Ways to Get Cash
A payday loan is one resource you can use to ensure you've got cash when money gets tight. But it's important to keep in mind that payday advances come with very high costs. A payday advance is intended for financial emergencies only, so you should consider all other possible sources of cash first. Read on for some suggestions on ways you can get cash.
Your Employer
If you explain your financial hardship to your employer, you might be able to get an advance on your payday without having to pay interest charges. Your employer would take the amount you request out of your next paycheck, and then you've got the cash you need in the meantime. Remember that your next paycheck will be reduced by whatever amount your employer fronted you, though. Some employers may be unwilling or unable to provide a paycheck advance, but it's at least worth the trouble to ask. Employers are usually pretty understanding if you have a legitimate reason for running short on cash.
Family and Friends
Don't turn to a payday loan before you've asked your friends and family members for money. The money they give you doesn't have to be a handout; you can offer to pay them back with interest when your payday arrives.
Even if you repay your friend or relative with interest, the total cost of borrowing will still be much less than taking out a cash advance. Talk to good friends or relatives that have got cash, explain why your financial situation is urgent, and promise to repay them appropriately. One person may not be able to give you the entire amount you need, but you might be able to get small loans from multiple people to get the cash you require.
Credit Cards
You don't want to automatically use a credit card instead of a payday loan because the interest rates might not be any better. For those who have access to credit cards, examine the interest rates for an advance to determine if it would be cheaper if you got cash from a payday lender or your credit card. The number you'll want to compare is the APR (annual percentage rate). In most cases, the cash advance with the lowest APR is the one you want.
Secured Loans
Assets like a home or a vehicle may allow you to qualify for secured cash loans. An example of a secured loan is an auto title loan, where you use the title to your car as collateral in the borrowing process. If you got cash from a secured loan, however, you would be risking whatever property you used as collateral. Failure to repay could result in the loss of your vehicle or home, for example.