What To Do If Your Payday Advance Is Declined

It doesn't happen often but there are some reasons why you might be declined for a payday advance. However, it isn't the end of the world. In this article we'll highlight some other ways to get money in an emergency.

Personal Loans And Payday Advance Loans

Some people realise that payday advance loans are short term solutions and usually personal loans take longer to pay back and are for larger sums of money. Therefore, they choose payday advance loans instead.

Payday Advance loans aren't good for people who are self-employed, work part-time, or aren't permanent residents in the UK. That doesn't necessarily apply to all loan products. It's worth shopping around and seeing what other options are available on the loan market if you're turned down for a payday advance product.

Tenant Loans

Tenant loans are a form of personal loan, but they're not secured on a house.

Instead you sign documents promising to meet payments and this is known as 'un-secured' personal loan. A few good searches online and you should find some loans suitable for tenants. Then all you need to do is find a company that will let you borrow a small amount on a short term basis and you have a 'do-it-yourself' payday advance.

Overdrafts

If you already have an overdraft you could ask for a limit increase. Go in to your branch and tell the advisor your financial situation. Explain your emergency expense and assure them that it will be paid back on payday. They should believe you because they can see how often you get paid and how much salary you get.

Credit Cards Are Like Payday Advance Loans

Getting another credit card is hard these days with half of all applications turned down, but if you have a good credit rating, why not try? Just because a Payday Advance isn't suitable for you doesn't mean a credit card isn't.

A credit card can act a little like a payday advance if you pay off the whole balance every month. If you don't, however, it soon mounts up, so be careful.

Friends And Family

Your family and friends are another source of money, but 'family politics' can be involved in this so don't take it too lightly. If it's a business transaction, treat it like one and tell your 'family lender' you've arranged for the loan amount to come straight out of your account on payday to go into theirs.

Then set up a transfer, most online banking accounts will let you do that, otherwise you can do it over the phone. It should ease your mind and your friends or families mind too.

Bankruptcy

If you're feeling crushed under too much debt, declaring yourself bankrupt might be your only way out of the money-pit. However, seek proper advice first from someone like these guys, http://www.cccs.co.uk/. The Credit Counselling Service is a charity set up to help people who are struggling with debt.

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