If you happen to need financial assistance and you are thinking of getting a payday loan, it is better if you first check whether there are other options you can consider. Why? This is because a payday loan can prove to be problematic in the end. One of the big challenges of this loan is that you have to do a single payment when repaying it. This is often troublesome if you don't have the full amount. Thus, instead of affecting your credit record by failing to repay on time, you would rather think of alternatives to a payday loan.

Borrowing From a Family Member or a Friend

If you can get help from a member of your family or a friend, it is a viable alternative to a payday loan. In fact, this is the cheapest alternative you have to a payday loan. You won't have to pay any interest and the mode of repayment is flexible. You just need to agree on when you will be able to repay the amount borrowed. The only disadvantage with this option is that if you fail to repay as agreed, you can damage your relationship with the lender. However, it is a great alternative you can consider.

Short Term Loan

A short term loan is another feasible alternative to a payday loan. Unlike payday loans, short term loans give you a flexible amount of time to repay. The repayment period can be spread out across several months, thus giving you an opportunity to pay back without much stress. Also, you don't need to pay in a single amount. You pay in instalments, which is more convenient to a single payment. With a short term loan, you have the liberty of planning on how best you will repay the loan amount. Of great importance still, the risk of affecting your credit record is lesser with a short term loan compared to a payday loan.

Guaranteed Loans

Guaranteed loans are also a workable alternative to payday loans. It is possible for you to borrow money but, for some reason, fail to pay back. Or maybe you don't qualify for a loan because of a bad credit record. This is where guaranteed loans come in. If you have a friend or a family member who can act as a guarantor in case you fail to repay your loan, you can apply for guaranteed loans. Instead of applying for a payday loan and you know very well that paying back will be a challenge, it's prudent for you to opt for a guaranteed loan. You can consider this as a good alternative to a payday loan.

Easy Apply for a Loan at NowLoan

NowLoan offers you the opportunity to apply for loans to help you out if you are financially stuck. Having seen that short term loans are a viable alternative to payday loans, you can go ahead and apply for a short term loan at NowLoan. The application process is easy, safe, and secure. Once you apply, you will be connected to possible lenders who will be ready to give you the loan amount you want. All you have to do is to visit NowLoan's website, apply for your loan request, and get the financial boost you need.