Alternatives to an Instant Payday Loan

You've probably seen companies advertising their instant payday loan services. A payday loan is one that you get when you need quick cash, then pay back when you get your next paycheck. There is no credit check required to obtain one of these loans, so they are sometimes the only choice for people with bad credit. However, these loans can be very expensive. The best course of action when obtaining one of these loans is to borrow the smallest amount possible and pay it back quickly to avoid expensive fees. But what if you need a larger amount of money and can't pay it back quickly?

If this is the case, you'd be wise to investigate other options. Why? Because over the course of one year, you could end up paying an APR (annual percentage rate) of more than 500 percent! That means if you took out a $1,000 loan and it took you a year to repay it, you'd end up paying $5,000! Many people end up in real financial trouble because of these supposedly convenient loans. If you're thinking about getting one, you should review other alternatives first.

One alternative is to go to your bank, credit union, or other lender in your area. If you have reasonably good credit, and sometimes collateral, you can often get the money you need at a decent percentage rate. But what if you're denied a loan from one of these financial institutions because you have bad credit or don't have any collateral? In this case, you could try asking for a personal loan from friends or family members. Another course of action is to look for things that you could sell. Antiques and jewelry are good choices that can help you get the cash you need. You could take your items to a pawn shop, advertise the items in your newspaper classifieds, or sell them somewhere like Ebay.

Selling possessions may seem like a drastic measure, but sometimes this is the only way to get yourself out of a financial hole. If you do decide to go with an instant payday loan, make absolutely sure you understand all of the companies policies and fees you will be charged. And, as mentioned earlier, try to pay off the loan as quickly as you possibly can, to save yourself outrageous fees and charges.

Copyright 2006 Jim Sterling - All Rights Reserved

Payday Loan News:
Payday loans may outstrip credit cards EUR PwC
PwC warns mainstream lenders that customers are being increasingly drawn towards 'smaller, more agile loan providers' Payday lenders could overtake credit cards and become a mainstream method of borrowing, a report by one of the UK's leading accountancy firms has warned. PricewaterhouseCoopers (PwC) said that consumers unable to borrow from traditional lenders, including credit card companies ...

Instant money loans: Payday loan firms are ruining lives
And the payday loans industry, which is now worth 2EUR‰billion in the UK, is spending millions of pounds to woo young, working women who are feeling the pinch...

Senator seeks to alter payday loan rules - Columbia Daily Tribune

Mortgage Introducer
Senator seeks to alter payday loan rules
Columbia Daily Tribune
Lamping told the Financial and Governmental Organizations and Elections Committee he wants to address the aspects of payday lending that can trap unwary borrowers. Most borrowers using the high-cost credit use it responsibly, he noted, .
Mo. senator calls for changes to payday loan lawsCBS News
Ferratum warns against rogue payday loan firmsMortgage Introducer
Senator calls for changes to payday loan lawsSoutheast Missourian
SBWire (press release)
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New Payday Loans Myspace Strategy Announced By USAPaydayForever.com
USAPaydayForever.com Has Announced A New Myspace Strategy For Their Online Payday Loans Services. This Is Part Of Their Social Media Campaign(PRWEB) January 26, 2012 Recently, USAPaydayForever.com has announced that they are continuously extending their payday loans promotional campaign with social media strategies. The most recent of these strategies to be reported is their Myspace social media ...

Announcing the Launch of Online Payday Loans EUR A Safety Net Guide to Loans and Borrowing
Payday loans online is a rapidly expanding market in the UK. The launch of Online Payday Loans aims to keep the public better informed of the ins and outs of every lender and every type of deal. OPL will also be offering exclusive reductions.Bath (PRWEB UK) 24 January 2012 With so much attention focused on short-term borrowing, there has been so many unanswered questions on the whole concept ...

Backing for TV ban on payday loans - The Independent

Backing for TV ban on payday loans
The Independent
Almost as many people think payday loans should be barred from advertising on television as those who agree with the existing ban on cigarette ads. A survey by YouGov found 75 per cent of respondents want the expensive loans kept away from TV, .

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Group pushes misinformation about payday loan initiative - People's World

Group pushes misinformation about payday loan initiative
People's World
LOUIS - As this year's elections cycle kicks into overdrive, the Missouri ballot initiative to cap payday loan interest rates at 36 percent is getting a lot of attention from an unscrupulous, pro-industry organization. "Missourians for Equal Credit .

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State senator calls for changes to Missouri laws on payday loan
Missourians who take out payday loans could get more time to pay them off, under legislation put forth by a state senator...

Online Payday Loans In Spokane WA Are Easy to Get But Harder to Repay - Brunei News, Brunei Headlines from Brunei fm

Online Payday Loans In Spokane WA Are Easy to Get But Harder to Repay
Brunei News, Brunei Headlines from Brunei fm
Online payday loans in Spokane, WA are in demand now more than they were in recent past. Located in the Northwest, Spokane WA has also been adversely affected by the nation's economic decline. If you have surprisingly found yourself in want of .

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British Payday Lenders Are Under Fire For Promoting Plastic Surgery Loans - Business Insider

Business Insider
British Payday Lenders Are Under Fire For Promoting Plastic Surgery Loans
Business Insider
In the US, nonbanking services like payday lenders, pawn shops and debt collectors, have become a core part in the Consumer Financial Protection Bureau's mission to help consumers. Nearly 20 million Americans use payday loans, and many have allegedly .

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