If you’re not sure of how to pay back a payday loan on time then maybe you can’t afford one. Although short term payday loan are a great way of tackling financial emergencies, they are not a means to support a lifestyle which you cannot afford. If there is a negative gap in your cash inflows and outflows regularly, then payday loans are not meant for you. If you’re tied up in a payday loan debt trap, it’s time to consider taking the help from a debt advisor. Here are a few alternatives which you can use in place of payday loans in case of financial emergencies:
• Credit Union Loans: Credit Union leaders live and work in the same community which they serve. This fact makes them the first better alternative to payday loans. Credit union members are allowed to borrow the amount which can be paid back from the amount of their next pay check. Some portion of the amount is automatically deducted and placed in a savings account to create a rainy day fund.
• Small Bank Loans: Banks also offer low cost instalment loans, which serves as a great alternative to payday loans. Banks also don’t behave like loan sharks if by some chance you are not able to pay back the amount on time. The thing with banks is that approval of loans might take a little longer and might require more credit checks than in a payday loan but the interest rates with bank loans is less and they offer a bit more flexibility than payday loans.
• Borrowing From Family or friends: You can consider borrowing money from family or friends in order to get you out from a tight spot. If there is a financial emergency, it is always easier to trust on the people you know and there is no shame in asking for help from your close friends and family.
• Cash advance from a credit card: You can get a cash advance on your credit card instead of applying for a payday loan. This option is also quick and the interest rates are much lower than payday loans.
For further details about instalment loans uk please visit the website.
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