Payday loans are the most expensive short-term secured or unsecured cash advance loans available to people with regular paycheck. These loans cost the borrower one-quarter of the total amount being borrowed in processing charges and interest rates paid.

Everyone has an emergency situation every now and then that requires additional money when you just don’t have any to spare, but making a smart decision, compared to an easy decision, could save you lots of cash and grief in the future.

When an emergency arises, most people panic and head to the nearest source with the quickest readily available cash to assist them. Today, that situation can be handled from your own home using your computer or laptop, and a payday loans lending service, but is this the wisest choice?

Of course it isn’t…we all know that payday loans are expensive, but it is less embarrassing telling an online stranger we don’t have enough money to meet our bills or pay for repairs than it is to tell a friend or an employer.

However, understanding that it is not the end of the world because you cannot make your bills is the first step towards choosing “smart” alternative sources for credit. There are ways you can handle this, and believe me, we have all been there at sometime or another, so we understand it, too!

Some of the ways you could do this are:

Ask your employer for a cash advance on your next pay check - if it truly is a emergency and doesn’t happen regularly, most employers are willing to do this, especially if you are a good and trustworthy employee.

Ask a family member or friend for a small loan - put the agreement in writing and make sure you repay it when you say you will. People are understanding but don’t like to feel used.

Take out a cash advance on your credit card - it is just as quick as a payday loan and it costs a lot less money in fees and interest.

Pay a bill late and suck up the late charges - still cheaper than payday loan rates.

Seek debt management assistance - If it happens regularly, get help immediately. These people are great at helping you out of debt.

Start a savings account against rainy day expenses…you want the dollar and the pennies will watch themselves - in other words, putting away as little as one dollar can earn you a few cents in interest, so why not cut out a small luxury and invest in saving for your future.