- Borrow from a credit union or other small loan lender. Be sure you understand all the fees and terms before you sign.
- Put off the expense until you have the money. For example, if you need money to repair your car, find other transportation until you have the funds to fix the car.
- Request overtime or secure a part-time job to cover the unexpected expense.
- Contact your creditor and ask for more time to pay or a repayment plan.
- Use your credit card or obtain one if you do not currently have one. Even if you have to get a cash advance, it will be much less expensive than a payday loan.
If none of those options are available, a payday loan may be appropriate. Prior to seeking a payday loan, you should always educate yourself regarding what it means to have a payday loan and what your obligations will be. The resources below are a great starting point.
- Consumer Federation of America – Payday Loans
- Great resources on state specific regulations
- Consumer Financial Protection Bureau
- Government agency that provides information and complaint service for consumers
- National Consumer Law Center
- Nonprofit agency focusing on consumer rights issues
- Colorado Office of the Attorney General
- Regulator for Payday lenders in Colorado