Would you like to speak to an adviser? Call our Money Advice Line on 0800 138 7777. A payday loan is almost certainly not the answer if you need the money to: pay household bills pay rent or a mortgage pay back people you owe money to. If you’re struggling to pay for the essentials, speak to a. The thing is, there are alternatives to these high interest rogues. Instead of panic borrowing and opting for solutions with extortionately high interest rates, there are other options. Really do think long and had before you enter into any type of credit agreement as it could really harm you financially – both in terms of your credit rating, and how you manage to make it to payday next month. The ease with which borrowers can get their hands on funds to float them to their next paycheck often takes a financial toll. According to the Center for Responsible Lending, the average annual percentage rate on payday loans is a staggering 391%. Payday loans and short-term installment loans prey on the urgent need of people for small-dollar amounts and charge very high fees and interest to the borrowers. PayActiv has developed a fintech solution, a real alternative to payday loans that helps ordinary employed people avoid these debt-traps of predatory lending and become self-reliant in managing their… Proudly serving Canadians with no credit check installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country. Where are you from? Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing. 7. A Credit Card. If you already have a credit card, consider using it instead of a payday loan. If you don’t have a card and you’ve worked hard to maintain a solid credit score and a positive reputation with credit agencies, you could be in a great position to get a good credit card—even one with a low-interest credit card. Even if your credit isn’t good, there are a variety of. Instead of taking out one of these high-cost and risk payday loans, consider one of these alternatives. They will cost you less and that always helps. Payday loans are expensive and often times predatory. See what other types of borrowing options are available to you right now. 5. Borrowing on Life Insurance – If you have a whole life insurance policy, you can borrow from that and take as long as you like to pay it back – although death benefits will be reduced if you don't pay the loan back before you pass away. 6. Borrowing From a 401(k) – It's best not to borrow from your 401(k) plan, as you lose the compounding effect of that money – but at least you don.