The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.
Question 1: What are the alternatives to payday loan?
People say that payday loans are bad but when someone needs urgent money what should they do?Winner Post
Answer 1: A friend of mine once reached a tight spot, and they refused to get a payday loan. They gathered up their entire CD and DVD collection and took it to a local retailer that always advertises buying back used music and videos for cash. He had quite a large collection, and even though each disc only averaged about $4, it actually all came to a total of a whopping $500. So, he managed to raise $500, which in our state, he would have had to have taken out 2 payday loans to get the same amount of money.The nice thing is that it's better than pawning or selling precious items that you may never see again. You can always buy the same DVD/CD back in the future, when you are more financially fit.
Answer Posted by |Amaranth
The other answers worth mentioning are:
Answer 2: When someone needs urgent money, they should first consider what the money is needed for. If it is for a true emergency, like a medical necessity, then first they should see if any friends or family can loan them some money. Most people are embarrassed to ask for help from friends or family, but these people are the ones that would be most likely to help you. Also, they should check with their employer to see if they can get an advance or loan on their next paycheck. They should also check with local churches and help groups. Often times they have an emergency fund and are willing to help, even if you don't belong to their group or religion. If they have any sort of savings they can tap into, that would be an option too. The last option would be checking with your bank. Many banks offer payday loan like loans if you have direct deposit. These are very much like a payday loan, only you know that your bank is a safe lender, and will follow the laws. You will also know that there is recourse if something does go wrong. Banks also tend to charge much less for these loans then storefront lenders.If the money is needed because you need to pay a bill, or need to buy a gift for someone, or something that really isn't going to drastically effect your life if it isn't paid, then you should consider just waiting until you have the money. Life won't end. You can call your creditors, explain the situation, and many times they will give you an extension. Many people that have experienced the headache of getting out of the payday loan cycle will tell you that if they had just went without for that week, then they would never have been in the mess they were in. A way to avoid this need altogether is to build up an emergency fund. This way you have access to cash in an emergency, and it's your cash. I know this isn't always as practical as it sounds for those living paycheck to paycheck, but even putting $10 a paycheck into a savings account is a start. Every month you have any extra money, put that in the savings account too. Before you know it, you will have a cushion in case you need urgent money, and will have the piece of mind knowing that if something does happen, you will be able to handle it financially.
Answer Posted by | goudah2424
Answer 3: Begging to borrow money from family and friends is always a better alternative to the payday loan trap. A cash advance from your paycheck, if your company policy allows, won't cost you 400% interest like a payday loan company. Ebaying items you don't need anymore, or selling gently worn clothes to a consignment store. If the sun is out and you have an accessible neighborhood, throw an impromptu yard sale, clean out the closets and the toy box. You will probably be surprised how much one nice day will make you, on stuff you don't need anymore. The price of gold and silver is up, up, up so if you have jewelry your not wearing anymore, trade it in for cash. Do you have a lawnmower or a garden tiller? Spring is here and these services are in high demand and are usually cash pay, offer your services on your street or in your neighborhood. Put yourself out there and maybe add income for the entire season. Finally, while not the ideal option, a pawn shop won't charge you as high of interest as the payday loan store, they won't call your boss, friends or family. These are some alternatives to the payday loan trap they will take a little more effort, but they won't end in a nightmare.
Answer Posted by | msmadison
Answer 4: My reccomendation would be to see what methods you may have on hand by deferring current payments for a month. Most creditors offer this flexible option at least once every year and using this option keeps the account current. If you use this feature for instance on an auto loan or loan payments you may be able to free up several hundred's of dollars for the month and no one to pay back.
Answer Posted by | angell
Answer 5: I've been there - the wolf is at the door, food is short in the house, and there are bills to be paid. A payday loan seems to be the only answer, since there are no family or friends to borrow from. What to do? My answer has been to start making phone calls. Call the creditors that you owe that week first. Explain you are short on cash that week - be honest. Try to make some sort of arrangement with them, promise to pay them on your next payday - and then do it. Don't ever break a payment arrangement with a creditor if you can help it, because they will be less willing to make another arrangement with you when you need it. For food, I've taken donations from food banks when necessary. But if you can, try to get by with what you have, or supplement it with some inexpensive meal stretchers from the grocery store. Rice, pasta, chicken, soups are all fairly inexpensive meals. If you can spend $10-$20 at the store (and spend it wisely), you can buy enough to get through the week. You won't be eating high on the hog, but you WILL be eating. Prioritize your spending - housing expenses first (rent/house payment), then food, then gas in the car to get to work, then bills.
Answer Posted by | SUEBEEHONEY70
Answer 6: Several times in the past when I needed emergency money and I did not have it I went to my Pastor and he and his clergy got toghter and had odd local church jobs for me to do which not only helped but saved me from drowing in my financial problems at that time. They also gave me bags of food and gave me hope and my pride back. I did not have to go to a PayDay loan place.I know it is scary, but before I ever go to a Payday loan place I would let my credit cards payment overlap becuase with even that the outcome may be cheaper than what a Payday loan can cuase in the outcome. And while that is happening I would join www.debtconsolidationcare.com and while you help all you can, you also help yourself financialy.
Answer Posted by | Lukeskywalker
Answer 7: The best alternative is to "not" borrow if you don't have to. Instead, try re-working your budget. Put off buying things that can wait, and save up for them instead. Start a savings account today, and put at least 10% of every paycheck into it. Then in the future, when you are in a pinch, you can rely on your savings instead of borrowing.If you have an immediate need for funds, and cannot wait, there are a few good options:
1) Try borrowing from friends/family. Be up front with them, explain your situation, and put an agreement in writing to ease their mind. **Just make sure that you can/will follow through with the arrangements, or else you may "burn your bridges".
2) Some employers will give payroll advances or company loans, which are usually interest free. They will set you up with a payment plan, and have your payments take directly out of your paycheck.
3) Credit unions are a good measure, they are usually very reasonable and don't charge a lot of interest. A lot of employers have credit unions on-site or nearby that can help.
4) When all else fails, and you have to borrow from a traditional finance company: A) make sure they are licensed; B) shop around and compare interest rates; C) watch out for companies that say "no credit check" or "bad credit okay" -- they say that for a reason, and the reason is usually because the rate is extremely high; D) make sure the payment fits your budget, and that you will be able to continue with those payments until it's paid ... it's bad practice to enter into a loan worrying how you will make the payments.
Answer Posted by | DebtCruncher
Answer 8: I've learned from my own personal experience.One thing that held me back from asking for help from family or friends is my pride, and shame. But if I had to do it all over again I would have. I would much rather pay back a friend or family member then a payday loan company. More suggestions are, borrowing against a 401k plan if you have one, asking your employer for an advance on your pay, asking your employer for a loan (all they can say is no) and some employers have a reserve fund for just that purpose, they just don't advertise it. More suggestions would be to sell items you no longer use but may hold enough value to get you by, or having a garage sale. Those are a few of my suggestions, I hope they help someone.
Answer Posted by | Shazzers
Answer 9: Borrow from family or friends.
Take out small loans with your bank or credit union.
Have a garage sale.
Sell your unwanted stuff at a flea market or swap meet.
Sell items on ebay.
Do odd jobs for cash, deliver newspapers, mow lawns, in the winter shovel snow.
Get a second job.
Borrow from your employer and have it payroll deducted.
Make crafts and sell them at a craft show.
Look for unclaimed money on the missingmoney.com website.
DO ANYTHING, BUT DONT TAKE OUT A PAYDAY LOAN.
Answer Posted by | strangclan
Answer 10: After being in the payday loan cycle, I believe that any alternative is better than another payday loan.If you owe a bill such as phone bill or utility try to work out payment arrangements with the creditor. I have found that most are willing to help you out, it's better than not being paid at all. My employer has just started doing advances if we have an employee in desperate need. You have to pay them back weekly, but it is a sum that you can afford. Even if your employer doesn't offer this assistance, they may be willing to help out. It's better than having a stressed out employee who can't concentrate on their job. If you have credit cards available you may be able to cash advance your credit card, the interest rate may be high but no where near as high as a payday loan. While I'm not advocating bouncing checks or writing a check with no funds available most banks do offer some kind of overdraft protection. The fees incurred are still less than a payday loan. Short of having a garage sale or selling something of value there is no way to make quick cash in my opinion. We need to further educate ourselves with our finances and learn to save something each week no matter how small to help cover emergencies when they happen.
Answer Posted by | jazzy4136
Answer 11: The first thing to do is to look closest to home--even though many people dont like asking relatives for help, it is probably the best source for interest-free help in a lot of cases. Plus, if you have an understanding family, they will be far more likely to recognize that it's really tight for you right now, and thus they are probably going to be a lot easier on repayment terms than any lender would. That is, of course, assuming that you dont have assets in your possession that could be used if need be. I have always kept a jar at home, and I empty my change into it each day. This has a few benefits--for one thing, its easier to wash the car when you always have quarters around! Once, a couple years back, I had to have knee surgery, and I was the only income we had. So, I was out for a few weeks with no paycheck. A lot of supermarkets have machines where you can change in your coins for cash--you dont even have to roll the coins, you just dump them in. Well, I cashed in my coin jar, and suddenly I had over $350.00 in my pocket. It is a very good habit to get into--you never know when you will need that extra money, and your change can add up very quickly.
You always have the pawn shop option, but lets face it--you wont get very much to pawn basically anything, and it always costs more to get it back than you got for pawning it. I dont like that option, personally. But it can be a better alternative to high-interest payday loans.
Creative shopping is another way to get around things, but this doesnt always work and is not always a good idea. Many of you know that some years ago I was fighting cancer---I was diagnosed at 25 years old. I didnt have family to count on, and for the times I was out of work, paying bills became one serious lesson in how far you can stretch a buck! There was a time when just about the only food I had in my house was popcorn and barbecue sauce, that's no exageration! Even now, with a MUCH better financial picture, my wife and I raising three daughters, we still look for ways to handle money better. I do most of the cooking, so I focus on things that I can get more "meal mileage" out of. Leftovers are no problem in this house, believe me someone WILL eat it!
Recently, something new has popped up in my area--there are some companies here locally that will loan you money if you put up the clear title to your car as security. You can get up to $1000 and have up to something like 4-6 months to pay it back. If you know you will have the income, this is a better alternative IMO than payday loans, for several reasons. One, it is an actual location, a business with a real address, and not just someone with a website....that makes them far more accessible and accountable. Two, they are governed by laws the same as most other lenders, which means they will be required to charge you far lower interest rates than a payday lender usually will. Third, there is no risk of the loan "rolling over" like payday loans often do. It's a lot safer--you just need to make sure that you will have the income to cover it.
The best thing to do, though, is to study your finances NOW, before you end up in a hole. It's easier to try to move things around now to prevent holes, than it is to get out of a hole later once youve already fallen into it. Are you eating at fast food places for lunch each day at work? Stop that in a hurry--you can easily spend half as much on lunch by bringing your own(remember those leftovers I mentioned?), plus your waistline will thank you as well. Now, with gas being almost $4 a gallon, how can you cut down on trips in the car? Can you carpool anywhere? What about other means of transportation for short trips? I am actually thinking about buying a motorcycle to save on the commuting cost....If you give your finances a serious look you can often find ways to cut things. Here's the kicker though--cutting things isnt ever fun, but you need to do what you need to do. A few years ago, I was dealing with cancer treatments and up to my ears in medical bills. Now, I am healthy again, and every last medical bill has been paid off. Sacrificing sucks, but the alternative is worse. If things are that tight, its time to bite the bullet and start doing without the extras--if you play your cards right, you'll have another chance to enjoy life a bit more.
Answer Posted by | skydivr7673
Answer 12: I have found that the best alternative to a payday loan is digging through your old jewelry and selling any old gold that you no longer care about. At 1000.00 an ounce you don't need much to come up with the equivilant of a 300.00 payday loan. An old high school ring could bring that much!
Answer Posted by | frogpatch
Answer 13: Borrow from a relative or friend. Try your hardest to budget your money and put some money away every paycheck so when emergencies arrive, you will be prepared.
Answer Posted by | little-puddin
Answer 14: For urgent matters, I believe the best option would be to start with family/friends. This would be the best option with the least(if any) interest charges. Your bank may be another option, with the lowest amount of interest--perhaps they can open up a line of credit for you. Selling items that you no longer need is a quick way to get cash. Even selling DVD's, CD's or jewelry that you don't use and won't miss can help put money in your pocket.
Answer Posted by | saxy_soprano
Answer 15: They should never take a payday loan. EVER. Ask family or friends to loan money - I know people don't want to do that but in the end you might have to ask for even more money when dealing with these awful loans. Try to get a small loan from a credit union, try to find any other options. You may think you need money now but you have no idea how much you will need it once your paycheck starts being sucked away from you.
Answer Posted by | bea2ls
Answer 16: There are several alternatives. You can have a yard sale and get rid of unwanted things, take on a second job, work overtime, and for me it was the hardest, to get a loan from a relative.
Answer Posted by | motomom716
Answer 17: First off, I have learned the hard way that there are no quick fixes. If something sounds too good to be true (like a payday loan), it probably is. A payday loan is good for the short term, like till your next payday, but in 99 percent of the cases we see on the boards, the person who took it out won't have the money to pay it off by next payday and falls into the cycle. In my opinion, alternatives to a payday loan should start way before you would need one. Peel back the layers and determine your attitude about money--and saving!! If you have not saved a dime for a rainy day fund, chances are you're going to be in the line at the storefront. It's never too late to save, so start that emergency fund by putting away a couple of dollars each paycheck. If it's tough to save at this time, consider getting a second job, and putting your pay into the account. Do you have family? If you're lucky enough to have a family member with deep pockets, consider asking for a loan--and always, always, always pay them back.
Another option would be doing a cash advance on a credit card if you have one. This would also cost you some money, but chances are the interest rate would be better than the outrageous ones of 400-800 percent charged by PDL's. You can also pay it back over time, which is much better.
And finally, remember that communication is always important. If you need the money to pay a specific bill, talk to that creditor before you even think about taking a PDL. He or she might be willing to work with you and take payments, so you wouldn't have to even think about getting loan. You might be able to work out a deal!
Answer Posted by | kscornell
Answer 18: An alternative...hmmmmmmmmmmm... that’s a tough one. If the money is needed for rent or payment of credit, I would first call them and ask for an extension. Maybe ask to make a couple of smaller payments that I could afford. If this does not work I would check with any friends or family. I could offer the similar deal like that of a payday loan.
“On Pay Day I will give you $xxx of dollars for the next 4 pay days and you will be paid $xxx for your loan” The real challenge is to avoid getting in this type of situation. The most important thing to do each payday is to “pay yourself first”. Have a set amount ($10-$20 bucks) automatically put into a separate account. Do not look at it or think about it. It will build up so that if you have a bump in the road you can loan it to yourself. Think of it as if you had borrowed the money from a loan shark. Make a deal with your self to pay back the amount and never stop the “Pay yourself first” payments as well.
Answer Posted by | mommontoya
Answer 19: 1. If you need to purchase an item with the money badly enough to take out a payday loan you could try applying for credit with the merchant who carries the item.
2. You could apply for credit with your bank, or any other. It's best to do this with your own bank as they may be able to offer you a much better deal than anyone else.
3. If you need the money for a utility or other creditor you can request for a extension on your due date.
4. You can ask friends or relatives for the money and offer to pay them back.
5. Most importantly you should evaluate if you really need the money that badly. If it is not a necessity and it's just on sale or something similar to that then you can just wait and save up the money
Answer Posted by | JCEMT
Answer 20: Write down your debts and prioritize. Make arrangements with those who will allow you too. You may have to pay someone late. The fee for doing so will have less graver consequences than getting caught in the payday loan trap. Yes they should only be used for short term use, but in reality they too often turn out to be used long term. Also, sometimes we may have to swallow our pride and ask someone for help. They may talk down to you, but if they help you, it will be worth it. However, everyone don't have someone to turn too. I definitely believe in the power of prayer and can say that it does work. I'm getting my PDL's under control. I've went from 14 down to 6, so I know I've had a lot of help from up above!
Answer Posted by | rwilson
Answer 21: Most of the time you don't need the money right there and then. At times its for a bill or payment of some kind so with knowing that you have that coing up, don't wait till the last moment when you are pinned to the wall with no where to turn, have a yard sale, go to the swap meet, there are consignment stores, i sold it on e-bay stores in the area or when all else fails even the pawn shops don't kill you as the bank fees and pay day loans do. Usually if its one of those last minute things its because you want to have money in your broke pocket not that you need or can't live without it until payday comes around. If its one of those i need it emergency cases, more then likely its your fault for waiting so long to help yourself. America has really gotten spoiled and dependent upon handouts.
Answer Posted by | Rita Salazar
Answer 22: My personal favorite alternative to payday loans, when you need quick cash, is Craigslist.Go through your house and gather up anything of value: books, cds, dvds, tvs, phones, etc... List on craigslist - no seller fees! If your cash needs aren't immediate, sit down and create a workable budget and stick to it! You will always have cash.
Answer Posted by | jesshbailey
Answer 23: I would say that if you have any jewelry or tools that you could pawn for a while for a short term loan is better than a payday loan. Borrow money from a friend or relative, or get a temporary job that pays you daily.
Answer Posted by | ladybug
Answer 24: First of all, no one is ever going to be able to get more than $200 or $300 from a payday loan. If you are seriously deep in money trouble that probably isn't going to help. If that's all you need, you can definitely work around it. To start with, call all creditors. You can usually buy some time and either pay less or pay later. Generally creditors, including mortgage companies and utility companies, will work with you if you're up-front with them and communicate. Then make a list..Can you work some overtime? Do you have some stuff you can sell at ebay or a consignment shop? Maybe you have some old books or comics laying around, or an old stereo that you can put an ad in the paper for. $200 is NOT a lot of money to come up with..It might not be too difficult to find a friend or relative who would give you a temporary loan. This would take care of the short term.. What's more important is the long term, to not put yourself in a position to even consider payday loans. The way to avoid them at all is by being smart and diligent. Do you really need Starbucks coffee? It's a lot cheaper to make it at home and bring it to work in a mug. Restaurants add up..Stop eating out. Use coupons when grocery shopping, and memorize sale ads. Try shopping at Goodwill instead of department stores for new clothes..no one knows the difference. Shop around for cheaper car and home insurance, and can you refinance your home or car? Leave less lights on in your house, and open the windows more instead of running air. Try a less expensive cell phone plan. I could go on all day, it's amazing how many hundreds of dollars a month you can save by doing these things. Then, you would never even have to think about a PDL.
Answer Posted by | finsfan13
Answer 25: i think it all depends on the emergency.sometimes all we need is between 40-50 dollars.pdl's as we now don't go that low.there are some instances that require a bigger hunk of cash,a car repair,doctor's visit.maybe for those you can get a partial pay advance from work. for smaller needs,you could get a family member to help,or if a bill like phone bill is due.ask for more time.the late fees there are nothing compared to a pdl's fees.so there are some of my alternatives to pdl's.
Answer Posted by | paulmergel
Answer 26: For me, I found that asking a family member for a loan was easier to obtain and payback. Then I found out that my 401k company allowed us to take out a loan and set-up our own paymen amounts.
Answer Posted by | need2bdebtfree
Answer 27: depending on what yiu need the money for there could be several answers. If it is a service you need done, you could try asking if you could pay it out rather than all at one time. If it is an emergency, friends or family can offer loans
Answer Posted by | kashzan
Answer 28: This does not work in every case, but the last time I needed money quickly, I gathered all my jewelry that was broken, never used, missing an earring mate and took it all to a gold buyer. Gold was up in the market so I made a good ammount of money.
Answer Posted by | RoxyNY
Answer 29: Depending on your company and your comfort talking to your boss/payroll department, you could look into getting an actual payday loan. By this, I mean ask your employer if they could "lend" you XX amount of dollars and then take it out of your check each week. On the other side, you could simply ask for an advance on a paycheck.
Answer Posted by | mrhender
Answer 30: Ask family or close friends for help.Contact creditors to see if they will work with you if at all possible. Ask for an advance on your pay Push come to shove, see if can borrow off of your 401K or life insurance. Pawn or sell something, if need be.
Answer Posted by | 2nband
Answer 31: garage sale, 3 day ebay with local pickup, relatives
Answer Posted by | allijesse
Answer 32: Payment Plan with Creditors The best alternative to payday loans is to ask your current creditors for a payment plan Example: "Hello, Mr. Creditor? I'm having a really tough time and things really suck for me. There is no way I can make a payment on time however I'd like to work out a payment plan with you." Advances from Employers Ask your job for help. Some places allow their employees to get an advance on their paycheck before the next period. Be careful of doing this too often though. If your employer believes that you can't handle your finances, they'll start to question you as a moral and ethical employee i.e. working as a bank teller and constantly seeking advances on your paycheck. Example: "Hello, Mr. Employer? I'm having a really tough time and things really suck for me. There is no way I can make it through to the next pay period. Is there a possibility I can get an advance on my paycheck?"
Consumer Credit Counseling There are tons of consumer credit counseling organizations all over the U.S. but beware of these companies as well. If you have several small debts (under $500) and they still take you... watch out! Most places will encourage you to pay off your small debts and then if you have over $7,000 in larger debts to take you.Example: "Hello, Mr. Consumer Credit Counselor? I'm having a really tough time and things really suck for me. Can I work with you to help settle my debts?"
Emergency Assistance Programs Look to your local churches, neighborhood organizations, social-services and other health and human service related organizations for emergency assistance. They sometimes have requirements like bringing in proof of income, residency, citizenship, etc. so prepare to fill out some paperwork and wait, wait, wait. But if you qualify, it's most often a large break and great assistance. Example: "Hello, Mr. Caseworker? I'm having a really tough time and things really suck for me. Is there any assistance you can offer me?"
Also look to family and friends who will be able to help you out of your rut. Most of the time we want to keep things quiet and not seem like a burden. But if you present it to your friends and family in a way that reassures them once you are out of the bad times, you will graciously repay them for their good deed, they will be likely to help you. **Disclaimer: Feel free to alter the examples to fit your specific needs/situation. Thank you!
Answer Posted by | eulogyforinnocence
Answer 33: you can ask your family or see if a credit union will give you a loan.
Answer Posted by | barbaricgemini
Answer 34: Try to borrow the money from you local bank first, then maybe a family member can help, or even ask your employer for an advance on your pay if you are really desperate. Truly no bill has to be paid immediately and as long as you call the company,most are willing to wait another two weeks as long as they get their payment.
Another way is my bank, Wells Fargo, has a feature on my account called Direct Deposit Advance, good for emergencies and this small loan gets paid back on your next direct deposit. Just another way to borrow in the short term and the fee's are very low.
Answer Posted by | bluesingle17
Answer 35: Ask a loved one whom you feel you will be able to pay back in the same timeframe...and then pay them back.
Answer Posted by | Jess1209614110
Answer 36: If you need cash ASAP it is a help.Try to get best deal and pay down interest so you aren't pushed to pay the full amounnt too soon. It is easy to get more loans and then you are faced with more debt paying them off. I found it is much better to go to a physical location.The one I frequented had a program of consolidating your loans at a minimal interest rate and were lenient if you needed more time. Going online can be a hassle if you have bad credit as you must fill out numerous applications and face high interest.
Alternative to payday loans: sell used clothing to resale stores; sell items to a pawn shop; sell items on online sites or get an advance at work; help at your church.
Answer Posted by | Carol1209705794
Answer 37: Borrow from family or try to sell items they no longer need/use.
Answer Posted by | krichards418
Answer 38: Recently I needed some money pretty quickly, but didn't want to take a pdl, so I looked for other options, and here is what I did.
I took an inventory of my closets and took a bunch of clothers to this place that will give you cash right then for pretty good clothes.There were a lot of garage sales going on the next day, I went to the ones that advertised baby things as they are almost always new or in good shape. I took some of the money I got for my clothes and bought ALOT of baby clothes, car seats and other baby things, really cheap--they were at the end of the day and wanted to get rid of them.
I then took the baby stuff to a couple of high end baby consignment places and they paid cash for them then, or you could put them on consignement. They bought and paid a whole lot more than I did, and I made a pretty good profit, for about 2 days work!..KAren
Answer Posted by | Bossy4455
Answer 39: Instead of using payday loan companies, you can bring some of the items that you or your family no longer any use for to a consignment shop. Majority of the consignment shops will pay you the money right then and there.
Answer Posted by | thialynncollins
Answer 40: Asking a relative or friend would always be my first suggestion, but in the event that they are unable to help, there are a few other ways to come up with money if you're in a bind.
Pawning some of your belongings can bring in some quick cash, and you do have the option of either selling items to the pawn shop for cash, or getting a loan towards the items and getting them back when you are able to pay the pawn charge back to the store. Obviously, this is a type of loan if you are not doing an outright sale of goods, but at the end of the day, if you cannot repay the pawn charge according to the terms, you just don't get your item(s) back, it's not like a payday loan where you have extortionate interest, possibility of your bank account being accessed, being harassed by phone, etc.You can also sell gently used books, CDs and DVDs to stores such as Half Price Books. There are stores that specialize in buying/selling gently used children's clothing and toys.
Answer Posted by | Tiffany99
Answer 41: Pack a lunch instead of eat out for the week. Call who you owe and explain that a payday loan will just hold off the inevitable for the next week with another creditor and may be them next time. They may be willing to extend you a few days without penalty. Sell old broken gold jewelry for cash and pay some with that.
Answer Posted by | kathleen_strickfaden9
Answer 42: go to your bank, creidt union, or family and friends
Answer Posted by | ava millerAnswer 43: Talk to your creditors and your bank, and explain your situation. If you are upfront with them, they are usually willing to cut you some slack.
Answer Posted by | Carol Kusnierek
Answer 44: How about listing your stuffs on eBay?? You can earn a decent amount from the auction. It may need a few days time to get the articles sold on eBay, but that according to me is a worthy way to avoid pdls. However, instead of listing your stuffs for seven days put a three days auction. This way you can make money faster.
You can sell the discount coupons too on eBay. Many would make money by selling Sunday coupon flyers online. You too can list the coupons online and sell them for some quick bucks.
It can also be an effective way of saving. You can bid and win coupons for the items you buy regularly. In a way, this too can help you in avoiding pdls, because you’ll never be out of cash.
Answer Posted by | tweetyturner
Answer 45: If at all possible see if your payroll department can do an advance of your pay or check with maybe a relative or close friend to help you out in a bind.
Answer Posted by | deeann.student
Answer 46: Some banks now have a program (my credit union calls it a quick cash loan) They will give you an amount and you can use it how you like. The interest rate is great (WAY better than a payday loan) And they let you pay it back with payments under $50 per month. My credit union uses this same account/loan as an overdraft protection account. So if you bounce a check they will take from this account and put it into your checking account and not charge you any fees. And once you pay it back in full, the money just sits there until you need it again. So go to your bank and ask about a small loan or overdraft protection or any kind of program they have to help you out, maybe try a signature loan. If your bank doesn't offer anything like this, then I would ask around at different banks or credit unions to see what they have to offer. These places will charge MUCH lower interest rates.
Answer Posted by | puddlejmpr
Answer 47: The alternative to payday loans is not to get one to begin with if you possibly can. If you however find yourself in dire need of borrowing explain to the salesperson what your circumstances are and why you need the money. Depending on who the company is, ask them what their rules and regulations are about repayment. If you can get with one that is reasonable, you maybe able to pay it off in small increments. If this is not an option, borrowing from friends or relatives maybe another choice. Make them aware that you can only pay back the loan in increments. If you are being threatened by a creditor and need some fast cash to pay a debt, try to work something out with them so you won't have to go the route of a payday loan. A friend just suggested cleaning out your garage or your home and holding a garage sale. Also if you really need money right away, there is always the option of donating plasma. (this is a more extreme way to make money)There also could be some stuff that you have that you won't mind parting with and you can take it down to the local pawn shop for a few dollars. Another long term solution could be that of getting a second job. By having an extra income, you may have enough money set aside for emergencies, that will help to keep you from darkening the doors of a PDL establishment or going to these PDL sites on the internet.
Answer Posted by | meircats
Answer 48: you can ask your family or see if a credit union will give you a loan.
Answer Posted by | barbaricgemini
Answer 49: Try your bank. State Employees Credit Union offers Salary advance and its 1000xx cheaper than payday loans.
Answer Posted by | sfate
Answer 50: Borrow from a friend or relative. Or ask their job for an advance on their paycheck. Maybe they can give their friend or relative a post dated check that they promise not to cash until payday.
Answer Posted by | aminah0529/em>
Answer 51: Being that I am currently caught in the payday loan trap and having done a lot of research to get out of it, I have discovered several options to a payday loan: the first would be family or friends, it would be much easier to borrow from a relative or your friends if they have the money to lend, then you wouldn't have to pay back such high interest. The second would be to try and apply for a loan from a credit union or bank.
Answer Posted by | dawnlango7
Answer 52: Either going to the peer to peer sites or borrowing from friends and family
Answer Posted by | wssu91
Answer 53: I am fortunate enough to have family members that are able to help in the time of need. Check with family and friends. I have also seen where the employer is ready to help if you are in urgent need. Have a garage sell/yard sell our junk is others treasures.
Answer Posted by | monique
Answer 54: I think the alternatives to payday loans are to be used wisely because they can be consider as a painful burden to our wallets. Payday lenders typically lend money because knowing that we need a loan now we will never get out of debt. They continually collect renewal fees and we end up paying back 3x of what we borrowed. I think we should choose other alternatives to get a hold of our financial life. Maybe making payment plans with our creditors. Doing this will not only pay off what you owe but will also increase your credit and you will be able to gain control of your finances. A second alternative maybe overdraft protection on your account to keep debts from going back to these companies. Also you could try credit union loans. These are 100% legal and they are willing to help you with your credit. These are just some alternatives to payday loans.
Answer Posted by | bonita05samuel
Answer 55: According to me payday loans are no good as they tend to extract a lot more money than you actually owe them.Hence I would suggest that one of the alternatives to payday loans would be a cash advance against your credit card.In a cash advance one has to pay a small onetime cash advance fee between $5 and $15 and thereafter a nominal interest on the amount withdrawn against the credit card.
Answer Posted by | Chinmoy Bose
Answer 56: I've had a really positive experience with American General Financial (AIG). Credit unions can also be helpful, depending on your particular situation.
Try First Call for Help in your area, too (211 or search online). First Call for Help is basically a clearinghouse for just about every social service program you could imagine.
Answer Posted by | NEOcreativegenius
Answer 57: Go to Prosper.com, it is a people to people lending site. You may have to pay a higher interest than you would at a bank, but nothing like you pay for with a PDL. PLUS, you pay it back in monthly payments instead of just rolling over or having to pay the whole thing back at once.
Answer Posted by | i_lost_my_mittens[tags] question, answers, payday loan, PDL, lender [/tags]