4. Try to get a loan from a bank or credit union

You may think a bank or credit union will not lend you money. But the only way to find out is by asking them. Just because they did not give you a loan in the past, it doesn't mean they won't give you one now.

Though you may still have money problems, your situation this time might have changed and you may be able to get a loan. If you now have a regular income, a bank may lend you money.

A bank or credit union may also lend you money if you get a co-signer or guarantor. See if you can ask a relative of friend to co-sign.

Getting a loan from a bank or a credit union can be better than getting a payday loan in many ways. For example, when you borrow from a bank or credit union:

• You pay a lower interest rate. Banks and credit unions charge interest rates that can be more than 20 times less than the rate you pay for a payday loan.
• You can get more time to repay the loan. Payday loans must usually be repaid within 14 to 28 days. The longest you will get a payday loan is for 62 days. Banks and credit unions can lend you money for much longer.
• You may be able to borrow more money. The most you will be able to borrow in a payday loan is $1,500. And payday lenders cannot give you more than 50% of your net monthly pay per loan.