7 Alternatives to Payday Loans: Know Your Options

07 SEVEN ALTERNATIVES TO PAYDAY LENDING KNOW YOUR OPTIONS (14% 41% Usually only 14% of borrowers can afford While 41% need cash injections to repay the loan in full. to repay it. The actual cost of fees $520N 12 million people in the USA spend about $7.4 billion taking out payday loans with an average amount of $375. after 5 months of instant 05 repayments can grow up to $520. MONTHS THERE ARE FAR LESS EXPENSIVE WAYS OF BORROWING Avoid the payday loan trap by exploring the following alternatives: $$ CONSIDER A STARTUP AUTO REPAYMENT Services like Lenddo, BillFloat, and Lendup are changing the payday loan process entirely. You get the money you need right online in exchange for an auto-repayment plan that draws money out of your account each month. PAYDAY ADVANCE FROM GET A SMALL YOUR EMPLOYER PERSONAL LOAN Could be repaid over multiple pay periods - talk to human resources representative in your company about getting the advance. Credit unions are usually pretty good about giving out small personal loans. They may require more proof of income and better credit than a payday lender would, but they will have lower interest rates and higher loan values to choose from. INCOME STATEMENT Just explain your situation and see if your boss will pay you upfront for work. fi TALK TO YOUR CREDITORS Never fear to negotiate: if you are unable to pay your debt bills, simply talk to your creditors about your due date extension. Most of them will do you a service. EARN YOUR $5 CALLING MY CREDITOR EARN MONEY FROM YOUR HOBBIES EBAY? EBAY! Find ways to turn your hobby into a source of income and get paid to play (you can earn $5 for playing a guitar or drawing a picture on Fiverr.com) Sell stuff you don't need. Read about successful selling on eBay.com or have a garage sale and get rid of things you no longer need. INFOGRAPHIC BY: EMERGENCY HARDSHIP PROGRAMS Look for financial help from local LocalCashGuide non-profits (Salvation Army, churches and other humanitarian entities). FINDING THE RIGHT LENDER SOURCE: http://financialplan.about.com/od/creditdebtmanagement/a/Payda y-Loans-Are-Dangerous.htm http://www.credit.com/credit_information/loans/The-Truth-About- Payday-Loans.jsp http://www.bankrate.com/finance/personal-finance/4-alternatives-t o-payday-lending-1.aspx http://www.pewstates.org/research/featured-collections/payday-le nding-in-america-85899405692 https://www.lenddo.com/ http://www.responsiblelending.org/payday-lending/tools-resources /alternatives-to-payday-loans.html https://www.billfloat.com/ http://credit.about.com/od/avoidingdebt/tp/payday-loan-alternativ https://www.lendup.com/ es.htm ............. ...............