You’ll find yourself in times where you’re this close to reaching your next paycheck, but you’re already out of money with only a few days to spare. In this like this, you’ll be tempted to take a payday loan as you’d just need a few extra bucks to make do.
But what you’ll really be doing is putting yourself in more harm than you were in before as you’d soon be met by substantial interest rates and extremely high monthly payments.That’s not all, once you’ve taken a payday loan once, you’d be itching to add to that loan by getting another one. It’s only due to the convenience that this method of loan offers.Due to the disadvantages that payday loans have, let us look at the alternatives.
If you talk to a creditor when you’re in temporary monetary trouble, the chances are that they’ll gladly help you, provided that you are a professional with an income that is unwavering. In the event where you do not have enough money to pay the rent, you can ask your landlord if they can offer you some time. This will still work in your favor if they’re upset since they cannot kick you out of your apartment. Important bills that need to be paid immediately can be dealt with by asking the creditor if they can offer you an extension. Be bold enough to ask for a waive or if they wouldn’t report this to on your credit report.
2. Credit Card
Although the use of credit cards should be minimized as much as possible, month ends can prove them a blessing if you are really in dire need of money. Make sure to only spend on food, water, and other expenses that are in the routine. But doing so can become a habit that you can quickly pick up hence, do not use your credit cards if there aren’t any emergencies.
3. An extra source of revenue
To get a bit more cushion monetarily, you can always start a small business or a self-sustaining one on your own. If you are not too keen on starting a business, you can always ask your employer for a raise or maybe work overtime. The things you do not need or have no use that is lying in your house can be sold for extra money.
4. Your friends or family
This might seem embarrassing or awkward at first, but it is alright to ask for a favor once in a while, and there is no need to be ashamed of it. Ask your friends or family for support after you have explained your current situation.