Alternatives to Payday Loans
Before you take out a payday loan, please do a double check to see if there are any alternative ways for you to borrow money or to eradicate the need for you to borrow anything at all. If you decided to apply for a loan, check at least top ten payday loan companies to choose the best one!
Below we have a few hints and tips you may be interested in as to ways you may be able to get out of your current financial problem without borrowing anything or finding a lender offering a much lower rate of interest.
Utility Bills – Should you have been sent a large utility type of bill and not have access to funds to pay it off immediately, so keep in mind that by getting payday loan to pay off that bill will saddle you with higher interest fees. Try contacting the utility company and explaining to them that you are unable to pay the amount owed immediately and suggest to them a day when you can pay off the bill.
This will enable you to pay the bill off on the day you agreed instead of taking out a payday loan and having to pay interest on top of the borrowed amount, possibly on the payday you could arrange to pay off the bill directly to the utility company but without the interest!
Crisis Loan – The Government has recently made changes to the Crisis Loan system in the US, there was a time when if you were on benefits and needs emergency cash you could contact on central telephone number and apply on the spot for such a short term loan, which would then be repaid weekly or monthly out of your benefit money.
However, it is now your local council who need to be contacted should you need such a loan and as such do get in touch directly with your local council to see if you qualify for an emergency loan from the newly set up Social Fund.
Food Banks – Should you need emergency cash to buy food then there is an alternative to apply for and getting a payday loan and this is to apply to one of the growing number of food banks that are available in most towns and cities in the US.
You will often find that your local council or even the job centre can point you in the right direction of where you nearest food banks are located and these are charities who will give you a few days worth of supplies of food and often toiletries at no cost what so ever.
If you wish to find your nearest food bank then another organisation that are going to be able to assist you is the Citizen’s Advice service, there is often an office in most towns and cities or they can be contacted via telephone. Please do get in touch with them as they may also be able to take a look at your financial situation to see if you qualify for any additional benefits that you have so far not be claiming and may be totally unaware of.