Since the precious sequel on this topic went into detail when other types of loans are concerned, this section will deal with the alternatives to payday loans that are actually some simple steps and actions that you may take in order to alleviate the burden of the existing loan or, even better, to get rid of it. Some of those you may find silly and some quite useful, but they can all come in handy depending on the type of your situation. So, let us have a look at some of them.
For instance, you can try and talk to your lender about the due date of your loan. If you know that you will not be able to pay it back, the lender may then let the company know about your situation. In this case, many companies will extend the repayment period (not too much, of course) and without any additional fees such as the late fee and they will not make a report to the credit bureau.
Another useful thing may be asking your employer to give you a payday advance. Basically, this is pretty much the same as payday loan, but you will have no additional fees. Sometimes employers even allow you to repay the debt over a longer period of time – on several succeeding paydays.
Further on, there exist the so-called emergency hardship programs on the local level where you can ask for help and they may give you money to help you. Other humanitarian organizations may be of help as well.
Also, you may as well look for a side job. This can turn out especially lucrative if you already have a hobby in which you are very skillful. You may then sell whatever the product of your talent is – either a tangible creation or a service – and exchange it for money. However, if you have no hobbies, or you think you have no talent that can be turned into business, you may do a different thing and ask your employer for some overtime. If your employer allows this, you can work some extra hours and earn some more money.
If you have some stuff that you do not need anymore, you can pawn it or sell it and today you can use various websites to do this. We all have a bunch of things we do not use anymore and they are still in our way around the house. Thus, you may also organize a yard sale.
Finally, you may ask your family or your friends to lend you some money. Sometimes this can be very inconvenient for the outcome may easily become a broken relationship. However, if you have a very good friend a strong mutual trust exists between you two, it might not turn out bad.
All in all, these are the most usual ways of finding your way out of debt. Hopefully, you were able to find your own alternative among the ones that are offered in this article.