Alternatives to payday loans

Before taking out a payday loan, consider alternatives. Alternatives such as emergency savings, paying with a credit card, or borrowing from friends and family may be a less expensive and safer option than taking on additional expensive debt. Taking out a payday loan when you are in a financially difficult situation increases your risk of not being in a position to pay it back, and falling into a debt trap.

Some other options to consider include:

    • Negotiating with your creditors
    • Talking to your financial institution about overdraft protection, a small personal loan or line of credit
    • Paying with your credit card or taking a cash advance on your credit card
    • Using emergency savings
    • Asking for a pay advance from your employer or working extra hours if available


In this section:

Downloadable Resources

Cost of Payday Loans
Cancellation Rights


How do payday loans work?
What are the rules for payday lenders?
What does a payday loan cost?
Can a payday lender do that?

2017 © Financial and Consumer Services Commission