2. Apply for a personal loan online

2. Apply for a personal loan online

You might not be able to get a traditional bank loan to meet your quick-cash needs, but some of these methods to stretch your finances to the next payday might work better than a payday loan.

1. Use a credit card

If you have a credit card that’s not maxed out, you could use it to charge your expenses. Not only will your interest rate likely be lower than that of a payday loan, but you’ll have 30 days to pay the credit card balance before it incurs interest. If you can pay the money back by your next payday, a credit card could be a cheaper option.

It’s possible to get a personal loan with less than perfect credit, but it will cost you. The lower your credit score is, the higher your interest rate and fees with a personal loan will be, or you might not be approved at all. Depending on your credit profile, the fees and interest with a personal loan may be so high that a personal loan may not make sense for you.

Some online lenders, such as LendingClub, have loans for as low as $1,000 to $2,000. Avant requires a minimum credit score of 580 FICO with an estimated APR that ranges from 9.95 percent to percent – significantly lower than the estimated 400 percent that you’d be facing on a payday loan.

With many lenders, you can check your personal loan rates online without impacting your credit score. Once you’re approved, it’s possible to have the money sent to you within one business day.

3. Consider a credit union if you have time

Credit unions offer payday alternative loans (PALs) that allow you to borrow between $200 and $1,000 for a term of one to six months. The APR is capped at 28 percent.

But you have to be a member of a credit union for at least a month to be eligible to apply for PALs, so they won’t be the best solution if you need money immediately.

4. Turn to family and friends

Friends and family might not always be able to lend money, but sometimes they can help in ways that can lessen your expenses. For example, they can let you do your laundry at their place, which can save your costs at the laundromat, or they can make dinner for you and give you leftovers that will last until payday.

Don’t be afraid to open up to people who are close to you about your financial struggles. It takes a village – and one day you’ll be there for them, too.

5. Generate income quickly

There are a few things you can do to generate extra income quickly. One way to make extra cash is by selling some of your stuff that you can live without. Have clothes you can get rid of? Try selling them online or at local second hand stores.

You also can explore renting out a room on Airbnb, trading your unused gift cards in for cash or cashing in any unused rewards points on your credit cards.

6. Ask your employer for an advance

Check with your employer if you can get an advance on your paycheck to tide you over. Your HR or payroll department may be able to help you out.

7. Seek leniency to reduce or delay payments

If you owe money on certain bills, it’s a good idea to navigate to the site call each creditor to request an extension on your balance due date until you have the money to pay it back.

Many companies will agree to this leniency or find ways to allow you to make partial payments on your bills. It’s worth checking areas where you can lower or hold off on payments to get you through till payday.

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