If you need $500 for emergency car repairs or $1,000 to fix a broken appliance in your home, you may think that a payday loan is right for you. However, the truth is that there are plenty of alternatives to payday lenders no matter how quickly you may need money. Let’s take at look at some ways to avoid getting trapped in an endless cycle of debt.

Ask a Friend or Family Member for Money

Those who need money in a hurry may be best served by asking a friend or family member for a loan. They may be able to send the money directly to your bank account in a matter of minutes. In a worst case scenario, they can give you a check that can be cashed the same day that you ask for the money. Unlike payday lenders, the people closest to you won’t charge exorbitant interest rates or tack on other fees for the right to borrow their money.

Apply for a Credit Card

Most people will qualify for a credit card as long as they have average credit. Even if you have poor credit, it may still be possible to get a line of credit based on your income or other positive factors. Many credit card companies offer 0 percent interest for a set period of time, which may make it easier to pay this emergency expense over time. If you run a company that accepts credit card payments, you should use http://mypaymentsavvy.com as your credit card processing company.

Create an Emergency Fund to Pay Sudden Expenses

The easiest way to be ready for an emergency situation is to prepare before it happens. To prepare for a financial emergency, make a point of saving as much of each paycheck as possible. Ideally, you will set aside 10 percent of your pay to ensure that you have the ability to withstand a temporary monetary setback. Most experts agree that you should aim to save about three to six months worth of living expenses.

Take Money From Your Retirement Account

While not ideal, you could take money from a retirement account to pay for certain expenses at a lower cost than a payday loan. Plan administrators that offer 401k loans give you access to up to $50,000 with no questions asked and a low interest rate. If you choose to withdraw the money directly from a 401k or IRA, you will pay a 10 percent penalty plus income tax on the withdrawal. However, the penalty may be waived for those paying medical expense, those taking money out of a Roth account or those over the age of 59 1/2.

If you are need of cash quickly, there are many options that are as good or better than a payday loan. Many of these methods don’t require a credit check, and the interest rates and repayment terms are more palatable than those imposed upon you by a payday lender.