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When financial stresses become overwhelming and you’re not sure where to turn, make sure you don’t fall for the fast, easy credit promised by unscrupulous lenders of pay day loans.

Desperation all too often leads people to overlook the huge interest rates and fees attached to the relatively small amount of money that will get you out of immediate trouble. That loan to ‘see me through to payday’ will start a frightening cycle of debt that is very difficult to extricate yourself from.

We at Scotland’s Trust Deed would urge you to contact us for free, non-judgemental advice about your financial problems. We will guide you towards solutions that will safely and responsibly help you out of debt.

Borrowing money in a panic and falling into the grasping hands of pay-day lenders isn’t necessary, no matter how desperate you may be feeling. This guide to the alternatives to the pay-day loan trap should help you think much more clearly about your situation and your options for solving it.

Cancel non-essential direct debit payments

Home, car, utility and council tax payments are vital to maintain. Gym, magazine subscriptions and clubs should be sacrificed until you get back onto more solid financial footing.

Sell things!

Unwanted gifts, toys and books your children have grown out of, the still-tagged clothes you’re never going to wear … sell them on Gumtree, eBay, at car boots, on Facebook selling pages. The cash you make could be just what you need to bridge the gap to your next pay day.

Credit cards

This option isn’t ideal. Borrowing with interest attached to fund everyday living should be avoided where possible. However, a credit card will give you much lower interest rates than the dreaded pay day loans.

Ask friends and family for help

This is a difficult one, you must tread carefully. However, most people close to you would rather loan the money needed for a short period than have you take out any pay day loans, especially if they understand the implications.

It’s hard to admit to financial difficulties but talking to the people around you about it will be a huge help, support and source of understanding. Obviously paying the lender back in a timely fashion must be a top priority if the relationship is to be maintained.

Ask for a loan from a Credit Union

Credit Unions are local organisations that offer its members loans with low interest rates. They have an old-fashioned image but are a fantastic option and are many times better than pay-day loans. Google ‘local credit union’ to find your nearest.

Apply for a budgeting loan

For individuals who receive particular benefits there is the possibility of being eligible for a budgeting loan. Your council is the place to go for advice on this but most will loan residents money to clear certain debts, cover the cost of a house move and provide essential furniture and clothing.

Scotland’s Trust Deed advise you to explore every avenue of financial help before even considering pay day loans. Remember that bridging a gap between one pay day to the next by borrowing money with a high interest rate can only lead to financial trouble.

Concentrate your attention on fixing the issues leading to any regular end of month financial desperation. Look at your spending, how to earn more cash and adjust your budgets and speak with the helpful team of debt advisors at Scotland’s Trust Deed.