A payday loan is a short-term loan. You can avail of it if you are in need of immediate cash and you promise to pay back the amount on your next payroll. A payday loan is becoming more and more popular because often, it is hassle-free and you can get the proceeds immediately. Loan processing varies but it is usually between hours and a couple of days. Moreover, when you avail of a payday loan, you are not required to submit countless requirements or fax supporting documents. In short, it is relatively fast, and easy!

However, critics contend that there's more to the simplicity of this fast and easy access to money. On one hand, payday loans could charge high interest rates -- to as high as 1355% (APR), in the UK for example. On another note, as some payday loan lenders are paperless, and they do business online, borrowers need to transfer information (personal information and bank details) over the Internet. Of course, you know the level of security of the Worldwide Web when it comes to this type of information!

With all these, you ask yourself: where can I ever find money when I need it badly? But did you know that there are actually many alternatives for you? Yes, a payday loan is not the only answer to your need for money.

Here are some of these alternatives.

Pawnbrokers. Simply, this is where your gorgeous pieces of jewelry or expensive home appliances can be counted on. You can pawn them and get instant cash. Of course, you need to pay for a minimal interest rate but at least, this is not so burdensome as there are government policies governing this.

Credit Unions. Otherwise known as cooperatives or cooperative financial institutions, these organizations provide financial assistance and credit to its members. Thus, if you are a member of one, you could take advantage of the proceeds of your savings in your cooperative. Most probably, you personally know the administrators and you understand the policies of your credit union so you can trust that you will not be charged with unreasonable interest rates.

Paycheck Advances from Employers. When your budget is really hanging on a balance, then you can seek assistance from your present employer. A large percentage of multinational corporations offer a cash advance benefit to its employees. Take advantage of that. If you're not sure if your company has this benefit, you can always ask your Human Resource Department.

Direct Loans from Family and Friends. Often, this option is not explored because of shame. You feel ashamed and uneasy approaching your family and friends and asking to borrow money from them. This act is tantamount to saying that you are broke and that you have not managed whatever little funds you have.

However, if you are really in dire need of money, then you need to swallow your pride and seek help from them. The best part about this alternative is that you get to save on the interest rates. Most probably, your friends will charge you with very minimal interest rates, or better yet, with no interest fee at all!

So you see, there are still many alternatives to gaining access to money besides applying for a payday loan. You can always choose the option that would not strike your ego and one that would not put so much stress on your pocket.