Payday loan Alternatives

Alternatives to Payday Loan

   Payday loans have finance charges that amount to a high APR. The payday loan APR table
gives an idea of how high the APR on payday loans are. This is one reason why payday loans
should be avoided if possible.

   There are usually two main reasons why people have to go for payday loans. One common reason is the cropping of an emergency need. The other is a cash requirement coupled with bad or poor credit history. In the case of an emergency, many people may not have any alternative but to go for a payday loan, but in the second case there are other options available.

   One option is to negotiate a payment plan with creditors. This will help in adjusting the billing to pay off the bills over a longer period of time. Some people may have the option of getting advances from employers. This will almost be like a free payday loan! Another alternative is to get a loan from a credit union. Many credit unions offer low interest rate loans with quick approval for emergencies. There is also the possibility of using cash advances on credit cards. Though the APR on credit card cash advances are near 30%, it is still much better than a payday loan. Other options available are emergency assistance programs, credit counseling and overdraft protection.

   The important consideration to keep in mind while looking for payday loan is to make sure that you are aware of the APR for the payday loan. If there are other sources that are viable with a lower APR, then maybe you should use those options.


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