You might not be able to get a traditional bank loan to meet your quick-cash needs, but some of these methods to stretch your finances to the next payday might work better than a payday loan.
1. Use a credit card
If you have a credit card that’s not maxed out, you could use it to charge your expenses. Not only will your interest rate likely be lower than that of a payday loan, but you’ll have 30 payday loans in Hamilton OH days to pay the credit card balance before it incurs interest. If you can pay the money back by your next payday, a credit card could be a cheaper option.
It’s possible to get a personal loan with less than perfect credit, but it will cost you. The lower your credit score is, the higher your interest rate and fees with a personal loan will be, or you might not be approved at all. Depending on your credit profile, the fees and interest with a personal loan may be so high that a personal loan may not make sense for you.
Some online lenders, such as LendingClub, have loans for as low as $1,000 to $2,000. Avant requires a minimum credit score of 580 FICO with an estimated APR that ranges from 9.95 percent to percent – significantly lower than the estimated 400 percent that you’d be facing on a payday loan.
With many lenders, you can check your personal loan rates online without impacting your credit score.