In today’s financial climate, you might find yourself short of cash towards the end of the month. A payday loan may seem like the easiest and sometimes the only answer to make ends meet. Payday loans often cost around 25% of the amount borrowed in fees, and are repayable within 30 days.
If you need a loan to cover a credit card payment or another bill, you may be able to contact your creditor and arrange a repayment program that gives you enough breathing space to avoid the payday loan.
Look for a credit union in your area. These non-profit organizations will advance funds at an extremely low rate.
Make use of a credit card cash advance, which although expensive, will allow you to spread the cost over several months and be less costly than a few months of payday fees.
Finally, only use payday loans in a genuine financial emergency. Just make sure you never use them to live above your means and don’t fall into the trap of having to take out a new loan every month to cover basic living expenses