payday loan alternative lending options

What Are Three Alternatives To Payday Loans?

For one reason or another, you might discover that a payday loan may not be right for your specific situation. The good news is there are three alternatives to payday loans for you to consider. Whether you have income or collateral to show, there is a loan alternative out there for you. If you are ready to learn more about these alternatives, let this guide help you get the cash you need and decide which type of loan is best for your situation.

Learn About The Three Payday Loan Alternatives Available

1. A Credit Card Cash Advance

The first of the three alternatives to payday loans is a cash advance from a credit card you already have open. If your regular spending balance is under control, consider a cash advance from that same card. This is when you borrow cash against the credit card’s line of credit. You’ll get cash from a credit card cash advance quickly, especially if the option to do this is offered at an ATM or in person at a bank.

Cash advances can get you up to a few thousand dollars depending on your credit card’s spending limit. The thing to remember is cash advances have higher interest rates than the already-high rates charged by your card. Plus, most issuers charge a fee between 3% to 5% of the amount you request. ATMs will also charge an additional fee. These advances also start charging interest from the day you withdraw, meaning there is no grace period even if you repay the loan within a few days.

How To Get This Cash Advance

Each card is different, but you may be able to get a cash advance at an ATM, in person if it’s a bank’s credit card, or through a convenience check. All you do is head to an ATM, enter your card and PIN, and follow the prompts. If completing the advance in person, head to your bank and speak with a representative. For convenience checks, you’ll likely request this online through your credit card account portal.

alternative money options

2. Signature Installment Loans

The second of our three alternatives to payday loans are signature installment loans. We here at Wisconsin Auto Title Loans, Inc. can lend you anything between $100 to $1,500 with this loan. An installment loan is usually paid back over a set period – hence the name “installment loan”. To find out if you qualify, you’ll need a driver’s license or a state-issued photo ID, an active bank account in your name, and proof of income.

While they might sound similar to a payday loan in how much we can give you, they don’t have to be repaid right when you get your next paycheck. This gives borrowers a bit more time to get their finances in order so that they’re not back in a financial hole the following month. The in-person process can take a minimum of 30 minutes to complete and we have locations all throughout Wisconsin for you to visit.

To take out an installment loan, you’ll need to show proof of income. This means you’ll show your most recent pay stub as proof. Those who have income from an entity other than an employer – like Social Security or court-mandated payments – can still find out if they qualify with the right documentation. Remember that our installment loans are also limited to max amounts of $500. If you need more cash to cover a more expensive cost, you might want to look at another option.

How To Get An Installment Loan

To learn more or to begin the process for an installment loan, fill out the online form on our website. You’ll get a call from one of our store representatives that works in your area. They’ll confirm what you’re looking for, go over the required items, and set up an appointment for you so we can assess your items. Once you arrive, we will assess your items and run a credit check. If you qualify for approval, you can get the money either later that day or the next bank business day.

3. Title Loans

The final of our three alternatives to payday loans that we offer here is a title loan. Title loans use your vehicle’s lien-free title as collateral to secure the money. If you qualify for approval, you can get anything up to $15,000 with us. To find out if you qualify, you’ll need a vehicle under your name, its lien-free title, and your driver’s license or state-issued photo ID. Unlike payday loans, credit cards, and installment loans, you won’t need to show your income when applying for title loans.

You’ll also get to keep your vehicle while you repay the loan so long as you stick to the repayment schedule. This means you can use your car as you normally would even while using the cash from your loan. Title loans provide the highest loan amounts out of our three alternatives to payday loans. Keep in mind that while you can qualify for up to $15,000, that amount depends on the year, mileage, and condition of your car. This means we will inspect the vehicle when we meet.

How To Get A Title Loan

Getting through the process for title loans begins just like the process for installment loans. First, you’ll fill out our online form and wait for a call from our loan representative. They will let you know what you need and set up an appointment for you. Now, for title loans, you have the option of either coming to the store or having us meet you somewhere else. Either way, we will inspect your vehicle and assess your information to let you know if you qualify.

alternatives to payday loans

Get Your Payday Loan Alternative Today

If payday loans aren’t right for your situation, that’s no reason to stress out. Just take some time to look into one of our three alternatives to payday loans and pick the right one for you. And if you do think that either signature installment loans or title loans work for your situation, we here at Wisconsin Auto Title Loans, Inc. are ready to help you out. Fill out the online form on our website for either loan to begin the process.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.