You may be in the need of some quick cash for any use whatsoever. The needs may range from paying of some kind of bills or just to pay for a personal retreat. As it has been established before, payday loans are not an option if you want to avoid being stuck in a debt trap.

This is why you should look for payday loan alternatives at community banks. Community banks are not for profit organisations which provide you with loans with low interest rates. They provide you with monetary benefit through different means like through some kind of payday loan alternatives, long term loans as well as short term loans. Through these means, a community bank may help you to get out of debt by providing an option which is not a payday loan.

Unsecured ‘First Step’ Loan Program By Webster Five (Webster, Massachusetts)

If you live in Webster, Massachusetts then the Webster Five, the community bank of central massachusetts may have a good solution for customers who have a bad credit history. You can use the loan amount for any kind of personal expenses and you can use it to pay your bills. The loan amount varies from three hundred dollars to a thousand dollars. The first step loan program form Webster Five community bank has a fixed tenure as well as extended contract underwriting considerations in case you are unable to pay back the loan amount in the time provided to you.

The best part of the Webster five community bank’s first step loan program is that you get the money to do whatever you want and on the same time you can also build up your credit limit for future loans from banks or other financial entities. If you are not a resident of Webster, you don’t need to worry as Webster five also has branches in other cities in Massachusetts like Dudley, Oxford, Auburn as well as Worcester and Shrewsbury.

Ready Cash – ABC Bank (Chicago, Illinois)

ABC Bank which is a community bank based in Chicago, Illinois offers a service called Bank at Work service. This service provides the Ready Cash credit line which is an unsecured credit line which can be seen as a good alternative to payday loans. These credit lines offer fixed as well as low rates of interest for loans in two amount ranges. The first range of loan ranges from three hundred dollars to a thousand dollars and the second tier ranges from a thousand dollars to ten thousand dollars. Once you pay the amount for the previous loan, the amount that was previously given to you becomes available again for you to withdraw and you don’t even need to apply for a new loan. ABC Bank also has its branches in other cities of Illinois like Bensenville.

Creditplus – Bankplus (Belzoni, Mississippi)


CreditPlus at BankPlus community bank based out of Belzoni, Mississippi is a transient advance planned as a payday advance elective that causes you create solid investment funds propensities and break out of the obligation cycle. You’ll get low financing costs, and a most extreme advance measure of a thousand dollars with a FICO rating of 550 or higher ($500 for FICO assessments beneath 550). You should total a three-hour budgetary proficiency course led by BankPlus before taking out the advance. Half of the complete advance sum will be kept into your financial records, and the other half will go into your investment funds and will be put on hold until the advance credit is satisfied. BankPlus has more than 60 workplaces in 33 Mississippi people group.

The Affordable Smart Dollar Loan Program – Bankfive (Fall River, Massachusetts)

BankFive continued the Federal Deposit Insurance Corporation’s Smart Dollar Loan test case program after it finished. The Affordable Smart Dollar Loan Program by the Bankfive community bank based out of Fall River, Massachusetts encourages you improve your credit and your funds. You get a low, fixed financing cost, no prepayment punishments, and terms as long as three years. BankFive has 13 branches in Massachusetts and Rhode Island.

Credit Builder Loan Program – The Equitable Bank (Wauwatosa, Wisconsin)

The Equitable Bank is a community bank based out of Wauwatosa, Wisconsin which provides its Credit Builder Loan Program as a transient advance for individuals with no credit or individuals who have had credit issues before. The bank will report the installment history to the credit authority, which will enable you to move towards positive credit. Advance sums are accessible from $500, and the bank will enable you to make sense of the amount you can pay every month. The Equitable Bank has branches in other cities in Wisconsin other than Wauwatosa like Whitefish Bay, West Allis, Greenfield, Hales Corners, Cedarburg, Waterford as well as Delafield in Wisconsin.

Conclusion

These were some of the most popular alternatives to payday loans at community banks. Community banks are safer than payday loan lender as they are not for profit organizations that seek to help you instead of making a profit out of your debt. Most of the community banks mentioned here help you to improve your credit score along with giving you a cash advance which will help you to stay out of bad credit. These are some of the reasons why you should go for payday loans alternatives at community banks instead of going for a direct payday loan from your local payday loans lender.