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Looking for an alternative to a short term loan? Well good for you: researching all of the options available to you will help you make an informed decision to get you back on the right track, financially speaking. Finding a way to pay your debts that will not cost you more money is the choice that most people will opt for when they understand different options that can help them manage their finances. Below is a list of alternatives to those short-term loans that can help you solve or manage your money without placing yourself further in that financial hole.
It is always more advisable to call the company you owe to speak to someone about payment plans. Explaining the situation you are in and showing a willingness to pay really goes a long way. When you are speaking about a plan it is important to know what you can and what you can’t afford to pay.
If it is possible to get an advance on your wages, then take advantage of it. This is money that you are already planning on working for, so if your employer is willing to give it to you for a good reason, then smile and say thank you! With this, you will need to plan ahead for that period of time that you will not receive as much money in your payslip, so making smart decisions is a must in this situation. You also do not want to get into the habit of asking for this, so make sure that you don’t.
If you have a savings account it may be necessary during tight times to rely on this to get you out of tough spots. Once you are able you can replace the money and then you are debt free and a little less stressed out. Make sure that you replace the money back into your savings as soon as you can, it is also important to build up that nest egg as much as possible!
These are examples of options to think about before you pay high-interest rates for a loan that is going to put less money in your pocket in the long run. Getting yourself out of an unpleasant financial situation does not require an unpleasant solution.
Take your time and calmly think about the avenues of money you have access to. Drawing from those assets make sense and will make your life easier. If your assets are not a viable option, make the effort to speak with the company you owe to make a financial arrangement that you will be able to honour. Approaching short term loans direct lenders to borrow money are not always the answer to a long-term solution.