Payday Loans

Is There Any Better Alternative To Payday Cash In Advance?

Payday cash in advance does sound like an attractive financing option when it comes to getting instant money to meet a temporary financial emergency. But, it is not always the best option available out there for you. Though these cash advances are easy to obtain, they can cost you a lot. If you do a little research and look into the right direction, you can easily find out many less expensive alternatives. Following are some of the suggestions in this regard that you may find helpful.

Request An Advance From Your Employer

An advance from your employer can be the best alternative to payday cash in advance. If you have a long-term, good professional relationship with your employer, this option may just work for you. Even if you are not sure whether your employer will approve such request, it is always worth giving it a try. You are not going to lose anything if they refuse to give you an advance, but if they approve your request, you can gain a lot. The best thing about taking an advance from your employer is that you do not have to pay interest on it. The timely repayment is also guaranteed, as the employer will issue you the next salary after deducting the amount paid in advance. This way, there is no risk for either of the two parties. In fact, if you are a hard-working employee that every employer would like to have, this option will only strengthen the bond between the two.

Request An Advance From A Friend Or Colleague

Considering the very fact that there are several risk factors associated with payday cash in advance, you should look out for alternatives that are risk-free. People often hesitate asking for monetary favor from friends or colleagues. But, it is important to keep in mind that even your colleagues may need your help in future. So, if you have been in good relationship with a friend or colleague, there is nothing wrong in borrowing money from them. But, you must keep your approach professional even though you are borrowing from a friend. Make them feel and believe that you are serious about making the full repayment as soon as you get your salary the next payday. For example, you can do this by giving them a postdated check and offering them a little amount of money extra, not as interest, but probably just to cover the loss in value of money because of inflation, which is a constant feature of our monetary system.

There can be several other less expensive alternatives to payday cash in advance, such as borrowing an advance using your credit card or getting a short-term loan from a credit union.


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