Top 3 Alternatives To Payday Loans: Quick, Flexible, And Budget-Friendly Options
For one reason or another, you might discover early on that a payday loan is not the right lending option 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 are non-payday loan options out there for you.
If you are ready to learn more about how these payday loan replacement options work, and their terms, read through this guide to help get the cash you need and decide which type of loan is best for your situation.
Best Alternatives To Payday Loans
1. A Credit Card Cash Advance
One of the first 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.
By using credit card cash advances as one of your payday loan replacement options you can get up to a few thousand dollars depending on your credit card’s spending limit. The thing to remember is cash advances aren’t low-interest loans, they 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, eliminating any savings there. ATMs will also charge an additional fee. These advances also start charging interest from the day you withdraw, meaning there is no grace period for this type of credit card debt 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 banking 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 accounts portal.
2. Signature Installment Loans
If you’re looking for lenders with a flexible repayment option, our signature installment loans might be just what you need. With loans ranging from $100 to $1,500, they give you more time to pay compared to payday loans, making them one of payday loans best alternatives. Unlike payday loans, which often require full repayment by your next paycheck, installment loans allow monthly payments or “installments” over a set term. To find out if you qualify for lending with payday alternative loan, you’ll need a driver’s license or a state-issued photo ID, an active checking account in your name, and proof of income.
While these quick cash loans are similar to payday loans in how much you can borrow, they don’t have to be repaid with your next paycheck. This gives borrowers a bit more time to get their finances in order so they don't find themselves in more debt the following month.
When you take out a personal installment loan, lenders will 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. The in-person process can take a minimum of 30 minutes to complete and we have locations throughout Wisconsin for you to visit. However, if you need more cash to cover a large expense, you might want to look at another option for emergency financial assistance.
How To Use An Installment Loan
To learn more, or to begin the loan process for an installment loan, fill out the online form on our website. You’ll get a call from one of our store representatives who works in your area. They’ll confirm what you’re looking for, go over the small list of 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 and maybe one of the best payday loan alternatives, depending on your situation, is a title loan. Title loans are quick cash loans that use your vehicle’s lien-free title as collateral to secure the money you borrow. 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 or report your income when applying for title loans, and all credit types are welcome to apply. Good credit, bad credit, or no credit score you can still qualify.
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. For title loans, you have the option of either coming to one of our store locations or requesting that we come to a place more convenient to you, such as your home or office. Either way, we will inspect your vehicle and assess your information to let you know if you qualify.
Get Good Payday Alternative Loans Today
If payday loans aren’t right for your situation, that’s no reason to stress out, there are other resources available. Just take some time to look into one of our three alternatives to payday loans and select the right one for you. And if you do think that signature installment loans or title loans work well for your situation, at Wisconsin Auto Title Loans, Inc. we are ready to provide all the information and guidance you need to proceed.
Fill out the online inquiry form on our website for either loan to begin the process for emergency financial assistance with one of the best payday loan alternatives for your situation.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.