Instant Payday Loan Alternatives

Instant Payday Loan Alternatives

by Vickie Penny

When the holidays are behind you and youve gone into shock upon getting your credit card bill, those advertisements for a $500 instant payday loan look quite tempting.

Stop yourself! There are alternatives to an instant payday loan for you to get your finances back on track that wont cost you a fortune in interest fees. Here are a few such options:

Transfer Credit Card Balances

You undoubtedly have a stack of credit card offers clogging your mailbox every week. Take the time to look them over. Sometimes you can find a low introductory interest rate that will apply to any balance you transfer from another credit card. faxless payday loans

If you already have too many credit cards, trim those down to one, and close the others. Seek out some credit counseling so you can learn ways to better manage your finances. Use a long-term perspective on money rather than going for an expensive stopgap measure like an instant payday loan. faxless payday loans

Contact Your Creditors

Creditors are interested in getting paid. They may be more open to negotiating monthly fees and payment schedules than you might think. Ask them for more time or to work with you in devising a re-payment plan. Although youll have to pay some extra fees to do this, it is still cheaper in the long run than taking out an instant payday loan. faxless payday loans

Debt Consolidation Firms

Lenders who specialize in debt consolidation will take the total amount you owe all creditors and negotiate with them on your behalf for lower interest rates and monthly payment amounts. In turn, you pay the lender a set amount each month that they disperse to your creditors. A debt consolidation firm can usually get better deals than you can get om your own. faxless payday loans

Stick to a Budget

Developing a budget and then sticking to it is a crucial step in getting your debt under control. There are several excellent online guides and books on how to create a realistic budget. faxless payday loans

Part of the budget should include setting aside a small amount of money each month in a savings account. When you run into a financial crunch again youll have your own resources to draw from instead of the interest-heavy instant payday loan. You will be on top of your finances and youll know exactly how much you can spend and where you need to draw the line. faxless payday loans