While reading through the site, you may realize that we are big proponents of the payday loan industry. We know they fill a void in the market and we fervently believe they help more people who are otherwise unable to find financial relief anywhere else. However, getting a payday loan today may not be the best solution for you. In what scenarios will it be best to borrow quick cash elsewhere?

1. You Have Pawnable Properties That You Don’t Need

If you have personal items like jewelry or extra appliance that you won’t be using much, taking them down to a pawnshop should prove a better financial option than getting a payday loan right away. Your rates are going to be better than a cash advance since there is collateral involved, allowing you an easier time paying it off.

2. You Have Family or Close Friends That Can Lend You The Quick Cash

If there is family nearby that you can visit to borrow from or even ones residing distantly that can wire you the cash, a payday loan should not even cross your mind. Family and friends should be more flexible with the payment terms and will likely give you the best rate just to help you out. Be careful though - not settling your debt can result in damaged relations.

3. You Have A Credit Card With Remaining Balance

If you have a credit card with usable balance, you can get a cash advance from an ATM instead. While credit card rates are steep, they should be just a little bit lower than a payday loan.

4. You Are Chronically Disorganized Financially And Another Loan Might Get You In Trouble

While a payday loan may be perfect for you if your credit is bad, it can get you in even deeper financial mess if you acquire one with the same disregard that you incurred your other debt. Get counseling and put your affairs in order before reaching out for a payday loan offer.

5. You Don’t Really Need The Extra Money

If you’re going to use a cash advance to pay for unnecessary expenses, think twice. Then think thrice. A payday loan, like any other debt, can have serious financial repercussions and handling them irresponsibly can get you in a bind. While it’s ultimately your decision, maybe it’s better to wait for the next paycheck before putting a down on that $5000 home entertainment system.