The Best Options To Payday Loans

Now that we know vipit are expensive, what are the alternative to it? The payday loans being the short, small, cash you get without collateral for security, they are the most expensive loans anyone can go for. With this in mind, and knowing that there will always a need for some cash at one time or another, there is a need to have an alternative source of money. Here are some of the ways you can get short term loans that are friendlier.

  • You can get help from your local welfare assistance scheme instead of going for payday loans. How does it work? If you are having it rough paying for your basics like food and phone bills, you can approach a local welfare scheme for assistance. They are different depending on the area you live; just ask around where they are located in your area and you will be sorted.


  • Get an interest free loan from a social fund. If you desperately need money and you have benefits to claim, you can easily get a budgeting loan that is interest free from the social fund.
  • You can borrow from a credit union. This is a much more alternative to payday loansas it is a loan from a credit union. The interest rate is capped at 3% a month and 42.6% annually with no charges or penalties if you repay early.
  • You can use an authorized overdraft. If you have a current account, you can ask for an overdraft or an extension of an existing overdraft from your bank. If you get an authorized overdraft within your limit, it will be far much cheaper than using a payday loan. Don’t do an unauthorized overdraft as it will be expensive and lead to serious cash problems.


  • You can use a credit card by asking a temporal increase but make sure that you pay back the extra at the end of them month without an extension. Try to repay maximally every month as credit cards can be expensive if you leave the debt owing or exceeding the credit limit

The last option is to borrow from friends and family and repay back when you get paid at the end of the month and prevent the risk that comes with going for payday loans. But before you go borrowing from a friend or a relative, make sure that you have a budget and a repayment plan.

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