Does $255 Payday Loans Online Same Day Sometimes Make You Feel Stupid?

A Better Alternative to payday loans to consider in times of crisis

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Best Alternatives for Payday Loans During a Crisis
If you're stuck and require cash, consider local charities, family or an alternative business to payday loans.


Updated on November 14, 2022.

A majority of the items featured on this page are provided by our partners, who pay us. This influences which products we write about and where and how the product is featured on the page. However, this doesn't affect our assessments. Our opinions are entirely our own. Here's a list of and .



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Getting quick access to cash isn't always easy even in the worst of times. It's even more challenging when the economy is in a slump.
If you're short on money and need to borrow money, the payday loan may seem like the only option , but there's seldom a compelling reason to take one.
Even if it's just the smallest amount to cover an emergency or unexpected expense, a payday loan could leave you worse off than before you borrowed.
Here are 10 alternatives to think about when you require cash quickly.
Local charities and nonprofits

Best for: Free help to pay for essential expenses.
Local financing sources, such as non-profits and community centers are particularly helpful when you're balancing groceries, gas and other costs with the possibility of a sudden emergency. Certain of these organizations can be a resource for donated clothing, food or bus tickets to health appointments, or even job-related interviews.
Look up sources in your state.
Speed: The speed at which you'll be able to get help will depend on what you need and which organizations are within your region. Give them a call to inquire about.
Remember that charitable organizations might require proof that you require assistance such as recent pay statements.
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Medical bill assistance

Ideal for: Reducing an enormous medical bill or making it more manageable to pay.
There are a few that you can try before going to a payday lender.
Payment plans: Consult your doctor's office to see to set up a payment plan that breaks a large bill into smaller monthly payments.
Medical bill advocates: Medical bill advocates can negotiate lower bills following an expensive procedure or hospital stay. They are also able to spot costly errors and dispute them.
Medical credit cards: Some offered through doctors' offices have promo periods of interest-free that could aid in covering the cost. Check the terms carefully to avoid hefty interest fees.

Speed: Each option differs in speed, however, you might be able arrange a payment plan with the doctor's office by phone.
Remember that every option may come with a fee. Calculate the amount you'll save, then weigh it against the price you'll have to pay in order to make a net-positive choice.
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Online bad-credit loans

Ideal for: obtaining cash with a credit score below 690.
Certain online lenders tailor their loans to bad-credit borrowers. These lenders may be able to approve applicants with high, fair or fair credit scores.
If you're not sure if you're eligible , you can pre-qualify to find out what lenders are willing to give you. It will not affect your credit score by pre-qualifying with different lenders allows you to evaluate loan rates.
Speed: Many online lenders offer fast funding and can deposit the funds into your bank account within a few hours after receiving the approval.
Keep in mind: Online lenders report your payments to bureaus. Making timely payments can help you build credit, whereas late payments could hurt your score.
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Credit union loans

Ideal for: Members who are in good standing with a credit union.
If you're a credit union member, or are eligible to join one there's a choice that is already available to you.
Consider your income and credit score when evaluating the loan application, but they also review your past as an affiliate.
If your credit union has a loan program the option of borrowing an amount of money -- usually up to $1,000 or $2,000 with a maximum interest amount of 28 percent and payment times up 12-months.
Speed A large credit union may be able to fund and approve a loan within a couple of days. If you're a member of an individual credit union or have to become one to apply, the process could take longer.
Be aware that credit unions report late and timely payment to the credit bureaus which affects your credit score.
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Payment plans for monthly expenses

Ideal for temporary relief from the burden of full or partial payment of bills to cover an emergency.
Ask for a payment extension, or installment plan from your utility company, your landlord, mortgage lender or other creditor to temporarily ease these costs while you take care of another, more urgent cost.
Some creditors and utility companies offer online forms on which you can ask for an extension or a hardship plan However, you might have to submit an informal request to someone, such as an owner.
Speed: Depending on when your bills are due, you may receive some relief from payment before your next payment.
Remember: It may be difficult to track payment plans with several billing agencies or creditors. Add the payments to your budget or calendar, and be sure you'll have enough money to pay the bills.
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Other ways to make money

Best for: Creating your own temporary or permanent side hustle , or making extra money in areas you've never looked.
You could make extra cash by selling your clothing, taking a ride with a ridesharing business or turning a hobby into an online shop.
Certain options may take more time than others, however many of these jobs can be accomplished on your own or in your home.
Speed: How fast the cash you earn depends on how you choose to earn money. Selling online may take a few hours to a few weeks, while rideshare drivers typically get paid weekly.
Remember: The internet is full of scams that promise quick cash. Do not apply for jobs that require you to pay money or ask for financial or personal details.
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Lending circles

Ideal for: Obtaining low- or no-interest money so long as you're willing to help someone else, as well.
A group of people who lend money to one another at no cost or at a affordable cost. It is a long-term commitment because lending circles usually raise money for one person every month, but participating in one can help you raise money for something like a car repair, or help you get through a tough time.
Some websites cooperate with lending circles in order to send payments to credit bureaus. This can aid in improving your credit score.
Speed: This is contingent on the time when the cycle of payments is completed, however it's a slower funding option.
Be aware that you must have a regular source of income in order be able to pay into the fund of the lending circle regularly.
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Family loans

Ideal for: Getting cash without interest, if you're in a relationship with the person to inquire.
A trusted friend or family member to cover the cost of a debt or even pay you a month's rent won't hurt the credit rating, however it may affect your confidence.
The lender and you may draw up terms that define when the loan will be repaid and how you'll repay it in installments or in one lump sum.
Speed: This is contingent on the terms you and the lender are willing to.
Keep in mind : A doesn't require physical collateral but you could be putting the relationship at risk, so be sure that both parties are comfortable with the loan prior to committing.
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Cash advance applications

Ideal for: If you're employed and you need urgent cash.
If you have predictable income and need a paycheck advance, you might want to consider an .
These apps usually confirm your earnings and the date you are paid, they provide an advance of in the range of $20-$500 your next paycheque.
They usually charge low fees, but most request a voluntary tip in exchange for the services.
Speed: These applications can take a few days to pay the money and will usually send your cash within a few hours for an additional fee.
Remember that paycheck advances are a temporary solution. If you are regularly paying to access money you've already earned, you may need to review your .
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Pawn loans

Best for: Getting cash without a credit check and without the need to sell the item.
A Pawnshop loan is a non-credit-check alternative that's a step shy of actually selling your stuff. To get one, you give the item you have to the staff members in a pawnshop. they evaluate the value of the item and decide if they'll offer you a loan in exchange for your product.
You and the pawnshop will agree on the time you'll be able to pay the loan and any other fees or charges -- in order to get your item back.
Speed: A pawnshop will typically inform you right away if it is willing to lend you money and in what amount.
Keep in mind: Pawn loans might not be any more expensive, in terms of cost in comparison to the typical payday loan. To ensure that you don't end up having more loans than you are able to pay off.
These loans aren't a long-term solution. If you're using loans from pawn loans often, you should consider another option.
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About the writer Annie Millerbernd is a personal loans writer. Her work has appeared on The Associated Press and USA Today.







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