Short-term payday loans offer fast cash to cover expenses until your next paycheck, but they come with high rates and short repayment periods. Often many borrowers require another loan to pay off the first, in a seemingly endless cycle.
Getting a small, personal loans with a low rate and flexible payment can help get out of the cycle of payday loans. A smaller monthly payment, no prepayment penalties and a better interest rate will give you more disposable income each month.
Advance on Credit Card
This may come at a higher price than a personal loan, but it can be a better option for some people in certain situations. If you decide to seek a credit advance, remember that Unity One does not charge a cash advance fee, and the interest rate is the same as you would pay on a purchase.
Negotiate the Terms of Your Debt or Seek Credit Counseling
The FTC recommends that you speak to the financial institutions that you owe money to before making any other decisions. Many may be willing to work with consumers who they believe are acting in good faith by offering an extension on your bills. Be sure to inquire on what the charges would be for that service--a late charge, an additional finance charge or a higher interest rate.
Credit counseling is another way to manage the situation. It may not help your immediate situation, but it can help you get your finances in order so you will be less at risk of needing a payday loan in the future.
If you would like to discuss your options, stop by your local Unity One Credit Union branch and meet with a member service officer.