Tuesday, January 15, 2008

How to Avoid Needing a Payday Loan


Payday loans can be expensive and hard to pay off, so it is better to avoid needing a payday loan by trying other alternatives first. There are six easy steps that you can follow to get the money you need while avoiding the pitfalls of a payday loan.


Difficulty: Moderate



Step One

Pawn something of value. If it is something that you don't want to get rid of, you may be able to buy it back later. If you don't have the money to get it back, at least you will be avoiding outrageous payday loan interest fees.

Step Two

Borrow from your family. This should probably be your last resort before a payday loan, but if it come down to it, borrowing from a family member can usually help you avoid interest fees.

Step Three

Temp for a few days at a "work today, paid today" company. You will usually get paid minimum wage for these jobs, but it will help you earn money fast.

Step Four

Set up a 3-day eBay auction and sign up for a PayPal account. Require payment within 24 hours of the auction's end. This way, you can have your money in hand, within 4 days. This is the best way to get the most money out of items such as brand name clothing.

Step Five

Take unwanted items to a consignment shop, another good way to get rid of old things. It can be safer than eBay, but usually not as quick.

Step Six

Cut coupons and be frugal when grocery shopping, to save money, so that you will have more cash on hand before payday arrives. You can easily save 5 , 10 and even 20 dollars on each shopping trip.

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