The Best Payday Loan Alternatives
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Depending on your need and ability to repay the loan, a payday loan may not be the best option in every situation. When you need cash fast, there are other quick loan options with flexible repayment options.
Simple Fast Loans specializes in installment loans and personal loans. These types of loans are a better fit for most people. In the following sections, we'll discuss when an installment or personal loan would be better than a payday loan. You'll also discover a few more ways to get cash fast without taking out a payday loan.
Why Consider an Installment or Personal Loan
Simple Fast Loans is known for its fast application process and quickly getting cash into its customers' hands.
While a payday loan may appear to be a quick fix, it typically comes with high-interest rates and fees.
Simple Fast Loans offers installment loans from $200-3000, depending on your immediate need. The application process is simple, and you'll get a loan decision immediately.
Personal loans from Simple Fast Loans do not require collateral, and they, too, involve a quick application process and can be approved for up to $3000.
So if you have the flexibility to explore other loan types, these loans are excellent options.
Payday Loan Alternatives
Besides installment loans and personal loans, there are several other ways to get money fast.
Below are several loan types that can help in health or home emergencies, necessities, or big expenses — even with bad credit.
Nonprofit organizations
Charities and other local nonprofits exist to help locals with gas, groceries, and more. These loans do not need to be repaid, and they are generally need-based.
What to know:
Generally, you must provide your most recent pay stub and complete paperwork attesting to your current income. Then, depending on the need, local nonprofits can usually provide loans or assistance quickly.
Manage medical bills
Before you get overwhelmed with your medical bills, try one of the strategies below for lowering the balance and paying it off.
- Ask your medical provider if they can set up a payment plan for your balance. Most will comply.
- Consider getting a medical credit card that is specifically designated for medical debt.
- Advocate lowering your balance. The hospital or provider will often take a percentage of the total debt if you can pay it off immediately.
What to know:
Depending on your chosen option, and you can combine more than one of these strategies, fees may be associated with each. The speed you get results will also depend on your chosen route.
Poor-credit loans
These online loans are targeted toward people with a credit score below 690. If you have a high debt-to-income ratio, that may also qualify you for a bad credit loan. Getting pre-qualified for these loans doesn't affect your credit score.
What to know:
Once you officially apply for the loan, your inquiry will be sent to the three major credit bureaus, affecting your credit score. But if you need cash fast, they are one of the fastest lenders, usually depositing money within two days of application.
Credit union loan
You can apply for a loan through that organization if you have a credit union account. These loans usually range from $1,000 to $2,000 and must be repaid within 12 months. It is a comparable payday loan alternative.
What to know:
Local credit unions take a little longer to fund your loan, while larger ones will be able to supply your loan faster. Your credit score and income are probably already on file at your credit union. These figures will be used on your application, but the credit union also examines your membership history.
Payment extensions or suspensions
Times get tough for everyone, and your creditors understand this. Whether it's a landlord, utility company, or credit card, there's a good chance that a creditor will work with you in the event of a financial emergency, but you have to ask!
What to know:
You may need to fill out a form for an official payment extension or suspension, but sometimes, a verbal agreement is enough. Don't wait until your bills are late to ask your creditor for help to protect your credit score.
Side hustles
If you'd rather generate cash some other way besides a loan, a temporary or permanent side hustle is a great way to generate more income without adding more debt to your budget. There are countless ways to make extra money, including ride shares, selling items online, or marketing a hobby.
What to know: Research before signing up for an online moneymaking scheme. Once you have decided on a reputable, reliable side hustle, you can start making money immediately on your own terms and keep it up for as long as you want.
Lending circles
Lending circles are unique payday loan alternatives. They consist of people who contribute money to a communal account. Then members can draw from the fund as needed or regularly.
What to know:
This type of loan usually doesn't carry any interest, but they typically rotate loans through all the members, so it could be long before it's your turn to receive a loan.
Family and friends loans
When you're in a jam, asking someone close to you for help is one of the quickest and most dependable ways to get money in your hands. You may not feel comfortable asking, but most of your friends and family will help if needed.
What to know:
A loan from family or friends won't hurt your credit, but it could damage the relationship if you don't pay it back. To avoid awkwardness, draw up terms between you so both parties know what is expected.
Pawn shops
Pawn loans don't mean that you are giving up your items. Instead, they are a loan that essentially uses your valuables as collateral. As long as you repay the loan (with interest) within the agreed time frame, you get the items back.
What to know:
Pawn loans are a short-term solution that should be used sparingly. Ensure you fully understand the repayment agreement before agreeing so you don't get stuck paying an enormous amount of interest.
Choose the Alternative
Payday loans can help some people, but they are not always the best decision. Consider less expensive options such as side hustles, family and friends, and pawn shops. These are much better options than taking out high-interest loans.
If you decide to take out a personal or installment loan, Simple Fast Loans is a great choice. We offer quick approval, reasonable rates, and flexible repayment plans. Consider us first when you need emergency cash.
