Payday Loans & Alternatives: What You Should Know Before Borrowing
Payday loan options have existed for decades, and they may be helpful to some people. However, they can be costly, so other options exist that you may want to consider. It’s important to do your due diligence beforehand in order to determine the best choice for you.
A payday loan adds debt upon the existing debt that you may already have. These loans, also known as cash advances and check loans, usually come with high fees and interest charges.
The National Credit Union Administration lists alternatives to payday loans, such as:
- Asking your creditors for more time to pay bills
- Borrowing from family or friends
- Shopping for a low-rate credit card
- Requesting a payday advance from your employer
- Researching state or local government assistance programs
Contact Georgia Heritage Federal Credit Union for more information.