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Learn about payday loans and other financing products such as Peer to Peer loans and Salary Advances from Credit Unions.

who uses payday loans

There are various short to medium term loan options, some of which may offer low interest rates, that people can use to get help paying bills, rent, and other expenses. In general, many of these options should only be used as a last resort and also read the fine print of any offer. They include:

  • Payday loans may be an option as a last resort and can be considered if you have the means to pay it off within a week or two.
  • Credit unions provide customers with access to low interest loans and some lenders do not restrict who can enroll.
  • The FDIC partnered with national banks and regional lenders to offer low cost financing to consumers, and these are known as United States Government small dollar loans.
  • Interest free financing from non-profits and short term loans may be issued at a zero percent rate, which saves the borrowers a significant amount of money.
  • Social and lending networks can be turned to, and these are known as peer to peer loans.
  • National banks created their own low cost alternatives to payday loans. Examples include the Wells Fargo Direct Deposit loan.
  • Refinancing a mortgage has some pros and cons to it. Learn more on home equity loans.
  • Car loans. or those looking to refinance, can turn to non-profit organizations for assistance. This is available for work related reasons. Low interest auto loans from Ways to Work .
  • Credit unions and small regional banks also offer their own versions of payday loans. The interest rate will be much lower on these. Learn more below on stretch pay loans.
  • Use your automobile for collateral when taking out a car title loan.
  • Low interest financing may be available from charities, non-profits, banks, and other lenders. Find an all encompassing list of lower interest rate Payday Loan Alternatives.

Learn about all of your options for short term loan products and financing options below. Consumers should always be mindful of taking on additional commitments though. So find ways to get out of debt .

Today’s economy is making it challenging for people to get approved for financing, so many borrowers are turning to personal loans

as well. While the interest rate is not the lowest, they are usually a much better option than using a credit card or cash advance. Another benefit of a personal loan is that even consumers with poor credit scores can usually get approved, in particular for an unsecured personal loan from a bank or credit union. Learn more .

Payday cash loans, or some of the alternatives listed below, can be a very risky and costly way to get help with bills. Borrowers should use them only with much caution and also be sure to pay the amount back as soon as possible. You do not want to start a never ending cycle using these products.

These loans are typically priced at a fixed dollar fee, in which the fee represents the finance charge that needs to be paid by the borrower. Because these loans have such short repayment terms, the corresponding interest rate and cost of borrowing is very high. In return for the payday loan the borrower will usually provides the lender with a predated check or bank debit authorization.

Peer to Peer or Social lending

This is a type of lending that occurs directly between regular everyday individuals ("peers") without the participation of a traditional bank or financial institution. Interest rates can often be lower than a bank or payday loan and the sign up process is usually very quick. This industry also tends to be less regulated than some others. More .

Salary Advance Loan from a Credit Union

Salary Advance Loans, which are a relatively new loan offering that have been developed by Credit Unions, are a lower cost alternative to receiving cash then the relatively high costs of payday loans. Read more credit union salary advance loans .

Wells Fargo Direct Deposit Loan

This product offered by Wells Fargo is not as expensive as the traditional payday loan, but the interest rate is much higher than the credit union products indicated immediately above. You will also be dealing with one of the nations leading banks so borrowers will tend to have more protection given to them. It is another option to consider if you need short term help with paying unexpected bills or money for dealing with financial emergencies. Learn more .

Category: Payday loans

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