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Cash Advance Loan Alternatives
A Cash Advance or Payday loan is the easiest most convenient way to get fast cash. But don't take our word for it. Read about the five common methods of getting fast cash other than payday loans then decide for yourself!
Payment Plan - One of the best ways to payoff your debt with your creditor is to establish a payment plan. Sometimes creditors will agree to partial payment in good faith. This option is favorable because it allows the consumer to adjust their billing and pay over a longer period of time. However, it's only available to people with good credit standings.
Overdraft Protection -This method is easier than getting a cash advance. It involves transferring funds from savings to checking in order to cover payment. Besides the small fee the bank charges, one of the biggest reasons why people don't use overdraft protection is that you need a savings account with sufficient enough funds to cover the transaction.
Cash Advance from Employer - Asking your employer for your paycheck in advance is a good way to get fast cash without any interest or fees. However, it's not a very confidential way of borrowing. Many times employees are too embarrassed to ask.
Credit Union Loans - Sometimes people get out of the financial rut with Credit Union loans. Credit Union loans have favorable interest rates, as low as 11.75% percent. However, there's a lot of paperwork involved and the loan process can be quite lengthy. For this reason, many people regard Credit Union loans as an impractical solution to fast cash.
Smaller Consumer Loans - Small consumer finance companies offer small consumer loans with an interest rate cap of 36%. The advantage of this type of loan is that payments are spread over a longer period of time. One of the disadvantages of this type of loan is the amount of interest that accumulates over the life of the loan.
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