Having low income should not be a deterrent for getting help in paying for car repairs. It is frustrating to have your car break down. We are dependent on our cars. They are essential to get us to work.
Your job and your paycheck can qualify you for financial assistance. You might look into payday loans. They can lend you up to $1000 with quick approval and lightening fast speed funding.
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 car loans help 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.
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. However, your paycheck is evidence of your having a job. That is where the confidence in your borrower can go a long way.
Another loan you might consider, is an installment loan. Both payday and installment loans are unsecured loans. A secured loan, like a mortgage, is based on a house. An unsecured loan, is not based on an asset, and can add risk for the lender. Lenders have several requirements for an installment loan. They are: you must work full time; you must make at least $1500 per month; you set up direct deposit with your bank; and you must be at least 18 years old.
Installment loan lenders provide loans in amounts from $1000 to $50,000. $35,000 is a common amount to lend. These loans are paid back over time, usually one to five years. The payments can be lower. They can be used to rebuild your credit. They automatically deduct your payment from your checking account each month. You avoid late fees and extra charges.
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.
Low income should not bar you from getting a loan to fix your car. There are loans that can help get you back on the road. Invest in yourself. Get some training. Take a class. Learn something to sharpen your skills in what you already do or something new. It is a chance to change your life. It is a chance to change your future.