If you need money in a hurry then you might feel that your options are very limited and you should go for a payday loan. These loans can be arranged very quickly, even if you have poor credit and as they do no credit check they tend to be able to accept most people. There are other options though and it can be worth thinking about some of those before signing straight up to the payday loan. You may still decide that it is the right choice but at least you will be sure and you will be aware of your alternatives.


If you have a current account then an overdraft could be a solution for you. These will allow you to draw out more money than you have in your current account. You may have arranged an overdraft with the bank and they will have a limit on how much you can borrow. You may not have been able to do that or had that option offered to you but it might still be possible for you to have an unauthorised overdraft which will allow you borrow money with having agreed it with your bank. Overdrafts can be expensive though, particularly unauthorised ones. You will be charged interest and charges. For an authorised overdraft those charges might be monthly but for an unauthorised overdraft they could be daily. This means that the costs can really add up. It is therefore worth finding out how much these costs will be before deciding on using an overdraft. You could find that there are cheaper options.

Credit card

A credit card can be a cheaper option than an overdraft but it depends how long it takes you to pay off the debt. You may also not be able to get a credit card if you have a poor credit record. With a credit card you only have to repay a small minimum amount each month and this generally covers the interest on the debt and just a little bit more. This means that you are left with a big amount still owing which you will pay interest on the following month. You can pay off more or clear the whole debt but obviously you will need the money to be able to afford to do this. Credit cards vary in cost and so you will need to compare them to see which looks like it would offer the best value for money. If you know that you will pay off as much as you can each month, t can be a good option. However, if you know that you will probably spend as much as you can and pay off as little as you can, then it will become a very expensive option. So, make sure that you think about whether this would be a wise option for you.


If you have any savings then it is much better to use these to pay for emergencies than to borrow money. Although you will be missing out on interest form those savings, you will find that the amount you pay in interest and fees on a loan will be much higher. It can often be difficult to part with our savings because we have spent a lot of time accumulating them. However, it is wise to try to distance yourself form emotion and just think about the money that you will save in doing this and that you will be able to build your savings back up in time.

Going without

It is worth making sure that you really need the money. You may feel that it is an emergency that you have to have it. However, make sure that it really is. Think about whether there are any other things that you can go without that you can use the money for towards the emergency instead. It may be that you can go without paying out the money right now, that you can delay or just go without entirely. If it is for a bill, for example, then you might be able to call the supplier and se eif they will allow you to pay a bit later, perhaps after you have been paid. It is worth trying as you have nothing to lose.

Ask a friend

You could always ask a friend of family member if they can help you out with the money. Some people do not mind doing this and are happy to admit to friends and family when they need money. Others though, find it hard as they do not want to let people know that they are struggling. However, there may be people out there that are willing to help you and it could save you a lot of fees compared with borrowing. It can be worth thinking about this option as it could be helpful.