Alternatives to Payday Loans

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Alternatives to Payday Loans: Other options can ease your financial pressures. Many universities accept fees in installments. This is despite claims to the contrary on their websites or prospectus.

Talk to your student adviser or other officer and inform them you are unable to pay your fees on time. Ask if there is anyway the University can assist you.

Some universities have emergency funds set aside: even for international student’s maintenance!

They also have trust funds and grants that can be used to meet part of your tuition obligations. These are not disclosed in websites or prospectuses to avoid a flood of applicants.

You will be shocked what you can discover if you talk to your adviser and show genuine difficulty. However, do not expect to survive on these funds in the long term.

Consider other possibilities before choosing a payday loan:

  • When you absolutely must get some form of credit, shop carefully and compare offers. Look for the credit offer with the lowest APR. Consider a small loan from family or friends.

  • Cash advance on a credit card is a better option than a payday loan. However, it may have a higher interest rate than your other sources of funds.

  • You can also call up your credit card company and ask for an increase in credit limit. Most companies will oblige if six months have elapsed since your last increase. Others can increase the limit temporarily to enable you meet an emergency.
  • Ask your landlord, utilities companies etc., for more time to pay your bills. They may impose a late charge, an additional finance charge or a higher interest rate.

  • Make a realistic budget of your monthly and daily expenditures. Avoid unnecessary purchases - even small daily items. Their costs soon add up massively.

  • Build some savings. Small savings can buffer against financial emergencies and help you meet unexpected expenses.

  • In US, credit unions give favorable credit terms than banks.

  • In UK, student accounts will normally have an interest free overdraft. You can request an increase in your overdraft limit.

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