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The So-Called Alternatives to Payday Loans

Critics against sameday payday loans usually provide information about alternatives they believe are better for consumers. But are these alternatives truly as great as they’re portrayed to be?

Talking with your creditors – Mmmm….ever heard of “easier said than done”? Creditors are notoriously hard to talk to when they feel you’re about to request for an extension of your loan. If you’ve never had a creditor politely inform you about your loan’s due date and remind you to pay promptly to avoid legal proceedings then I wanna know where your address is. Is it in Utopia, by any chance?

We ordinary mortals always have it hard talking it to creditors so the suggestion of negotiating a payment schedule with them is very much like a big fat joke. Give me a sameday pay loan anytime.
Credit Cards – Yet another form of debt imprisonment! Whatever temporary financial relief these can provide, a sameday pay loan can easily give you also.

But there’s just this wee bit difference – a sameday pay loan doesn’t care about your bad credit reputation. Do you think credit card companies can say the same when they’re usually the reason behind your checkered credit history?

Advances from employers – Dare we say the ever sarcastic “hello”? What made them think that this didn’t occur to the people taking sameday pay loans in the first place? It’s actually what primarily pushes most people into applying for sameday pay loans: their employers didn’t let them have a cash advance of their paychecks in spite of the fact that they’re experiencing a serious emergency.

Credit Unions – Again, let me reiterate this with feeling: easier said than done. If only life were that easy then there would be no need to apply for sameday pay loans. But it isn’t and the requirements posted by credit unions on those planning to join are very stringent.

Overdraft protection – this is actually one of the best alternatives I’ve come across with. Sameday payday loans are sometimes used to cover bouncing checks. To eradicate the need for sameday pay loans, you can apply for overdraft protection. But of course, this may occur to you when it’s just too late. You’ve already a check bouncing and ready to explode – do you think you still have time to go for overdraft protection when the damage’s been already done? Well that’s when you once again need a sameday payday loan.

Although the critics may be well-meaning in their efforts to provide consumers with alternatives to sameday pay loans, it would’ve been better if most of their advices are sensible too.

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