Paula is driving home from work and begins thinking about what awaits her when she arrives home
. She's worried about the major task that lies ahead of her which is to find enough money to pay her bills. Paula knows that her paycheck will not cover all her bills and she is not sure what she is going to do to solve her dilemma. She thought about taking out a payday loan, but, she fears that the amount of interest and fees she would be paying for this type of loan would make her situation worse and put her further into debt.
She began to wonder if there were any alternatives she should consider instead of getting a payday loan she could not afford. Well Paula, there are some alternatives available to you instead of using a payday loan. You may want to consider using some of these tips:
Tip One:
Check with your employer to see if you are able to do some overtime or if you can secure a payday advance.
Tip Two:
Contact your bank or credit union to see if you are able to obtain a personal loan. In most instances the interest rates and fees you pay on a personal loan via your bank or credit union may be lower than what you may pay with a payday loan.
Tip Three:
Find out if your family members or friends are able to provide you with a personal loan. If you are able to secure a personal loan via this method, ensure that you repay your loan in a timely manner to avoid any potential conflicts with family members or friends.
Tip Four:
Contact your creditors to see if they will work out a revised payment plan with you which may be able to reduce your payments over a longer period of time.
Tip Five:
Consider looking at taking out a cash advance via your credit card if the interest rate is reasonable. You may find that the interest rate charged for a cash advance on your credit card is less than what you'll pay on a payday loan.
Tip Six:
Check with local organizations to determine if there is an emergency hardship loan program available to you. It is possible you may be able to secure an emergency loan through a local organization for a short term period of time with a reasonable interest rate.
Tip Seven:
Consider contacting a non profit consumer credit counseling service to discuss your bill payment expenses and debt problems.
Paula was glad she ran across these tips. She decided that she would use this information to assist her with resolving her problem of determining how she would pay her bills as an alternative method to using a payday loan.