There are other lending choices available for consumers who need cash, and some of them are more affordable options than the 400% annual interest rate loans charged by these quick cash loan stores. For consumers who can't, or do not care to, transact with payday loan stores, there are alternatives.

Here are a few alternatives to payday loans and their general cost when expressed as an annual interest rate:
 

• Limited borrowing from credit unions. It could be well worth your while to talk to your local credit union to see if they can come to your aid with a minor loan. Rates of interest for short-term credit union loans often amount to less than twenty percent per year, making this option a good deal if it is at your disposal. A few small credit unions are now offering short term, small amount lending for their clients.
• Bank or credit union overdraft fee. Many, if not most, banks now offer overdrawn amount protection, where the financial institution will honor an overdrawn check for sums of up to a certain limit. In the past, writing a personal check for more money than you had in your bank account would result in a bounced check and fees from both your bank and the company to whom you wrote the check. Many banks continue to permit no overdrafts. Modern overdraft protection comes with a fee, which averages twenty five to thirty dollars for each check. For a two hundred dollar overdrawn check, the cost would amount to an interest rate of about 350%, which is comparable to that of a payday loan. The fee charged for overdrafts isn't actually a fee, as it is intended to be a penalty, but if you must do it and you are able to pay, than it functions as a service.
• Cash advance from your company. Asking for such an advance on a paycheck often would probably be a bad idea. Not a lot of corporations are eager to give their employees a loan on a paycheck, but a few may, and it's always worth taking the time to ask. In all likelihood, such a salary loan would have a cost of just about zero, making it a cost effective choice.
• Credit card bill paid late. Late payment on your credit card is not a good alternative to a cash advance, as there are significant consequences. The fees for paying your credit card bill late can run $15-30, which would add up to a two hundred to four hundred percent rate, possibly a better value than a cash advance. You must be aware that a late payment on your charge card debt could also trigger the "default" interest rate, which could cause the rate applied to your credit card account in the future to be as high as 30%.

Before you apply for a high interest source of cash, do research to see if you can find a better deal. Cash advances are occasionally good for occasional, rainy day cash. There are additional choices available that may be better for your needs than these cash advances.