15 Alternatives to Payday Loans

Pay for Emergencies Without a Payday Loan or Check Advance

Talk to your creditors about extending your due date

When you know you won't be able to make your payment, call your creditor and let them know. Many will allow extend your due date without charging a late fee or reporting you to the credit bureau. Do the same thing for your utility and phone service.

Work some overtime

If your employer allows it, work a few extra hours to get some overtime pay.

Do a side job

If you have a hobby or skill that's in demand, offer your services to people in exchange for money. Erin Huffstetler, Guide to Frugal Living, has an extensive list of hobbies that earn money.

Ask your employer for a payday advance

In effect, this is the same thing as a payday loan, but without the excessive fees and loan trap. Talk to someone in your human resource about getting an advance on your next paycheck. Keep in mind that getting an advance will lower your next paycheck. Some employers even give loans that can be repaid over multiple pay periods, lessening the effect on your take-home pay.

Sell or pawn things you no longer need

You can use eBay or Craiglist to sell off household items you don't need anymore. It's worth the sacrifice to sell things you may have a personal attachment to, like a pool table or grill. Some items can be taken to the pawn shop for a quick sale. Or, have a garage sell one weekend to unload multiple items at one time.

• Successful Selling on eBay, About eBay
• How to Have a Garage Sell", About Moving

Adjust your tax withholding

Having extra money withheld from your paycheck so you can get a bigger tax refund is a bad idea when you're struggling to make ends meet. The IRS' website has a tax withholding calculator you can use to tell just how much tax should be taken out of your paychecks. Make sure you're getting enough taxes withheld, otherwise you'll end up owing taxes next April.

Tweak Your Income Tax Withholding, About Financial Planning

Cut out some of your bills

In How to Get Money to Get out of Debt, I list a host of ways you can decrease your monthly expenses. Doing some of those things can give you a quick boost in your income this month.

Look for local emergency hardship programs

You may find some local organizations who will give or loan you money to help you out. Contact your local Department of Human Resources to find out if there are any emergency assistance programs in your area. Local churches and other humanitarian organizations (like the Salvation Army) are also places you can look for help.

Borrow from a friend or family member

I generally shy away from advising people to borrow from friends and relatives. Money and friends/family often don't mix and you can end up with a broken relationship, which can be even worse than owing a payday loan company. Keep that in mind as you consider going to a loved one for money. Be as serious as paying back a friend or family member as you would the bank or business lender.

Take out a small loan from your bank or credit union

If you have a steady income and pretty good credit, you may qualify for a small personal loan from your bank. These definitely have lower interest rates and better terms than a payday loan or check advance.