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Are there any alternatives to taking out a payday loan?

On Behalf of | Jun 23, 2016 | Chapter 7

If you are hurting for money, a payday loan may seem like a quick and easy way to get some cash fast. However, these types of loans are almost never a good idea because you will likely end up paying an exorbitant amount of interest. In fact, interest rates on payday loans in Tennessee can be as high as 390 percent, according to NBC News. However, you do have other options if you need to get your hands on some money quickly without resorting to taking out a pricey loan that you likely cannot afford.

Often times, people agree to the terms of a payday loan without shopping around to see if there are better deals available. Some banks do offer short-terms loans. A loan from a bank will likely have much better terms that any loan you will get from a payday lender, so it may be wise to inquire about loans at several different places before making a final decision.

If you have a good relationship with your employer and you truly only need a one-time source of quick cash, another option may be to ask for an advance. However, experts caution that this can be a tricky line to tow. You do not want to give your boss a negative impression about you and if your money troubles are bigger than a one-time advance, this option will not be all that helpful in the end.

Finally, if you are like most people there are probably things around the house that you could stand to part with. If you truly just need some short-term cash, you may want to consider selling anything that isn’t a necessity. Clothes your kids have outgrown and the extra set of plates in your kitchen may not seem valuable to you, but people are always in need of such items and you may be able to sell enough to get yourself the cushion you need without resorting to a costly payday loan.


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