In the past five years payday loans have become enormously popular in the UK. More and more people opt for them every day. However, sometimes they find that such loans are actually not suitable for their needs and their own individual situations. This may be because the high interest rates, because of the short payback period or for some other personal reason. Thus, this article will presents you with some of the alternatives to the payday loan that might satisfy you after all. These alternatives are either in the form of some other loan or in the form of different other actions that you can perform in order to save or earn some money.
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When it comes to the alternative loans, a good option is a Credit Union loan (London Mutual Credit Union). Actually, with some of their loans, their members can take up to £500 pounds a month. This amount is then repaid monthly, of course, with your next paycheck. In fact, every loan is connected to your cash account and five percent is automatically deducted from it and placed in your savings account creating for you a fund ‘for a rainy day’.
Another option that might turn out suitable for you entails loans from small banks. Actually, these banks often offer the same terms such as those of payday loans. However, the difference lies in the smaller interest rate and, not only do they offer a lower interest rate, but they also include no closing fees or costs such as penalties for prepayment.