If you are? struggling financially, payday loans are not the only option that you? have available to you. In fact, there are lots of other financial? options and many of them are more effective than a payday loan. You will ?pay less interest, you will have more flexible repayment terms, and? your finances will be easier to manage. Below, you will find the top 4? alternatives to payday loans and reasons why you should consider them as? a financing option.
1 ? Traditional bank loans
While a traditional bank loan may require an extensive application? process, bank loans are far more reliable than payday loans. Of course,? they will need to run a credit check and verify your employment, but as? long as you hold up strong during the application, it should only take a? few minutes to receive an approval. Traditional bank loans offer some? of the lowest interest rates you can find. In fact, after the recession,? interest rates became lower than they have ever been in the past. Now? is the perfect time to take out a loan if you need financial help.
2 ? Credit cards
Using a credit card and taking out cash or even paying off your debt? directly with the card is generally going to be a better idea than using? a payday loan. Short-term loans have very significant interest rates? and it?s likely to be a lot higher than your credit card. Most credit? cards today have interest between 5-20% which is substantially lower? than the interest for a payday loan. If you take out cash with your? card, the bank may charge you an additional fee so you will have to take? this into account as well. However, in general terms, credit cards are a? reliable alternative to payday loans.
3 ? Credit union loans
Credit unions are often non-profit organizations and they can provide? you with substantially lower interest than a traditional bank will.? Credit unions can be found all across the nation and if you are looking? for an alternative to payday loans, they are a reliable choice. Credit? unions are almost always located in the community that they serve, so? there should be a facility nearby where you can go speak with someone.? Keep in mind, credit unions sometimes have limits on the amount that you? can borrow and it?s usually about $500 per month. You will have to? repay any money that you borrow on a monthly basis.
4 ? Negotiate payment plans with creditors
If you owe money to specific businesses, the best way to avoid taking? out a payday loan is to negotiate a credit check with the creditors.? Most businesses will be more than willing to work with you as long as? you make an effort to show that you are actively trying to pay off what? you owe. The best plan of action is to call up each company and speak? with someone about your account. Let them know how much money you can? pay immediately and how much you can afford monthly.
Stevie Clapton works for OnlinePaydayLoans.net who provide fantastic articles on everything financial.
Peter Christopher is the Editor to Finance care Guide and a guest columnist for many blogs that deals with financial issues. He has devoted himself to full time speaking, writing and consulting on personal finance management. Visit him on Google Plus and Twitter.Related posts:
Source: http://financecareguide.com/4-other-options-to-payday-loans.html
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