You need money, and you need it now. You don’t have time to submit eight pounds of paperwork to the bank. And you don’t have good enough credit for Visa or American Express to send you a card. And science still hasn’t invented a money tree in your back yard. So what are your options? Most people think payday loans, simply because they are so fast. But we all know this kind of borrowing is risky – you can end up owing several times the original amount. But what are the loan alternatives?

Realistically, you don’t have a lot of choices in this situation. Let’s look at the payday loan alternatives and break down the pros and cons of how to legally put cash in your hand ASAP.


Payday Loan Alternatives


Car Title Loan

Title lenders loan money based on the value of your vehicle, but allow you to keep the car. Securing the loan with your title usually allows for larger loans than other lenders.

Pros: Fast response time, larger loans

Cons: High interest rates. If you miss too many payments, the loan company can take your car.


Borrow from Friends or Family

If you have a rich uncle or a best buddy with a trust fund this may the answer to all your problems. In most cases, your close friends and relatives will be open to loaning you small amounts of money. Unless you’ve done it before. It’s a well you cannot draw from too many times.

Pros: Little or no interest, can be a big help in an emergency

Cons: Money has destroyed many a friendship, so be very careful about paying it back quickly.



Crowd funding is no longer just for small businesses. Thanks to this website, anyone in financial need can post and promote their own fund. For car repairs, medical bills, even paying for college, GoFundMe allows you to solicit donations from the entire internet.

Pros: You don’t have to repay the money. It’s free to sign up.

Cons: You have to wait for those donations to roll in, which could take a while. You have to promote the fund yourself, which can be a lot of work.


Win the Lottery

It only costs a buck to play! And you probably won’t win, but bow howdy if you do your troubles are over!

Pros: Let’s be real – this is a joke answer, there are no Pros to playing the lottery, except for that a portion of the money you wasted will go to public schools.

Cons: Chances of winning are statistically insignificant.


Sell Stuff

Do you have anything worth money? Then host a yard sale or a garage sale. Take your heirlooms to a pawn shop. Or even sell plasma. Results may vary.

Pros: You can do it all yourself. You keep all the money you get. There is no one to repay.

Cons: You probably won’t make as much as you think you will. You will have a lot less stuff afterward.


Installment Loans

A true loan alternative to payday lenders, these loans have fixed rates, and a set repayment schedule. Online borrowing makes the application process quick and easy, with turnaround time on money as fast as payday loans without taking as much risk.

Pros: Stability. Fast response time. Available online.

Cons: Higher interest rates.


The days of payday loans being your only loan alternative to banks and credit unions are long behind us. People in need have more options than ever before. But remember to always do your research and understand the risks associated with borrowing.

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