Most of us have probably run to shylocks for quick cash! Well this is a form of fast cash lending. Another option for the same is the use of payday lenders. Payday loans come with very high interest rates and could easily lead to bad debts. Because of this reason you should steer clear them and if possible seek expert advice before taking one. Otherwise there are many other ideal and highly reliable fast cash alternatives that you could go with. Here are some of the best.
- You can use community loans and assistance from local community organizations that offer loans or short term financial assistances. Most of such organizations will offer fast cash for help with rent arrears, utilities, and other emergencies including sickness. Local religious groups form some of these organizations that make small loans at low rates.
- You can also look at a pawnshop loan. Pawn shops will allow you to bring in an item as collateral for your loan. In many occasions they will allow you to bring in audio systems, Televisions, Laptops, gas cylinders and the like before giving you one to four months to repay the loan. Their loan offers are often half the valued price of the collateral.
- You can go for a payroll advance. You can ask your employer for cash in advance on your pay. This is a cool option as it never costs you any form of fees. However be prepared for less money on payday as most employers will always chop off what you take in advance from your net pay at the end of the month. Some companies also offer low cost loans to their employees.
- You can also look into credit card cash. This is possible if you have a credit card and your account is in good shape. If this is the case you could take a cash advance which is a less expensive option than a payday loan. In fact this option comes with a fee of about 5% of the borrowed amount. Payday loans offer $10– $30 interest on ever $100 borrowed.
- You can also borrow against your life insurance. In case your life insurance policy has cash value offer, you could borrow against it and have the rest of your life to repay it. This is awesome since the insurance company can subtract the money from your payout when you die. But remember you can’t borrow against a more common life insurance policy.
- You can also use a short term account cash advance. Some credit unions and banks offer short term cash advances as your payday loans alternatives. These can also be expensive. However, they will be much more affordable than your normal payday loans. In fact the best credit unions will offer less than 28% APR on small loans.
The most reliable options for small loans are usually friends and families. However if you have used payday loans before and you got overwhelmed you can seek an ideal consolidation process. Online payday loan consolidation is one of the most viable options to go for.