There are a lot of people that need cash now. Unfortunately, many people only get paid once or twice a month. If you have a lot of bills that need to be paid, you might be looking for ways to get your money today. There are a lot of options available to consumers who need access to cash instantly. One of the most popular options is a payday loan. A payday loan is a great way to get the money you need instantly. A payday loan is just what you think it might be: an advance on your paycheck. Payday loans are usually not more than one thousand dollars in amount. On one hand, it is good that payday loans are relatively small in amount so that people don’t get in over their heads in debt trying to repay them. On the other hand, people might need access to larger amounts of money. The following paragraphs will provide you with ten alternatives to payday loans.

Alternative #1 – Credit card cash advance

The first alternative to a payday loan is a credit card cash advance. A credit card cash advance is usually processed at a financial institution. Each credit card has a specific cash advance limit. You can process a cash advance for any amount as long as it doesn’t go over the limit determined by the credit card company. While there are fees associated with credit card cash advances, you will be able to repay them over a longer period of time than you would with a payday loan. A credit card cash advance is added on to your total credit card bill for the month. As long as you pay the minimum on your credit card, you won’t have to worry about debt collectors knocking on your door like you would if you didn’t pay back your payday loan.

Alternative #2 – Checking account advance

If you do not have a credit card, you might be eligible for a checking account advance. Most financial institutions provide account holders with the option of an account advance. Checking account advances are like payday loans in that the loan amount is relatively small. However, checking account advances often charge less in fees than payday loans because there is less risk involved for the lender. Since the bank is providing you a loan through your checking account, they already have all of your contact information. If you do not repay the fees associated with the checking account advance, they have a better chance of pursuing you for the amount owed.

Alternative #3 – Payday advance from employer

A third alternative to a payday loan is payday advance from your place of employment. If you let your employer know about your situation, they might be inclined to give you your paycheck early. In order to get your paycheck ahead of time, you might have to agree to a fee or a reduced amount. However, you probably won’t have to pay any interest on the loan.

Alternative #4 – Reserve line

A fourth alternative to a payday loan is getting a reserve line from a financial institution. A reserve line is a line of credit that you can use if you need money. It is usually easy to get a reserve line and can get you the money you need in a short amount of time. A reserve line can even be attached to your checking account so the money automatically transfers into your account. Rates and payment options vary by location.

Alternative #5 – Personal loan

The fifth alternative is a personal loan from a financial institution. A personal loan differs from a reserve line in the amount of money given out. Reserve lines usually do not exceed five thousand dollars. A personal loan can provide you with more money.

Alternative #6 – New credit card

If you have already reached your limit on your credit cards, you can apply for a new credit card as an alternative to a payday loan. You will most likely get sixty days to pay your new credit card bill once you have received your card. This is a great way to pay bills without having to pay any interest.

Alternative #7 – Selling old household items

A seventh alternative to a payday loan is selling products that you don’t use anymore. There are many websites that specialize in ecommerce transactions. If you need money quickly and don’t want to worry about paying interest, this is a great option.

Alternative #8 – Overtime

If your employer allows you to work overtime, this is a wonderful alternative to a payday loan. You will get paid time and a half, which can really help you maximize the amount of your paycheck.

Alternative #9 – Extend debt repayment periods

If you are using your payday loan to pay bills, you might be able to talk to your creditors and see if they will extend the due date. This won’t always work, but it is worth a try.

Alternative #10 – Ask a friend or family member

The last alternative to a payday loan is asking a friend or family member for the money. A friend or family member will usually charge little to no interest on the money borrowed, which is always a good thing.