If you need money really quickly, then there may be more options available to you than you think. It can be easy to feel that a payday loan will be your only option, but it is worth taking a little time to consider what all of your options are as you will find that there is a big different in cost and risk between them.
Before you even start you need to make sure that you definitely need to borrow the money. You may find that you will be able to manage without borrowing. Think about what you are buying with the money and whether you can go without or wait until you save up. If it is a bill you need to pay, then you may be able to delay paying it, but phone the company and explain that you need longer to pay and could they wait a bit longer. Make sure that you do not have any savings or spare money anywhere that you could use to pay for it.
You need to then have a think about possibilities for getting more money. Could you get an advance on your pay that could cover the cost? It is worth talking to your boss to find out. Perhaps you can sell some things and make some money that way or do some freelance work. There are many places online where you can look for small jobs and you get paid very quickly, which could help you raise enough to cover your emergency.
If you have no other choice but borrowing then think hard about the different options here. You could have a credit card you could use, but if you have maxed it out then it could be worth telephoning the company and asking them if they can extend your credit limit. An overdraft could be handy too but an unauthorised overdraft can be extremely expensive and so it could be wise to try to arrange an authorised one or extend the one that you have. You may be able to borrow from friends or family but sometimes this can cause problems between you so you will need to decide whether it could risk there being problems with your relationship otherwise. You may need to consider a loan and these do take time to negotiate. If you have some time, then talk to your bank and other lenders to see whether you can get some money for when you need it, it will depend on how long you can wait as to whether a personal loan, overdraft or credit card could be organised for you but also could depend on your credit record. If you have no luck and you have a poor credit record then you may have to rely on a short term loan. These are something which some people find really helpful and others really dislike. If you really have no other choice then it could be a useful option but they are expensive and carry big penalties if you do not pay them back on time.
All borrowing needs responsibility and it is wise to always consider all of your options and the consequences first. Many people can get themselves into worse financial problems because they borrowed than they were in originally. Make sure that you have a plan for paying back any money you borrow, that you know how much it will cost and that you are sure you will be able to balance your household budget after making those repayments. It will take a bit of time to sit down with some figures, bank statements and online research to figure out the best plan. It can often be tempting to act quickly, because you are in a panic and although this is totally understandable, it means that you could not make the best decision for you. Try to stay calm and analyse the situation rationally making a decision that will not only be best for you in the short term but also in the future as well. If you are not sure then talk it through with someone – a friend or family member could be good. However, if there is no one you feel that you can talk to then you can try free money counselling services which could help you to make the best choice for you.