We all have bad weeks, sometimes even months. Even with the best intentions, you may find yourself strapped for cash, especially when breakdowns begin piling up. New tires leads to discoveries of worn out bushings, and then the very next day brakes go bad. It’s all unrelated, but in a matter of days, you’re having to spend hundreds of dollars. Payday loans and car title loans can help, but many are turning to non-profit organizations for cash loans.
Ask Your Church
Some churches are teaming up with local banks and credit unions to offer borrowers a way to get the cash they need without high fees and interest rates. These programs allow you to pay a set amount each month for a specific period of time. The bank puts its assets up for collateral to help you benefit from the best loan terms. Not every bank offers them, but it doesn’t hurt to ask.
Goodwill
Believe it or not, even the non-profit company Goodwill has started helping people who are in over their heads. Some Goodwill locations are offering cash advance loans with significantly lower interest rates and fees than traditional payday loans. Goodwill partners with area credit unions to help borrowers get out of debt with short-term loans. In addition, financial counseling is offered to help people learn how to better manage their money. These loans, called GoodChoice loans, often have repayment terms of 45 days, so you have a little longer to pay back the money than you do with a payday loan.
Kiva
Many people have heard of GoFundMe, but there is a non-profit organization that allows people from around the world to loan money to those in need. Borrowers must have a reason for needing the money, and then they repay the money they raised. It’s a trending way to get a cash advance without having to pay huge fees and interest rates. Reasons for borrowing money from Kiva lenders range from needing a new tractor for a farming business to being ill and unable to work until your health improves. As long as you have a very valid reason, your case is likely to be posted to Kiva's website.
