RoxanneSome people turn to payday loans when they need cash to pay bills or cover emergencies. And while they may seem helpful on the surface, payday loans can be very costly, putting you in a worse financial situation than before.
What can you do instead of getting a payday loan? If you have a bill to pay, you could call the company and ask for an extension or a repayment plan that fits your budget. Beyond that, you could apply for a credit card with a low interest rate or see if your employer will give you an advance on your paycheck.
What’s another option? Looking into the following loans that could be cheaper than payday loans:
1. OppLoans
Getting a personal loan can be tough with bad credit. That’s where OppLoans comes into play, as the lender specializes in loans for people with less than perfect credit.
With OppLoans, you can apply online and get a no-credit-check loan from $500 to $4,000. If approved, you could see the cash in your account the next business day. There are no origination fees or prepayment penalties, which is great if you want to pay off the loan quickly. You can also build your credit with a personal loan from OppLoans since the lender reports to the three major credit bureaus. Pay on time, and you could give your score a nice little bump to get better loans in the future.
2. Upstart
Upstart is the ideal lender for people with little to no credit history. Why? Because while Upstart may look at your financial history, they also consider work experience, education, and other factors when deciding whether or not to give you a loan.
Personal loans from Upstart range from $1,000 to $50,000, and the company claims to offer rates 10 percent lower than traditional lenders. You can see if you prequalify without having your credit pulled. As with other loans in this list, you can build your credit if you pay Upstart back on time.
3. CashNetUSA
If getting cash quickly is your top priority, CashNetUSA may be your best bet. The lender offers same-day deposits for personal loans, so if your application is approved by 1 pm Central time, you could have that cash in your hands quite quickly.
CashNetUSA makes quick lending decisions that often take just minutes. Unfortunately, its loans only go up to $500 (or less in some areas), and they must be repaid on your next payday. Pay the loan off quicker than that, and there are no prepayment penalties.
4. OneMain Financial
You can get a personal loan from OneMain Financial for $1,500 to $20,000. There are no prepayment penalties, and you can look forward to fixed interest rates and payments. Same-day funding is available, and you can apply online or in person if there is a OneMain Financial branch in your area. Another benefit of using OneMain for your personal loan needs is that the lender allows you to change your due date via email or phone call.
