Payday Loans: Other Places to Turn to for Fast Cash

Payday loans can wreak havoc on a person's financial life. These loans carry sky-high APRs and the penalties for late or missed payments can be extreme. Many consumers, who turned to payday lenders in a time of need, later find themselves worse off than when they started. In this series, WalletPop takes a look at the payday lending industry and some of its players: those who dole out the loans, the regulators who try to rein them in and the people who desperately take out these loans hoping for some relief. This is the third installment of our payday lending series. You can read the first part of this series here

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For people with bad credit, it often seems as if a payday lender is the only place to turn to for fast access to cash. In the past, if you truly wanted or needed a few hundred dollars in a hurry, and didn't have the credit record to convince a bank or credit union that you deserved a loan, there were few alternatives.

Luckily, things are starting to change. Here are some of the alternatives to payday loans that don't require you to shake down your grandmother in order to afford paying them off. Just keep in mind that because there is an alternative doesn't mean it's a good alternative. Be sure to read the fine print in any lending agreement before you sign.