Top 10 Best Payday Loan Alternatives

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Payday loans (also known as a Cash Advance) are costing Americans millions of dollars each year. They are designed to keep low income families in debt that barely have the money to pay the payday loan fees let alone the loan. Payday loans are a bad thing and very expensive one payday loan I seen charged 1300% to borrow $300, which is insane now how can anyone that can’t make it to the next pay period pay 1300% interest on a loan. This is a list of the best payday loan alternatives.

10 Bank Cash Advance

bank Alternative to Cash Advance

Your bank can be very sympatheic at times and they can lend you the money at a less expense then a payday loan company. As of this date there are very very few large or medium size banks that offer payday loans. On the other hand they will expect you to borrow not hundreds but at least $1000 to make the loan profitable. And, the bank can you the loan at the same speed any payday loan can.

9. Military Emergency Loan

Army Emergency Relief (Same Day Loan) navy Cash Advance

For those of you in the military you do not have the uption to take out a payday loan instead the military has put in place a program to help military personnel overcome financial disasters. Of course, this assistance must be approved by your chain of command and they must physically verify that you are indeed in financial need. The loan is interest free and in extreme cases where the military person is not able to pay the loan back it is converted into a grant, in other words the borrower does not have to pay it back. That is a good deal, the military cares about its personnel.

8. Employer Cash Advance

Employer Cash Advance

Many large and small employers offer cash advances for their employees and some employees don’t know it or too embarrased to ask. In some companies staff can apply for a cash advance without their boss knowing and it is totally free. This is the least expensive way to get money in a hurry and in some companies the money borrowed comes out of the persons paycheck.

7. Pawn your Belongings

Pawn Shop Alternative Payday Loan

You can pawn your belongings to local pawn shops or better yet if you don’t need the money immediately you can sell items on craigslist or Ebay. Selling items online is not the fastest way to get money but you will get what the item is worth. Pawn shops will give you below wholesale price of your item or even worst if they think they can’t sell the item. Many pawn shops have title loans too which is worst then payday loans because the title of your car is at stake. if you don’t pay the loan off they will take your car. pawn shops do give you chances to pay the loan off as long as you pay at least the weekly interest on the loan.

6. Work Online or Work from Home

Extra Income from Home Alternative to Payday Loans

Roll up your sleeves and go to work for your community or the internet. Many individuals are hiring quick labor for quick money, they are available all over the internet and in the gigs section of craigslist. Many individuals and companies sometimes encourage their workers to stay working for longer periods of time if the worker does a really good job and chances are if you really need the money you will do a great job. You can clean someones garage, cut grass, be a babysitter, write articles, wash clothes, grocery shop for elderly, walk pets, etc. There are many things that need to be done in your community and the world wide web. here are some links to get you started.

  • – Everyone
  • Craigslist – Everyone
  • Elance – Technical people and writers
  • Scriptlance – Technical people and writers
  • Service Magic – handyman, cleaners, gardners, etc
  • – Computers, telecommunications, electronics, etc.

5. Donate your Liquids and Stuff

Donate Blood as an Alternative to Payday Loans

You don’t have to pay the money back and at the same time your are helping some in need. This method does not pay much but in emegencies it can really pay off. In the evnts you need a little more money and you have the guts to go to a sperm bank you can donate sperm. For the girls you can donate your eggs for a hefty price in the thousand of dollars. Healthy female eggs are not as plentiful as the males sperm so you may want to really think about it before you donate your eggs.

4. Recycle

Recycle Payday Alternative

There are many things you can around your home and in your community. If you have a truck you can recycle cardboard, aluminum, pallets (High Payout), old phone books, metal, plastic, etc. This best way to go about this is to pick a recycable such as cardboard or aluminum and stick with it. For example, in any one day collect only plastics or aluminum don’t try to recycle both types of recycables in any given day. it will make you life a little easier. considering that gas is a little high you may want to keep your search radius low.

3. Borrow from a Social Lending Service

Social Lending Payday Alternative

Social Lending (also known as person to person lending and peer to peer lending) is the idea of borrowing from many different sources instead of borrowing from one entity. For example, if you want to borrow $500 many people or companies would contribute to your loan, company 1 would contribute $100, individual 2 would contribute $300, individual 3 would contribute $50, and company 4 would contribute $50. So after everyone contribute their money it will amount to $500 and the parent organization would send you a check or direct deposit the funds in your bank account. Social lending is not limited to small loans you can get any kind of loan and it is even open to individuals with not so perfect credit. After you have overcome you financial obstacle you may want to become a lender yourself and help other people get loans. The most popular website that offer social lending services are below.

2. Credit Union Payday Loans

Credit Union PayDay Loan

Many credit unions across the nation are noticing the financial impact payday loan companies are putting on american lives. Most credit unions have established cash advance programs of their own with reasonable fees and no hidden charges. They also give the borrower adequate time to pay off the loan without creating hardship on the borrower. This is a solid alternative to traditional payday loans because you get the money quickly and sometimes the same day you apply for the loan. Taking this route is the cheapest if you don’t want to borrow from your employers, friends or family. The first chance you get a checkings account at your local credit union because some credit unions require that you have an account for at least 6 months.

1. Return Recent Purchases

Return Recent Purchases to Avoid Payday Loans

This is the safest way to get money very fast. When you need money quickly returning your recent purchases can help in a financial emergency. Most of the time when people enter a financial emergency it is because they have overspent. You can recover 100% of the money you spent on a particular item instead of selling it on ebay or craigslist. This is the reason its crucial that you retain all receipts and never spend money non-tangible things when you can’t afford it, such as eating out, pedicures, haircuts, etc.. In the event that an emergency pops up you can always return stuff or if you don’t have the receipt you can always sell it on craigslist or in a yard sell.