Best Alternatives To Payday Loans without Credit Check : Payday LV

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Alternatives To Payday Loans

Life is unpredictable. Unexpected incidents, accidents, emergencies, and unforeseen expenses can occur anytime, often without warning. Those of us who can save up can use those savings to tide through rough times or to get out of a financial jam. However, for those of us that live paycheck to paycheck, a sudden financial emergency can take a heavy toll on one’s financial stability.

Luckily, when in a financial pinch, there are plenty of ways to secure small loan amounts quickly. Even if you have bad or no credit, fast and easy-to-acquire loans are readily available both online and through retail outlets.

alternatives to payday loans - PaydayLV

Most of us that require smaller loan amounts (under $1000), quickly, prefer to use payday lenders. Payday loans are the fastest and easiest way to secure cash quickly as these loans have very quick application processing times and require no collateral or credit checks in order to be approved.

What Are Payday Loans?

Depending on the state you live in, any cash advance store in your area is likely to offer a payday loan service. You are also likely to find plenty of sources for payday loans by doing a quick search online. A payday loan is essentially a short-term loan that is intended for those individuals that require cash urgently to pay for an unexpected expense or to get you through the week until your next paycheck.

The loan amounts are small (anywhere from $50 – $1000) and have a very short payback period (until your next paycheck or two weeks, whatever comes first). These loans also come with service fees and interest charges that vary depending on what state you might reside in.

The Benefits Of Payday Loans

There are plenty of benefits to opting for a payday loan to help you get out of a sticky financial situation. Here are some of those benefits:

  1. These loans have extremely fast processing times. You can get the money you need often within hours of applying.
  2. No credit checks or background checks are required. This makes payday loans ideal for people with bad credit or those with a criminal record.
  3. Easy application process. In order to be approved all you need to be is of legal age, have a valid ID, an active bank account, and proof of steady income. Online applications also take less than five minutes to fill out making payday loans one of the easiest short-term loans one can secure.
  4. No collateral is required. Payday loans don’t require any upfront collateral or fees to be paid. The proof of steady income paid by your employer is all the collateral payday lenders need.
  5. Cash is deposited directly into one’s bank account. At the time when payment is due (the date of your next paycheck), the amount is automatically deducted from your bank account negating the need for you to keep reminders or worry about being charged added interest.

The Drawbacks Of Payday Loans

Along with the benefits that payday loan services offer there are also some drawbacks.

  1. These loans can have extremely high Annual Percentage Rates (APRs) making them quite expensive in the short term.
  2. Missing payments can result in heavy penalties.
  3. Dependency on payday loans can result in one being trapped in a debt cycle.

These drawbacks can hold true for any loan you may secure. Missing payments can lead to penalties and higher interest charges. To avoid going down this road it is always best to ensure that you will have the money you need to cover the loan amount and any associated charges on your next paycheck.

If you are able to do this, payday loans can be a fast, easy, and not-so-expensive means of securing quick cash when you need it!

3 Alternatives To Payday Loans

So, you are in need of a short-term loan, but for some reason or other, you are unable to secure a payday loan. What are your alternatives in this case? Well, let’s take a look.

Use Savings Or Rainy-Day Fund

Do you know what the best alternative to a payday loan is? Not taking out a loan at all!

If you are in dire need of cash it is best to first use up whatever money you have saved up. Whether that is money lying in your savings account, in a piggy bank in your room, or a rainy-day fund stash in your drawer; use it!

Yes, it hurts a lot to use up your hard-earned savings for an expense that has come up from nowhere. However, this is exactly what your savings and rainy day fund are for. The interest you might be making on your savings is going to be far less than what you are going to pay when securing a loan.

Why pay high fees and interest charges when you can use your own money and not have to pay a dime more than you need to?

Borrow From Friends & Family

If you are completely tapped and have no cash, turn to friends and family. Sure it can hurt your pride but at least it won’t hurt your wallet! There is no shame in asking for money from your parents or your best friend if you find yourself in a temporary financial pickle.

You can avoid heavy interest charges or risk your credit score from being negatively impacted by borrowing from close family and friends.

Work Out A Deal With Your Employer

Instead of first approaching a loan service provider it would be more advisable to talk to your employer and see if there is any way they are able to help you out with your financial woes. Your employer is a lot more likely to help you out if you have been a loyal and trusted employee.

Not only will they not charge interest or other financial fees, but they can also set up a much longer payment plan which can make paying off the loan, not such a burden. Securing an advance on your next paycheck from your employer is a much better idea than opting for a loan.

Final Thoughts

If you find yourself stuck in a situation where neither your employer, friends, or family are able to lend you money your best bet is to look for a reputable and trusted payday lender. There are plenty of trusted online sources that offer fast cash at reasonable rates for those who find themselves in urgent need of cash.

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