Everybody struggles with money from time to time. There are all kinds of reasons that a person might struggle with money, but the important thing is having a safety net, and not everybody is able to have savings in the bank. Traditionally most people would use a payday lender when they are in need of quick cash, but this can begin a dangerous debt spiral that it is better to avoid. Here are five alternatives to payday loans.

Credit card

Sometimes the big expenses can creep up on us, such as replacing furniture or a vehicle. Other times, the expenses are small but necessary, like new school shoes, and you haven’t quite got the cash to cover it. A credit card is a great option for covering the immediate cost of that spending, allowing you to make regular repayments to spread the cost and make it more manageable. 

Polar Credit

If you’re looking for the ultimate payday loan alternative, then Polar Credit might be for you. Polar Credit is a new way of lending money, where you are in control. Payday loans often offer you more than you actually need, which means that your interest is immediately higher and you are paying back an extortionate amount from the beginning. Not only this, but some people borrow extra just to cover that first payment, which can lead to a vicious cycle. Polar Credit gives you access to a sum of money and you then have the power to transfer what you need into your bank account, so you are never paying interest on more than exactly what you use.

Borrow from friends and family

Nobody wants to have to ask their family and friends for help, but sometimes it is necessary to make ends meet. If you are borrowing from somebody that you know and love, make sure that you set a clear repayment schedule that you are able to stick to, to stop and resentment or uncomfortable feelings coming up between the two of you. 

Sell unwanted items

If you need money quickly then instead of trying to borrow and increasing your debt, it can be a good idea to go through your home and sell things that have a higher value, or that you are not using anymore. It is tempting to hoard things – especially clothing – because you are waiting for the right opportunity to use them again, but if it has gone untouched in six months then it might be better off at the home of somebody who is going to love it. Look for groups dedicated to selling the type of item you’re selling and take clear, well-lit photographs for the best results.

Overdraft

Depending on the type of account that you have, your bank may be able to offer you an overdraft. Most banks ask that you are able to pay off the overdraft with the money that comes into your account each month, but it is handy to have a small buffer in case you ever go over your budget. Keep in mind that it is better to have a smaller overdraft, as you don’t want to become financially dependent on that buffer.

 

How do you get money if you need it quickly? Share your tips in the comments below.