To get the payday loans $7.4 billion is spent by 12 million people of USA. The average amount taken as payday loan is $345. While only 14% can repay the loan, 41% need cash injections for the same. Also, the amount to be repaid can go up to $520 in 5 months. There are many alternatives to avoid payday loans and opt for other inexpensive options. There are companies like BillFloat that offer immediate cash and arranges for auto repayment from the bank account as monthly installments. You can also choose the small personal loans offered by the credit unions. Though you are required to submit proof of income and your credit score should be higher, the interest rates are much lower than the payday loans.
You can also get the payday loans from your employers and arrange for paying back in several installments. You can also speak to your debtors and get time to pay the bills. You need not be scared as they most of the times can help you. You can increase your income by using your hobbies. You can also sell all the unwanted stuff at home through the online sites and make money to settle the debts.