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5. What are the alternatives to cash loans?

You need to consider the following alternatives before you apply for a payday loan:

  1. If you are finding it hard to pay your bills, contact your creditors as soon as possible to see if they are willing to give you more time.
  2. Consider other sources of funds, like your family members and friends
  3. Consider selling or pawning some of your assets to raise money
  4. Find out if you can get a loan with a lower interest rate from your credit union or bank
  5. Shop around for loans with competitive interest rates. Compare the APRs and other charges before you decide
  6. Contact your bank and find out if you have or can get overdraft protection on your checking account.
  7. Create a realistic monthly budget that includes your daily and monthly expenses. Avoid unnecessary purchases.

Get in touch with your local consumer credit counseling service to get help in making a budget or to negotiate a debt repayment plan with your creditors.

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