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Alternatives to risky payday loans | GoErie.com/Erie Times-News

The holiday shopping season is coming up, and people in search of some quick spending capital might strongly consider taking out a payday loan.

More than 19 million people struggling with their finances take out one of these unsecured personal loans each year without seeing the danger signs pointing to their finances, like insanely high, triple-digit interest rates.

Before funding your post-Black Friday Christmas shopping with a payday loan, look at some other ways to get money fast.

1. Take out a payday alternative loan.

Yes, these actually exist. Veridian Credit Union, for example, offers a payday alternative loan with a maximum loan amount of $1,000 and a six-month repayment term at an interest rate of around 20 percent.

2. Get a cash advance from your credit card.

Again, the interest rates might not be the lowest, but this time, you’re borrowing against your own credit limit.

3. Withdraw from your emergency fund.

If the added interest of using your credit card is too much to deal with, you can always try taking just enough cash from your emergency fund to cover holiday shopping expenses.

4. Ask your employer for an advance.

Your job might permit you a cash advance taken from your next paycheck. It’s not a loan, so you won’t have to deal with interest or repayment because it’s money that you have earned.

5. Sell, pawn or auction off unwanted belongings.

Now’s a better time than ever to sell some of those old things taking up space in your house. It could be anything from a used cell phone, to furniture, vintage clothing, appliances and more.

— from wire reports

Originally posted here:
Alternatives to risky payday loans | GoErie.com/Erie Times-News

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