We’ve heard this before
June 14, 2010 | Arizona, alternatives, industry | Comments (1)These are the “alternatives” recommended to people after payday lending ends in Arizona:
• Consult family and friends — Ask loved ones if they are willing and able to help out in a tough situation with a short-term loan. Always put these types of loans in writing, specify the time period in which the loan will be repaid and offer to pay interest. This will help ensure trust and reliability.
• Apply for Credit Union Loans — Most credit unions offer short-term loans like Personal Assistance Loans or Quick Loans. These are typically unsecured, fixed-rate loans up to $500. Interest rates vary from 12 to 20 percent.
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• Seek Social Service or Government Assistance — Check out Govbenfits.gov. It offers information on more than 1,000 benefit and assistance programs. Visitors can complete a free, confidential questionnaire to find out which local benefits they are eligible to receive. Consumers in need can also find free assistance at food banks, churches and charitable social service organizations.
*Sell Personal Items of Value — Consumers can sell items of value to a pawn shop or host a yard sale. Personal items can also be sold online through eBay or craigslist. When selling online, be sure to thoroughly review security guidelines.
So why not let payday loans compete with these options?
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They always leave out the realistic ones…
- Don’t go to the doctor. Forget that prescription. You’ll probably get better on your own anyway.
- Hitchhike to work for a while. What could go wrong?
- Don’t pay your rent. Landlords don’t mind extending credit. Really.
- Shoplift something to sell or pawn. Upscale department stores have the best stuff.
- Write a bad check. The bank won’t mind waiving the NSF fees when you get caught up…
A little creativity goes a long way.