Before taking out a payday loan, consider alternatives. Alternatives such as emergency savings, paying with a credit card, or borrowing from friends and family may be a less expensive and safer option than taking on additional expensive debt. Taking out a payday loan when you are in a financially difficult situation increases your risk of not being in a position to pay it back, and falling into a debt trap.
Some other options to consider include:
- Negotiating with your creditors
- Talking to your financial institution about overdraft protection, a small personal loan or line of credit
- Paying with your credit card or taking a cash advance on your credit card
- Using emergency savings
- Asking for a pay advance from your employer or working extra hours if available