before they offer a loan.
You Can Sell Some Assets: In case you have some assets which are not too useful and selling which could offer you the required resources, you can consider the aspect.
Gold Loans: A Gold loan is yet another considerable aspect if you an adequate amount of precious metal with you. You can obtain the loan quickly and repay it in your own sweet time.
Borrow Money On Life Insurance: In case you have a whole life insurance policy, borrowing money out of it is not a bad alternative either.
Work For Extra Resources: You can go for over-time works or take petty jobs in your free time to earn extra money for your needs.
And all this is suggested to save you from dreadful payday loans which are a pain to millions of US citizens.
But in case you are already stuck into the loan, get help from a good payday loan resolution agency such as â€˜Payday Loan Debt Solutionâ€™ which offers quality solutions to help you get away from your loans in minimal efforts, expenses and in a very short time period.