Payday loans are quick advances lent for the purpose of covering people who may fall short from week to week on their payments and consequently require some form of advance in order to meet their payments.

As a result of payday loans fast availability they generally come at a very high cost (high interest rates).

As a consumer you have a right under the Truth in Lending Act to full disclosure of the costs associated with borrowing cash from these types of lenders.

There are a number of other alternatives:-

• Be sure to check out the rates different shops are offering, make sure you get the cheapest rate as you will be paying a premium anyway.
• If you do elect to use a payday loan do NOT over-extend yourself. In other words, do NOT borrow more than you can reasonably pay back with your next pay. Remember than when it comes time to pay back your loan you will also need to have some money remaining to cover your costs for that week also.
• Request that billers grant you a gratis extension, allowing you time to raise funds for your payments.
• Budget. Set yourself weekly plans and work out your expenditures trying to cut out miscellaneous costs., even the smallest things add up quickly.
• Try to put aside a little bit each week, accumulating yourself some savings.
• If necessary seek help with a debt financier who may suggest that you set up a debt repayment plan.