If you have a poor credit profile and are facing a situation where you need to obtain funds quickly, your options may be limited. You are unlikely to achieve approval for a conventional bank loan, especially if your income is limited. As a result, you may be tempted to pursue quick loans from payday loan companies.

However, if your situation is truly dire, you may qualify for assistance from one or more government scheme. If not, by thinking outside the box, you can almost certainly find alternatives to payday lenders for quick loans that represent less of a threat to your financial well being. The loan sources listed below may serve as resources for one-off quick loans. On the other hand, if you find yourself regularly seeking sources for quick loans, you should re-evaluate your spending habits. You may need to cut back on your spending, figure out a way to boost your income - or both.

Loans From Friends and Family

You may hesitate to borrow from friends or family members because of the possible risk of causing a rift in your relationship. However, if the amount that you need is reasonably small, friends and family can provide a legitimate source of quick loans. Draw up an informal agreement and do everything in your power to repay the loan as quickly as possible. If circumstances beyond your control prevent you from repaying the loan as planned, come clean with your friend or family member, and work out alternate terms for repaying the loan whenever you are able.

Credit Card Cash Advances

If you need the money to pay day-to-day expenses, try purchasing the items you need with credit cards instead. While living off credit cards is not ideal, interest rates charged for transactions is far lower than those for cash advances. However, if you need hard cash and you have no other means of obtaining money, cash advances from credit cards are preferable sources for quick loans than payday loans. If you do opt for a credit card cash advance, borrow what you need in a single transaction if possible, because credit card companies typically impose hefty charges on each transaction.

Credit Union Loans

Local credit unions are a good source for quick loans. Interest rates for credit union loans are much lower than those for payday loans, and credit unions are often more lenient with credit than conventional banks. You must be a member in good standing; however, it is likely that you are eligible for membership in at least one credit union in your area.

Bank Overdraft

If you have funds available, you may tap into your bank overdraft as a source of quick loans. If you opt to draw from your overdraft, never go over your pre-arranged limit. Otherwise you will encounter fees that nearly rival those of payday loans. You should also repay the overdraft as soon as you are able.

Whole of Life Insurance Policies

If you have been paying premiums for a whole of life insurance policy, you might have accumulated a tidy sum that is available for you to borrow against. Ordinarily, drawing funds out of your life insurance policy is not a good idea, especially if you intend to use those funds to finance your retirement. However, if you are desperate, withdrawing funds from a whole life insurance policy is preferable to obtaining a payday loan.

Pawnshops

Did Great-Uncle Frederick leave you a valuable pocket watch? If so, you may be able to obtain the funds you need from a pawn shop. Bear in mind that pawn shops will only allow you to borrow a fraction of the value of the items that you offer as collateral. If you have any doubts about your ability to repay, think twice before opting for a pawn shop loan. If you default on repayment, the pawn shop will confiscate Uncle Fred's watch.

Payday Loans

If you are absolutely at the end of your financial rope, payday loans may indeed represent your only alternative for quick loans. If so, look for a lender that is registered with the Office of Fair Trading. Seek out a loan with a repayment period of at least 30 days and borrow as little as possible. Do everything in your power to repay the loan in full on your first repayment due day. Rollovers can quickly cause a modest payday loan to escalate into an amount that you will find nearly impossible to repay.