Payday loans, or payday advances, are typically two-week loans between $100 and $500. A consumer provides a payday lender with a post-dated check and receives cash for the check amount instantly, minus a 15 to 30 percent finance charge. When expressed as an APR (annual percentage rate), this rate can exceed 600% in states where the payday lending industry is unregulated.

Many consumers can’t afford to pay off these loans within two weeks. They either roll over the loan or take out another payday loan to pay off the first one. This can create a cycle of high-interest lending that is nearly impossible to pay back in full.

Before you turn to payday loans to make ends meet, look into these alternatives to payday loans first.

Consult Family and Friends

Ask loved ones if they are willing and able to help out in a tough situation with a short-term loan. Always put these types of loans in writing, specify the time period in which the loan will be repaid and offer to pay interest. This will help ensure trust and reliability. If they’re not able to help financially, they may be able to assist with free child care, sharing meals or other assistance.

Apply for Credit Union Loans

Most credit unions offer short-term loans like Personal Assistance Loans (PALs) or Quick Loans. These are typically unsecured, fixed-rate loans up to $500. Interest rates vary from 12 to 20 percent. Payment terms vary from a few weeks to three months. Credit union loans may include financial education or savings incentive plans. Loans are available to credit union members only. They may require application fees.

Sell Personal Items of Value

Consumers can sell items of value to a pawn shop or host a yard sale. Sell personal items online through eBay or Craigslist. Selling items to make quick cash is one of the effective alternatives to payday loans.

Consult a Banker

Many banks will often assist consumers who inform them of a pending overdraft. They may be able to work out a short term solution on an individual basis with reduced fees.

Get a Second Job

An additional part-time or temporary job may be necessary to cover extra expenses. Consumers with substantial debt may need more funding than a short-term loan can provide. Enlist the help of family and friends to cover childcare costs and chores at home.