Options for Car Repair Loans

If you live on a tight budget, there are few things more disastrous than having your car break down. Car repairs can be frightfully expensive, and it’s not something you can afford to put off. Without a car you can’t go to work, can’t buy groceries, can’t pick your kids up from school. Rental cars cost you by the day, so the sooner your own car is fixed, the better all around it is for you. But if you don’t have the cash on hand to pay the necessary repairs, then you’re in trouble.

First, you could put it on your credit card. If you have sufficient credit, then that might be best your option. However, not everyone has credit cards, or your card may be too close to its maximum for you to pay for the whole of the repairs.

You could apply for a loan, but loans through banks take time . Unless you are a member of a bank or credit union willing to approve you within a couple of days, then you’re not in any better shape than you were to begin with. You also may be forced to borrow a larger amount than you really want to, because banks don’t make loans of only a few hundred dollars. Which leaves you with the option of a payday loan from top lenders . Payday loans have minimum qualification requirements and are very quickly processed. You can have up to $1500 in cash within an hour or two—provided, however, that you are able to pay it back within two weeks. That could give you time to arrange for a longer-term loan or to simply cash your next paycheck. The interest rate is higher for payday loans, but because you pay them back quickly they actually turn out to cost less than a long term loan.