When life throws you an unexpected curveball, and you suddenly find your personal finances in a state of chaos, it can obviously feel extremely frustrating, prompting a lot of people to clutch at straws, and reach out to any financial recourse available. For many, this means payday loans. Although these are certainly one way of covering your financial issues, there’s usually more stable and affordable options out there. Here are a few to consider.
Cancel any Non-Essential Direct Debits
Get on your online banking dashboard and have a look through your statement, picking out any payments that you have going out in the near future. Is there anything non-essential that you could realistically cancel? Obviously, you’re not going to be able to rub out your mortgage payments or rent, along with things like utilities, taxes, and so on. However, there may be things like magazine subscriptions, gym memberships, and other payments which are non-essential. If canceling enough of these will help you keep your personal finances afloat for that much longer, then you may just have to grit your teeth and do it!
Source an Advance
If you’ve been employed at your company for a fair amount of time, and you’re going through a rough financial patch, it may be worth talking to your HR department and seeing if they’ll be able to push through an advance on your wages. This will usually have to be taken out of your next paycheque through a lump sum. However, certain companies will allow you to pay it off over a course of several months. Compared to conventional loans, you won’t have to pay any interest, however they may add on some kind of admin fee to take care of the cost of the bank transfers. Advances from your employer aren’t the only kind of cash advance out there, however. If you have lottery winnings, or the settlement from some kind of legal action that’s stuck in the vacuum of the banks, then there are various settlement cash services which will advance you the money for this. If the amount is low enough and you find the right lender, you may not even have to pay any interest on this!
Borrow from Credit Unions
Countless people completely overlook their local credit unions when they fall on hard times, and end up struggling on through their financial issues, or borrowing from a more volatile, high-risk source. If your bank isn’t an option, then think about applying for a loan from your local credit union. These institutions will usually be able to give you loans with a much lower interest rate compared to personal loans, payday loans and so on. Credit unions are non-profit organizations, and allow their members to both borrow and save money in a range of accounts. They’ll also be able to protect your deposit up to a certain amount.
If you thought that running to a payday lender was your only way out of your financial difficulties, I hope this post has turned that around!