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Your Options When Payday Cash Loans Seem a Tempting Alternative

Written By adi mulias on Tuesday, February 26, 2013 | 3:39 AM


Economists begin to worry about a country when businesses offering payday cash loans go great guns. The average customer at a payday loan business usually takes out a loan for about $300. Before he's through with the deal, he pays back $1000 on it. This is a rate of interest that can actually bring financial ruin on families. But what are people supposed to do when their next paycheck is still 10 days away and there is an emergency today? What they need is to think of alternatives to taking out payday cash loans. There are plenty of alternatives if you look for them, you know?

Your first option for what to do when there is a pressing financial need is, asking your employer for an advance. You save a lot of money cutting out the middleman and going directly to the source. All you need to do usually is to apply with the cashier or someone in the human resources department. Many employers even let you pay back an advance over a year, so that you won't have to take a big chunk out of your paycheck all at once. While on the subject of your employer, did you ever consider taking up more work at the office (also known as overtime) or getting a second job on the side? There are so many skills people have that they could use gainfully. If you know how to play an instrument, you could take classes; if you are good at math or something you could teach the kid next door. You could walk a dog or two or do a bit of pet sitting. The possibilities are limitless.

Lots of people have money withheld from their paycheck for their taxes; the problem with this is, that people usually have larger sums of money withheld than they actually owe the IRS. Use the tax withholding calculator on the IRS website to find out exactly how much you need to have withheld, and ask human resources to pay you the rest. Most communities have local organizations that help people in trouble with their hardship programs too. Find out at your church or the local Salvation Army if they have such a program.

If your hardship is likely to blow over in a short time, you can consider not paying a few bills. Sure, you will have to pay them with a penalty the next time, but that should hardly matter. You could also consider using your credit card for a temporary problem too. Using credit cards to take out cash advances endlessly though can land you in big trouble one day (perhaps you did do that already and that's why you need a payday advance). You could also sign up with your bank for an overdraft facility. These aren't really very desirable options of course; but when you are backed into a corner, anything has to be better than taking out payday cash loans.

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