Alternatives to payday loans

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

Downloadable Resources

Cost of Payday Loans
Cancellation Rights


How do payday loans work?
What are the rules for payday lenders?
What does a payday loan cost?
Can a payday lender do that?

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