Read our student credit card guide to swot up before you decide if they’re the right path for you
Get a 0% credit card
There are credit cards out there that allow you to borrow money at 0% for up to 24 months (if not longer).
If you’re quite confident that your money troubles are relatively short term and that you’ll be able to make repayments before the 18 months is up, then this is a much better option than a payday loan.
Join a credit union
Traditionally the members of the union live in the same area, perhaps attending the same church or working in a certain industry, but nowadays communities tend to be a lot broader.
The idea is that by cutting out commercial money-lenders, money is kept within the financial community. This keeps rates low and allows those who would normally struggle to get accepted for bank loans to gain access to the support they need.
In order to take out a loan with a credit union, you need to have a ‘common bond’ in other words, have something that links you to the members of the union. This could be a religious link, ancestral or anything that acts as the foundation for a credit union.
There are hundreds of credit unions in the UK, and hundreds of thousands of members, so in theory, you should be able to find one that will accept you!
Ask your parents/friends
No one enjoys going to their parents with money woes, but let’s be honest it’s unlikely they’ll charge 500% interest, and you could do with a helping hand here.
We know asking for help can be difficult, which is why we’ve put together a guide to asking your parents for money.
If you feel comfortable with the idea and the loan isn’t too much, you could also try asking a friend for some help. However, this comes with a disclaimer that you should only try this if you know for certain that you’ll be able to repay your friend before an agreed deadline.
Don’t put your friendship on the line if there’s a chance you can’t repay them being owed money by a friend is just as awkward as owing them money, hence why we’ve got a guide to dealing with it.
Boost your bank balance
Rather than borrowing cash and getting yourself into more debt, why not look for other ways to make some quick cash to cover your costs?
Thanks to the beauty that is the world wide web, there are tonnes of ways you can earn some extra dollar online we’ve listed 40 of our favourite ideas here, but we’ve got a ton of other money making guides on the site too.
Take out a bank loan
Bank loans should be a last resort as interest rates can still be steep, but they’re certainly better value than a payday loan!
However, you may find the bank is reluctant to give you a loan in the first place as whether you’re eligible very much depends on your credit rating.
It’s also true that banks tend not to be so interested in smaller loans (as they won’t make much money off them), so this might not be your best option.
Seek professional advice
If you’re feeling really stuck in that you’ve exhausted every option on this list and still have no money coming in, we have one last suggestion: speak to a professional.
There are so many charities out there with staff who are trained to talk people out of difficult situations just like yours.