Considering a payday loan? Tap these alternatives first

There are many towing companies readily offering their services to interested customers. Their access is easy. This can be done from the comfort of your seat, thanks to rapid technological advancements in the financial industry.

However, due to high interest rates and short repayment periods, taking these loans should not be your first option.

Here are some other payday loan options you can think of:

1. Prepayment

An advance payment is useful when you need emergency financial assistance. Usually, if you’ve been working at a particular company for a few years, approaching your employer with a request may not be that difficult. Present your facts and let your boss decide if the company can give you a salary advance.

If your application is approved, you are at an advantage since you can get the same amount that payday loan companies would have offered you, but without interest. This option is strongly recommended for those who have been in their current job for a reasonable amount of time and not for those who are just starting out or who have less work time.

2. Local charity

You may be going through a tough time, with financial needs pushing you to the wall. Before applying for a payday loan, which you may not know how to repay, you should consider making your needs known to a local charity such as your church. Although most people are hesitant to make this gesture, a local charity is a good source of financial help.

Most likely, all churches have set aside funds for community evangelism. You can use this money to help with a member’s medical bills, groceries, and other necessities. For some churches, you don’t need to be a member to access this help because they are for everyone who needs it, including non-members.

Usually, churches offering such charitable programs do not expect payment, so you are sorted and given a foothold to proceed. With payday loan companies such as Viva Payday Loans, where you can apply for a $5,000 loan without a credit check, you must make the necessary repayments with interest at the appointed time. Therefore, the local charity is a great place to start.

3. Payment plan

Most companies are flexible with their payment plans and can always negotiate with their customers to adjust their initial plans. You may find yourself behind on certain bills such as car payments and electricity bills. Contacting the companies affected by the issue is a step to consider, as you’re more likely to offer a new payment method rather than take out a quick payday loan that will accrue interest before your next payday.

For example, depending on your arrangement, a company may agree to a new payment plan and allow you to skip a month and transfer that payment at some point. Such actions regarding payment plans are not often included in public repositories, so just educate yourself and be enlightened.

4. Loan between individuals

Getting a loan from traditional financial institutions can be tricky, prompting you to take out payday loans. Before proceeding, you should consider peer-to-peer lending, which is simply a way to get loans from other people.

You must first present your proposal to them; if your proposal is attractive or convincing, your loan will be approved and secured for repayment with interest. The interest may also be slightly higher than the banks, but will not be as outrageous as payday loans. Rather, it is an agreement that you come to, and no one is obligated to agree to the options and terms on the table.

5. Side bustle

To meet your financial needs, borrowing money is not always the ideal solution. If you have more time, you can spend some of it on a side hustle, like mowing the lawn on the weekends or renting your car when you don’t need it. After a while, you might just get enough money to meet pressing needs and save some for future use.


You should not always think of taking out a personal loan at the slightest need for money. Planning for unpredictable emergencies will keep your budget in order and protect you from financial frustration.

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