Need Cash in a Pinch? How to Avoid Using Costly Payday Loans in a Financial Emergency

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How to Avoid Using Costly Payday Loans in a Financial Emergency

If you are like most Americans, at some point in your life you will need access to emergency cash fast. And unfortunately, according to a poll by Bankrate.com, fewer than four out of every 10 Americans have a savings or emergency fund to fall back on. However, if you do find yourself without an emergency fund but still need cash, there are a lot of options in accessing the funds you need.

First off, it is important to understand the hierarchy of borrowing money, or more plainly put, what will cost you the least amount of money or interest and fees in the end.

The best place to start is by asking friends, family or even your employer. A lot of times people have access to emergency cash in their immediate circle of friends and family, and most of the time these individuals can lend you money with little or no interest. If borrowing from friends or family is not an option, try approaching your employer for a payday advance. Most employers will be sympathetic to your needs and are comfortable providing you with the funds upfront and deducting them from your next paycheck.

The next option is utilizing a pawn shop. A lot of pawn shops have low interest rates and can usually hold your item(s) for a specific period or until your next paycheck and give you the cash up front. However, you do accept the risk that if you don't pay back the money you borrowed on time; you may have to re-purchase your item(s) from the pawn shop at their decided retail price.

Another option similar to a pawn shop is a car or auto title loan. This option lets you borrow money against your auto title and these lenders usually have low interest rates and can sometimes offer flexible payment plans to repay your loan. But if you don't pay back your personal loan on time, you may accrue additional interest or ultimately lose ownership of your car.

Many people with decent credit often try and apply for an additional line of credit such as; traditional small personal loans with fixed interest rates or open a new credit card or utilize cash advance offers on existing credit cards. However, be advised that credit cards can cost you more in the end if you do not pay off the balance by the next payment due date, because their interest is compounded and they retain the right to raise your interest rate at anytime if you miss a payment.

However, if you have no assets to pawn or borrow against and have low or bad credit you may not be able to use most of the options above. In this case, you may choose to utilize a payday loan. Remember not all payday advances are created equal, shop around for the lowest interest rate and highest loan amount available. Utilizing a website that checks multiple lenders is usually the quickest and most cost effective way in finding the best personal loan. Just make sure when you take out a payday advance, you are able to pay back all the money you borrow by your next payday, or you may quickly find yourself deeper in debt than you began with.

For more information about payday loans, see Payday Loans Report - The Good, Bad & Ugly

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