The 2nd element of understanding loan that is paydayвЂ™ situations is always to realize that the options offered to borrowers might be more costly than payday advances. 125 the essential extreme substitute for payday advances is that loan shark, 126 but much less extreme options such as for example using credit cards over its restriction or bouncing a check additionally can be higher priced when compared to a pay day loan. 127 Elliehausen discovered that pawn shops and title that is automobile were generally speaking perhaps maybe maybe not considered viable substitutes for an online payday loan, 128 and they are sometimes at the mercy of greater rate of interest caps than payday loan providers. 129 charge cards will also be frequently unavailable. 130 even when a pay day loan debtor has credit cards, there clearly was a high chance that she or he will meet or exceed the borrowing limit if the card can be used to meet obligations which could otherwise be happy with a cash advance. 131 The Federal Reserve discovered the overage charges linked with credit cards may be somewhat more than using down an online payday loan.