Alternatives available to the consumer

Payday loans are infamous for their extremely high interest; the average payday loan borrower pays almost $800 in fees on a loan of just $325. When emergencies come up, the payday loan may seem like a good way to get cash, but there are less-expensive alternatives to payday loans available. Once you get in the cycle of payday loans, it can be costly and hard to stop. Use any of these alternatives to remain out of debt.

*Ask creditors for an extension. When you know ahead of time that you won't be able to make a payment, let your creditor know. Most will allow for an extension without late fees or adverse credit effects, and it can't hurt to do the same for other bills such as phone and utilities.

*Pick up extra hours at work, if your employer allows. Side jobs are a good idea too; if you have an in-demand skill or hobby, sell it!

*Ask at work for a payday advance. This is essentially the same as a payday loan, but minus the exorbitant fees. Talk to your employer's HR department about an advance; keep in mind that it will lower the amount of your next check. It may even be possible to spread the repayment over the next few pay periods, so the impact is lessened.

*Pawn or sell things you don't need. You can use Craigslist or eBay to do this, or have a garage sale on the weekend.

*Make sure that your pay withholdings are accurate. Having a higher withholding may mean a bigger tax refund, but it can be hard when you are struggling.

*Eliminate some of your bills.

*Search for hardship programs. You may be able to find a local organization that will either give or lend you the money you need. Contact the Department of Human Services in your area to find out about any available programs; local humanitarian organizations and churches may also offer help.