Seeking payday alternatives
There are times that we’re under pressure, especially when it comes to borrowing. Money gets short, which puts us in a tight spot. How many days until payday? We might even be counting the hours!

Seeking payday alternatives
“Swipe right for Mr Right” – this whole Tinder swiping thing has become part of our culture these days. On the dating app you swipe left until you see someone who appeals to you, then swipe right on someone you like and to meet your match.
Many of our money decisions should be the same: we should be swiping left most of the time and only going right when it truly works for us.
High-interest loan? Swipe left. Low-interest loan? Swipe right.

Under pressure
There should be no pressure to make a choice. The trick is to be prepared when the time comes.
Unfortunately, there are times that we’re under pressure, especially when it comes to borrowing. Money gets short, which puts us in a tight spot. How many days until payday? We might even be counting the hours!
Payday lenders are not exactly famous for mates’ rates.
It’s not like borrowing $50 from a friend and paying back $50. Instead, predatory lenders will ask for $158 in return! Interest rates can go up to and above 500%.
Tools like Sorted’s debt calculator can help us figure out the true cost of debt (and hopefully help us run for the door when the costs become too frightening).

The microfinance option
Microfinance loans are not exactly alternatives to payday loans, since they’re best used for bigger purchases like cars or whiteware – necessities of life. But it can help us to not use high-interest payday loans for items such as cars, were there are low-cost funds available.
If you’re looking to do the same, see nils.org.nz and stepuploan.org.nz.
Ngā Tangata Microfinance also has no-interest and debt-relief loans on offer – which means more alternatives to payday lenders.
Generally there is a very low awareness that these loans are even available, so we need to spread the word. If you or anyone in your close circle could benefit, don’t hesitate to hook them up. Let’s help people make the best decisions available.

- Kindly provided by Sorted (https://sorted.org.nz/)
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