The availability of different loan options has been a lifesaver to those intending to get loans from creditors and who don’t have the patience to go through a traditional route of getting a loan, like visiting a bank to apply for a loan or applying to a credit union, among other options that are currently available.
Those who require cash that can tide them over till their next salary arrives typically look for a payday loan they can get to sort out their financial fix. Luckily, a creditor can still access other types of loans with a bad credit rating.
Besides looking for online payday loans to apply for, other options can appeal to an intending borrower. However, before considering other alternatives, a borrower should reach out to iPaydayLoans, which can help them get a suitable payday loan from an awesome creditor.
Currently, they partner with many creditors that give good credit at a considerable rate because nearly all payday loans accrue a high-interest rate. Also, a borrower is sure that their information is secured because they employ some of the best industry practices in securing information.
So, if you prefer getting an alternative to online payday loans, some of the alternatives that can fit your needs are:
1 Installment Loans
Besides high-interest rates or fees being the major drawback of a payday loan, other things make it unfavorable, like it has a short time frame to be repaid by the borrower, and this has made people look for alternatives like an installment loan option.
With the Installment loans option, the timeframe for you to repay the loan is longer than the former. The method of paying is usually agreed upon. The plan can be for the repayment to take place bi-weekly or monthly.
It is usually preferable because it gives an individual more allowance in terms of repaying the loan and ensuring that the payment plan is flexible and that they can quickly complete it without stress or defaulting.
But, before signing any dotted lines for that loan, ensure you look at the prepayment clause because most creditors place a high rate for paying back a loan earlier than scheduled.
2 Credit Unions
This is another good option for individuals seeking loans that do not place exorbitant interest rates. The fact that it is a union makes it a perfect alternative, coupled with the fact that their approval process is not stringent, provided you have met the essential criteria required.
This was the earliest and most accessible option compared to contacting a bank and is still accessible to date. In most of these unions, they refuse to give out loans to people with bad credit scores. This has made creditors reach out to a brokerage agency or a direct creditor. One of the agencies people frequently reach out to is iPaydayLoans because they make it easy to get loans.
3 Borrowing from family and friends
This option is one of the best alternatives to getting a regular loan because the interest for the loan is comparatively lower based on the level of closeness and the relationship you have with the friend or family member you intend to borrow.
The drawback of this alternative is that most lenders have not been able to recover the money they lent to someone close because it was impossible to do that. Most borrowers have gotten away with not paying back such loans because of closeness, which has put individuals in the position of helping refuse to do so.
An individual can convincingly get this type of loan by offering and agreeing to sign an agreement that will be enforceable in a situation where they fail to repay the loan. Additionally, if they have something valuable, they should place that as collateral and be willing to part with it if they fail to pay back the money borrowed.
4 Savings
A person will not think about borrowing if there is a reserve like savings in place that is sufficient enough to cater for the financial emergency that has occurred; this makes it essential for an individual to have a savings culture already in place.
Saving money can be difficult, especially when you are used to spending and not budgeting your finances. But, doing that helps give you something to fall back on in any emergency. It is also beneficial because you don’t have to worry about the possibility of accruing debt and interest to pay back.
5 Quick Loans
The name already indicates that this is a loan you can approve and get access to quickly because the processing time is always done with speed when it is considered that an individual decided to go for this option because they need immediate cash.
This option is primarily available online and ensures that no time is wasted since a borrower does not need to physically visit a creditor, loan, agency, or brokerage service. They also ensure you get your cash within a few hours or 24 hours.
It is a preferred option because even when they are processing everything quickly, they use best practices to ensure that information is secured and clients get the best services.
6 Personal loans
As the name suggests, if you have any personal emergency and don’t want to get a payday loan, you can use this option to sort out your personal needs quickly and without any stress. The interest that accrues to it may indeed be high, but it is easy to access.
Some of the personal needs that make people take out Personal loans are medical emergencies, tuition, unplanned trips, repairs that need to be carried out at home, on vehicles, offices, etc.; with personal loan, you can sort out those bills comfortably.
Final thoughts
Depending on your situation, getting a payday loan can be the perfect loan to sort out your needs. But, there are still other options that work well for a borrower. So, you can choose any of these alternatives and still get the money you need to solve your financial need.
