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How To Pay Your Bills With A Payday Loan

There are many short-term and medium-term loan options available. Some of these may have affordable interest rates or fees. A payday loan agency can be used by families to help pay their bills, rent, or other expenses. 

Types of payday loans you can use for paying bills

Personal loans Payday loans

Although the interest rate may not be the lowest, they are often a better choice than using a cash advance or credit card.

A personal loan has another benefit. Even people with bad credit ratings can often get approved. The personal loan will allow borrowers to get the money they need and help them rebuild their credit. 

Peer to Peer or Social lending

This type of lending is between ordinary people and does not require the involvement of traditional financial institutions. This is unique because people who are in need of money borrow from regular investors or individuals. You can get a loan at a lower interest rate than if you borrowed from a bank.

Salary Advance Loans from Credit Union

These funds are only available to members.  The funds offer a cheaper alternative to cash and are relatively new. 

Stretch Pay loans with low interest rates

This product is another low-interest rate offering made available by both small regional banks and non-profit credit unions.  There are many advantages to it. These loans can be used for emergency expenses and bills

Credit union financing options

There are many credit unions across the country that are open to the public.  Customers can access loans to help pay rent or car repairs among other things.

No collateral Signature loans

The loans can be used to help those who don’t want to commit. A signature loan is a good option if you are looking for a funding resource that doesn’t require collateral but it has a higher interest rate.

Churches can provide emergency loans

Local and national faith-based groups may be able to provide financial assistance in times of crisis. The dollar amount provided by churches for financial assistance is usually minimal. They may offer financial assistance, but not just money. 

Student loans

Most universities will offer some type of emergency assistance for students enrolled in their programs. The interest rate on the cash will be very low. 

Home equity loans

The loan can also help you pay your bills. There are some advantages, such as tax breaks. However, there are also disadvantages (home is collateral). Only property-owning families can apply. Find out more about how to apply.

Auto or vehicle title loans

With this product, people can borrow money against their vehicle, truck, or motorcycle. This product is used by both payday lenders and non-traditional banks. In effect, the car of the borrower is used as collateral for the loan. This can be a quick way to get cash but it comes with many risks.

Financing with interest-free loans

Many charities offer this service. Many charities, including faith-based ones, offer emergency funds. Borrowers will typically receive a loan at zero percent interest. Individuals who are not eligible for financial aid from the government or other organizations can receive money to help them. 

Association of Jewish or Hebrew Free loans

 They have dozens of offices across the country. They will assist people from all faiths and backgrounds. These funds can be used to pay bills, finance a car for work, and pay housing costs like rent, deposits, or medication. 

Federal Employee and Education Assistance Fund

Government workers can get zero percent interest loans. This program is restricted in that it is only available to civilian employees of the federal government. However, postal workers are also eligible. If they are looking for alternatives to expensive payday lenders, military families and veterans may be referred.

Pawn Shop loans

When the borrower has collateral, they can use this option. The broker will assess the item and give the customer the cash. The money will be paid in the form of short-term loans, which tend to be less expensive than many other products. 

 

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