Options Other than Getting a Payday Loan

Life is unexpected and rarely planned. No matter what one does to prevent it, a financial crisis can happen at any time, in the blink of an eye, literally! You’re faced with a need for a cash infusion into your failing financial situation. With little to no credit, what does one do when faced with an unexpected financial crush? You’ll be happy to know that there’s not just one, but several avenues available to you!
Contact your creditors; in many instances they are only too happy to work with you to resolve your past due balance or payment difficulties. Home lenders in particular, have many programs available to assist, such as applying the amount due from missed payments to the length of the loan. Others offer a “hardship program”, which allows one to place the missed payments on the “back end” of the loan. Credit card companies have a similar version of the same, however, please know that in this instance, payment arrangements made with a credit card company may still reflect negatively on your credit rating. This is up to the individual card companies’ discretion and may be difficult to erase off your credit report even if disputed.
Some employers offer “Employee Assistance Programs” in a genuine effort to look after and protect their employee’s best interests. A happy employee can focus on their job and employers recognize and appreciate that fact. Some employers also offer payday advances – an advance on your paycheck. This can be a wonderful option in a cash shortage crisis, however, your access to this advance may be dictated by your company payroll policy, and you may not have your advance until your next pay period.
If you require extra cash for unexpected expenditures and you belong to a Credit Union, you may have an alternative here. Credit Unions work hard to accommodate their clients every need, even those with little to no credit history. Many offer short-term, low interest loans suited just for this purpose. This is an option many consumers are not aware they have and if they are having financial difficulties, should take advantage of.
Debt consolidation loans are another option. These loans take all your outstanding debt (except utilities, etc), contact and work with all of your creditors and consolidate your monthly payments into one affordable monthly payment. This alternative has helped many thousands of consumers resolve their existing debt. Working with a debt consolidation company may or may not adversely affect your credit score or ability to obtain future loans. It will reflect on your credit report, it’s at the lenders discretion whether or not it’s an adverse thing, and in some cases, it may mean surrendering your credit cards.
Speaking of which, most credit card companies also offer cash advances to their customers. The great thing about this is the accessibility of the cash; the negative aspect may be the amount of interest charged for that advance. In other instances, when in need of sudden cash, one might look to family members for a loan, although in many cases, their extended family is in a financial pinch as well. In their eye, yes, you took responsibility for your financial situation, but on the other hand, you got there in the first place.
In today’s turbulent financial times, these available options are a tribute to American ingenuity and the fact that we as a country take care of our own. All of them are suited to someone’s needs and have been successfully utilized by thousands of Americans on a daily basis. However, the fact remains that if someone needs immediate cash now and can’t wait for a traditional loan to be approved, unless they have a rich Aunt Sally tucked away somewhere, they’re out of luck, or so you might think!
There is one additional option one might consider for immediate cash, their local payday loan provider. This is an option that should be carefully considered, these are funds that you’d be paying back on your next payday and that should be kept in mind. There is also a fee, but as these are now regulated by the Federal Truth in Lending Laws, fees charged are by amount loaned and are much more affordable than you’d think. Because these loans are almost immediate, resolution of your financial crisis is immediate, thus negating any chance of adversely affecting your credit rating. A payday loan is not meant to be used as a constant crutch for ailing finances, but is an effective method of patching up your existing financial situation. Whichever you choose, there’s a method for you!

Employee Assistance Programs
Credit Counseling
Family Members
Credit Union Loans

Debt Consolidation