Alternatives To A Payday Loan Choose During Crisis Situations

Need money, but not immediately? Are you worried about high fees? You can look at payday loan alternatives that may be better for your situation!

Payday loans may not be to everyone’s taste. A payday loan is one of the fastest ways to access credit, regardless of credit score. If you need easy money fast, a payday loan is accessible and reliable for you – even with bad credit. You can get them anytime, almost anywhere, with minimal documentation. But all this convenience comes at a due cost.

In this light, before you get a payday loan, make sure it is the best option for you. If you 

  • do not need money right away, 
  • have good credit, 
  • have collateral, 
  • or can get yourself a qualified guarantor, 

You may want to check out the alternatives to a payday loan below.

1. Check Local Nonprofits and Charities.

Best for:

  • Non-monetary help for essential needs (food, shelter, clothing, etc.)
  • Small financial assistance (e.g., bus ticket to a job interview)


  • How quickly you can get help depends on for what you are asking and if the charitable organization has it readily available.

Keep in mind:

  • Nonprofits and charities may ask you for proof that you need for what you are asking them. They may ask for proof like a recent pay stub or convincing story.
  • Nonprofits and charities operate on trust and kindheartedness. Be careful not to break their confidence, or they may not help you again.
  • Asking for help may become less effective the more times you ask.

2. Get Help with Medical Bills.

Medical bills can pile up rapidly. Failure to pay for medical bills can delay essential medical care for you or your loved ones. There are ways to manage, reduce, or cut stressful medical bills.

  1. Payment plans. Negotiate with your doctor or the hospital’s billing office to set up a payment plan for your medical bills. You can ask for an installment plan or offer to pay a lump sum in exchange for a discount.
  2. Hospital financial aid. Hospitals, especially public ones, have financial aid programs for those that need them. They are usually not advertised, so you may have to ask. Eligibility largely based on income and savings.
  3. Government help. There are government programs that provide aid for low-income brackets or situations. Contact your state’s human and social services agencies or health offices to learn if you qualify.
  4. Medical bill advocates. There are medical bill advocates that offer free consultation and services. They can help you reduce high and crippling medical bills.
  5. Medical credit card. There are medical credit cards offered through Doctor’s Offices. They may have interest-free promotional periods to help with your bills. However, there may be a rigid credit check that can take days before you can get help.

3. Borrow From a Credit Union.

If you are a member in good standing of a credit union or are eligible to be one, you may be able to get a credit union loan.

Best for: 

  • Cash needs that are not immediate and can wait for a couple of days.


  • Credit unions, like banks, conduct background and credit checks. Credit checks can take from a few days to a week to conclude.

Keep in mind: 

  • Your credit score and standing as a member of the union matter.
  • Credit unions report late and non-payments to credit bureaus. Failure to repay your loan can affect your credit score.

4. Try Other Ways to Make Money.

  • Sell your things like clothes, shoes, and electronics online or at a garage sale.
  • Exchange your hobbies and skills like painting, car repair, or tutoring for cash.
  • Fund-raise for a cause.


  • Not guaranteed to make money easily and fast enough to meet emergency expenses.

Keep in mind:

  • The speed and amount of money you can raise depend on your efforts and resourcefulness.

5. Form a Lending Circle

Best for:

  • Non-immediate low interest loans.


  • It may take some time to form a lending circle of trusted friends and family. Pooling and raising money may not be immediate, especially if you need a large amount.

Keep in mind: 

  • Lending circles expect equal sacrifice. Contribute as you borrow. Help others when you can, so they can help you back as needed.

6. Borrow from a Friend or Family Member

Best for: 

  • Getting a loan without interest with leeway for negotiating terms.


  • Depends on how fast you can find and negotiate with a willing family or friend.

Keep in mind: 

  • Your relationship is on the line when you borrow from a relative or friend. You may not pay high fees, but you may burn bridges. Tread with care.

7. Consider a Pawnshop Loan.

Valuable items like jewelry, instruments, and electronics can be pawnshop loan collateral. Bring the item over to a pawnshop for value assessment. A pawnshop assessor will usually tell you upfront if you qualify for a loan and how much you can borrow.

Best for: 

  • Borrowers with pawnable items in need of short-term loan (generally, for 14 days).


  • Depends on pawnshop store hours.

Keep in mind: 

  • Failure to repay your loan will result in the loss of the pawned item. The pawnshop will sell it to recover the cost. You can recover it by paying the original loan plus fees.

Payday loans are one of the many ways to access money during times of need. Payday loans are easy and fast, with a cost attached – this is its reality. If you can push back your cash emergency for a few days or weeks, you may want to consider other loans that do not charge as much as payday loans.

Payday loans, no matter how high the interest rates may seem, are at least always there. You are never out of options because there are always payday loans. No matter who you are, you can get one. Assess your current situation, consider all factors. No matter what, AdvanceSOS will always have your back.

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    Alternatives To Payday Loans

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