One of the best and most advisable alternatives to payday loans is credit union loans. These loans were introduced by the leader of the credit union who understood the problems that the debtors used to face due to payday loans. These loans are also like payday loans but at a much lower interest rate and they also give plenty of time to the borrower to pay back the loan. The interest rate of these loans is as low as 12% and thus the borrower gives certain amount of money each month from its salary in order to be able to pay back the loan along with being able to fulfill the basic necessities of its life. The members of this group can borrow a loan up to $500 in a particular month in case they are in need of cash in emergency and thus pay back along with the interest rate when the next payday date arrives.
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