It is frustrating when your car breaks down. We are so dependent on our cars. We use them to go to work, take the kids to school and grocery shopping. It is possible to take public transportation to work. It is also possible to form a car pool with other parents. But trying to do a week’s worth of shopping and take it home on public transportation is impossible.
Locating an honest mechanic can also be a problem. It is best to rely on a referral from a friend. Yelp can help. Often satisfied customers will write a review on the business. Also, dissatisfied customers will air their experiences on the site.
Paying for car repairs is also difficult. Labor for car repairs help for low income family is expensive. You will need to use your savings or get a loan to cover the cost. There are two types of loans that can be used for car repairs. They are payday or installment car repair loans. They provide quick approval and lightening fast funding. Payday loans are available for up to $1000. Installment loans lend from $1000 to $50,000, with $35,000 commonly advertised. Payday loans are due on your next pay period, it is a very short term loan. Installment loans, have low interest rate payments and are paid over time, often one to five years.
Since you are working, your paycheck can get you the cash you need with a quick approval. Bad credit is no problem for these companies. Your job makes it all possible.
Most loan providers are referring you to various lenders. They don’t lend money, but do take a commission when the lender accepts you as a client. Many lenders have determined that your paycheck is enough of an asset to feel confident in lending you the cash.
Payday loans and Installment loans are unsecured loans. They are not based on an asset, like a car or a house, that the lender can repossess. To reduce their risk, installment loan providers have several requirements that give them the confidence that you will pay them back. They are: you must work full time; earn at least $1500 per month; arrange direct deposit with your bank; and be over the age of 18 years.
How to get Car Repair Financial Help
Since installment loans have a direct deposit requirement, they can help repair your credit. They deduct your payment monthly from your account. This is a painless way to improve your credit. It is automatic and you don’t really need to think about it.
There are many such companies offering payday and installment loans and an online company won’t have the overhead costs that a storefront loan provider will have. Online companies are in a position to charge less. It is a good idea to shop around and compare interest rates. We understand, that with car repairs, you may not have the luxury of time. So when you need money now, it can make sense to go with an online payday loan company to get you your cash fast.
A payday loan is based on your paycheck. Payday loans are created as same-day cash loans and presented as a loan until you receive your next paycheck. The borrower gives the lender a check for the loan amount with an added fee, and the lender agrees to hold the check until the next paycheck and pay period. It is considered an unsecured loan, however, your paycheck is evidence of your having a job. That is where the confidence in your borrower can go a long way.
Payday loans are “deferred presentment” loans. The interest charges can be high—usually 15% per month. This works out to an APR of over 400%. Payday loans are easy to get and can be difficult to repay. Make it a priority and be vigilant in making your payments. That will help repair bad credit and keep your credit healthy.
Car repairs can be expensive. Getting a loan is a good way to pay for them. It also can be a way to strengthen your credit. Having good credit allows you to get better rates on loans. Depending on your goals, that might be a very good thing.