Posts Tagged ‘alternatives to cash until payday loan’

7 Very Practical Alternatives To Cash Until Payday Loan

A cash until payday loan is often advertised as the best financing solution to those who are facing cash crunch and are looking out for a quick way to borrow money so that they can meet their financial requirements. This is a small amount of cash advance that is issued for a very short period of time; the due date, as the term suggests, is the pay day. It means you must repay this loan on the next pay day when your salary gets credited into your checking bank account. This short repayment period is a big issue, especially if you earn a very limited monthly income and live with a very tight budget plan. However, the biggest issue is that these types of loans are very costly. You can realize how costly it can be with the very fact that the APR charged on these loans is usually in three digits. Depending upon the payday loan company you are borrowing from and the state where you live in, you can be charged up to 700% per annum. Several other fees, such as loan processing fee, approval fee, fund transfer fee, verification fee and others, are charged additionally. Therefore, you are strongly recommended to avoid this costly financing option and try better, more affordable alternatives. Following is a brief rundown on the seven most practical alternatives that you can consider in this regard.

Credit Card Advance

Getting an advance using your credit card can be a much better alternative to cash until payday loan programs. It is true that even credit cards charge a very high rate of interest, but their rates are still significantly much lower as compared to the rate charged on payday loans. You can save a great deal of money and avoid plenty of hassles if you use this alternative.

Advance From Your Employer

Another very practical option is to request for an advance against your salary from your employer. This option is very much likely to work, especially if you have been working for the same employer for a very long time and have an impressive work history. If you have been a committed employee, your employer will never refuse you. It is probably the best alternative to cash until payday loan because employers often do not charge any interest against such advance. In fact, if you are lucky enough, your employer may even allow you to pay back in easy monthly installments. Besides that, there is also no risk of missing the due date because your employer will transfer your salary after deducting the money they gave you in advance.

Volunteer For Overtime

Most employers allow their employees to volunteer for paid overtime. If this option is available to you also, you can consider using this as an alternative to cash until payday loan. But, here again, since you need instant cash, you will have to request your employer to pay for the overtime in advance.

Planning Your Budget Innovatively

Sometimes, just smart financial planning can save you from the hassles from borrowing money from others. For example, an easy way to do this is to postpone some of your monthly expenses that are less in priority and that you can manage to live without. This way, you will be able to save a great deal of extra money, which you can use to meet your urgent financial needs. Always remember, there is a very simple formula of saving money – if you cannot earn more, spend less. So, this is the time you must look into your budget plan and identify those areas that can help you save extra money quickly. Most of the time, it works.

Pay Through A Post-Dated Check

When it comes to alternatives to cash until payday loan, you can also consider paying in post-dated check. For example, if it is an unexpected car repair expense you need extra money for, you can request the repairing agency to accept a post-dated check. If you have been using the same agency for a long time and have been a regular customer, the agency is very much likely to accept your request in an attempt to strengthen the bond with you (customer). Obviously, not everybody is going to accept a post-dated check, but there is no harm in trying. If it does not work, you can try other alternatives.

Garage Sale

Garage sale can also help you get the extra amount of money very quickly so that you can avoid the costly and highly risky cash until payday loan programs. Not many people realize that they have plenty of junk items in their homes that they have not used for several years and are not going to use in future as well. Those junk items may still have some value. There are people in almost every neighborhood who are always on a look out for some great bargain deals in garage sales. Therefore, it is worth spending some quality time in gathering those items that you no longer use but others may be interested in and selling them through a garage sale. Just a single day of garage sale can help you earn a couple of hundred dollar bills. If you are lucky enough, you can earn much more, depending upon the types of items you are trying to sell and the number of customers you attract.

Liquidate Some Of Your Assets

It is very important for you to understand that a cash until payday loan may look like a very easy and altercative option to borrow instant money, but it is a predatory loan program that often traps the borrower into a vicious cycle of debt. It is because of its predatory nature why sixteen states in the United States of America have already banned payday lending. Even the Federal Trade Commission has warned consumers against it. Therefore, in extreme situations, where you need a large sum of money, you can even consider liquidating some of your assets that you are still using but can mange to live without. This is an alternative that you should consider when no other alternatives work for you. You can purchase those assets again when your finances improve.

Overall, the point is that you should never borrow a cash until payday loan because it can seriously damage your finances and push you deeper into debts.

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