what are alternatives to it?

[hustler]

Hi everyone here,
We know people who take payday loan are basically under urgent financial need and are with poor credit standings. SO what are the alternatives to payday loan?We all know that payday loans are not healthy loans, so what are alternatives to it? please suggest me something.
Thanks a lot guys in advance

[ashleigh8]

Hi,

You could always borrow money from friends or family, or use a credit card I guess. But I tend to disagree that payday loans are (1) only for people with bad credit and (2) not healthy.

If you are in seriously bad debt already and will not be able to afford to pay back a payday loan, then it is not the best option and maybe a debt management program might be better suited to your situation.

However, if you are in need of a bit of extra cash to tide you over until payday and you want that extra cash fast, then a payday could be a good option for you.

Lots of payday loans companies offer a quick and easy online application, with instant loan approval decisions, and same day transfer of funds, which is a great service for when you need some extra money right away to bridge the gap until your next payday.

This is a service that can be used by anyone, with good or bad credit, who has run out of money before their payday.

If you can keep in control of your finances and only take out credit you will be able to afford to pay back in the future, then a payday loan is not necessarily ‘unhealthy’ because, in the UK at least, the costs are transparent. Payday Express, for example, charges a flat fee of £20 for every £80 borrowed.

This may seem like a lot of money – but for many people it is an acceptable amount to pay to easily gain immediate access to some extra cash before their payday.