Daniel Joelson

Daniel Joelson

Total Posts: 579

Published Date: December 11, 2021

Daniel Joelson has been in the consumer finance space since 1994, he has helped to develop underwriting manuals for the financial sector. With a vast amount of Knowledge in consumer finance, he has been writing articles for all types of loans. With his knowledge, he is able to help many people to answer different financial problems.

Alternatives To Payday Loans

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a car title loan today, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

A Payday Loan can be very expensive and even more expensive if you default or miss the payment date. You might have to pay more in interest and charges if you don’t pay back the loan on time. As a result of this, you might want to consider other alternatives especially if you are in a precarious financial situation so that you don’t heap more pressure on yourself. There are other less expensive options you can consider like borrowing from lending circles, and local charities.

It can be difficult to get financial help when things are fine and it can be even more difficult to get financial help in the form of loans during a time of pandemic like we have right now. COVID-19 has thrown the entire world economy into chaos, most people are struggling to get unemployment money and some people in certain states haven’t even received their relief checks.

If you are in a tight financial situation, a payday loan might look appealing to you but in the long run, you might just find out that it shouldn’t have been your preferred option in the first place. The risk is high and it can unbalance your finances and leave you worse than before you took out the loan.

We will consider nine alternatives that can be considered when you need to get a loan, these other alternatives are less expensive compared to payday loans.

Check charities and nonprofits:

This option is very good to cover important expenses. Local lenders like nonprofits and community centers can be of help when you need cash to pay for certain bills like gas, groceries, and other unexpected expenses that may arise in the course of your daily activities. Some of these bodies even offer more in the form of bus tickets for job interviews or medical appointments, food donation, And clothing, among others.

How fast you can get help from these bodies depend on what exactly you need and from which of the nonprofits or community centers you are applying with.

Seek to get help for medical bills

Instead of going for a payday loan to pay for your medical bills, you can check out other options that provide funding for this purpose. There are a whole lot of options you can try in this regard. Some of them include; medical bill advocates, asking your hospital for affordable payment plans, make use of a medical credit card.

How fast you get the cash depends on the option you choose to go for. Most of these options come with a fee, consider what the expenses will be, and compare with going for a payday loan or other options available.

Credit Unions

This is an option most suitable for you if you have a good relationship with a credit union and you still have the time to wait for a few days to get approved for the loan. Being a member of a credit union or being eligible to be a member will boost your chances of getting the money you need via this option.

The credit union will not only focus on your credit score in evaluating your chances, but they will also take a look at your standing with them, your credit history, and your income to decide if you are qualified.

You can apply for a bad credit loan

Individuals who have a credit score below 690 are regarded as having bad credit. There are specialized lenders online who have designed their services to suit those who have bad credit. Most of these lenders do not carry out credit checks and can approve borrowers who have high debt-to-income ratios for a loan.

You can apply to pre-qualify for a bad credit loan if you are not sure of your chances. It will not hurt your credit in any way and the advantage is that you can pre-qualify with as many lenders as you can.

Most of these online lenders offer very fast funding, most time you get the loan the same day you apply. Title loans are one of the many online loans that you can apply for and get funded on almost the same day, here is how it works.

However, in response to the COVID-19 pandemic, some of these lenders have raised the requirements for applicants. You should also note that banks and online lenders will report prompt and missed payments to credit bureaus and this can have either a positive or negative impact on your credit score. Prompt payment will affect your credit score positively and vice versa.

Look for alternatives to raise your income

You can look at what you can do to make more money. This can be temporary or permanent. It can be a side hustle that will rake in more bucks for you or look for avenues to get extra cash that can ease things up for you.

You can turn your hobby into an online shop, sell some items you no longer need or consider driving for a rideshare company. All these can help you to make extra cash that will help in paying your bills.

Other methods you can consider include forming a lending circle with your friends or families, borrowing from a friend or family member, or using a paycheck advance app.

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DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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