Payday Loan Alternatives
Afford the necessities
If you’re struggling to cover basic expenses, some local government agencies, nonprofits and other organizations may be able to help. Here are some resources to try instead of turning to high-interest loans.
Find extra cash
In need of some quick cash? Consider selling clothes or spare electronics, or explore a new side hustle such as pet or child care. Some cash advance apps can offer one-time help in an emergency.
In this video, Finance Nerd Nikita Turk shares tips for finding extra cash in a couple of weeks, a few days or one day.
Low-cost loans
You may not need excellent credit to qualify for a low-cost loan. Explore affordable loans from lenders that don’t weigh your score heavily, such as family loans, “buy now, pay later” loans and payday alternative loans from credit unions.
Small-dollar bank loans
Some banks offer small personal loans to help existing customers experiencing short-term financial difficulties. Though your credit score may be a factor in qualifying for this type of loan, it may not be the most important one.
Bad-credit borrowing options
Some lenders and credit card issuers cater to borrowers with low credit scores. Here are some choices to consider, plus additional information on how to qualify.
Learn about predatory lending
Unscrupulous lenders look to exploit consumers experiencing financial hardships. If you borrow with these lenders, you run the risk of falling into a cycle of high-interest debt. Read up on these lenders to steer clear of as you shop.
Build credit
A low — or no — credit score may seem insurmountable, but combining good financial habits with financial products that offer credit-building assistance can help you qualify for low rates in the future. Building credit is a long-term process, but an unaffordable loan can damage it quickly.
Manage debt
These tips and guides can help get debt woes under control, such as credit counseling or creating a debt management plan. Understand the best options to consolidate your debt and potentially cut mounting interest costs.
Get help with a high-cost loan
If you’re looking for ways to pay off a payday loan — or suspect you're stuck in a predatory loan — consider these resources.