Three Options You Have Other Than A Payday Loan

Three Options You Have Other Than A Payday Loan

Payday loans are advertised almost every day. Did you know that you have other options? You do not have to choose to take out a payday loan unless you have no other choice.

1)Negotiation Time

The first thing you should at least try to do is negotiate with the company before giving up hope. One great example is if you have paid your bills on time(in the past) but have started to hit a fork in the road.

Nine times out of ten, the company is willing to work with you. You just have to be upfront about what is happening. Establishing a payment plan is going to cut costs compared to what you get with a payday loan.

2)Credit Union

You can go ask a credit union for a cheaper alternative. Most credit unions are willing to work with you. They use something called PALS(Payday Alternative Loan Programs). These are geared specifically to those who need relief and do not want to(unless otherwise pressured to) take out a payday loan.

You can get one between $200-1,000. You also have about six months to pay it back(at the maximum level). It is something to consider if you are in a bind.

3)Borrowing From People You Know

Some argue that this is a good route. It is going to be uncomfortable, but, wouldn't you rather owe family or friends instead of the lender?

Just make sure and your family member or friend iron out the details before you both agree. It will save a lot of uncomfortable discussions later. For more details read on 247moneybox.