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Should I use a Payday Loan to pay for a Car Repair?

It can be really difficult when your car needs a repair and you do not have the money to pay for it. You might be tempted to try to borrow the money, perhaps by getting a guaranteed payday loan. However, this may not be the best idea, although it could be a solution for some people.
It is best to start with thinking about how necessary the car repair is and whether it can wait or not to be done. It is wise to consider how safe the car is to drive and whether it is necessary for you to drive it. Obviously you do not want to have an accident and put yourself in danger as a result of the car not being in good working order, so it is important to make the right decision about this.

If you have some savings then it can be sensible to use this money rather than borrow any. This is because you have to pay to borrow money and so if you can use money that you already have then you will not have to pay any extra. If you were saving up for something or had the money earmarked for later use, then think hard about whether it is better to use it for the car repair, pay less for it in the long run and you will be able to start saving up again.

If you have no savings or really do not want to use them, then you will have to look for other options. Consider whether you might be able to get an advance on your salary or whether anyone owes you money that you could ask for. Also think about whether it would be possible for you to do any overtime or freelance work that would raise the money that you need. Selling things that you own could also help to give you some money towards the cost. Even if these things do not raise enough money to pay for the full cost of the repair, it will mean that you will not have to borrow so much money.

There are different types of borrowing that you could look at, if you do decide that borrowing is the only way forward. A fast payday loan is one option and it will be quick and even if you do not have a good credit record it will be available to you. However, it is an expensive option so it is worth comparing different companies and going for the one that is the cheapest. You must also make sure that you are confident that you will be able to make the repayment as there will be fees if you do not. This happens with all types of lending of course, but as there is just one lump sum repayment with a payday loan it can sometimes be more difficult to find the money to cover it.

An overdraft can also be an option for borrowing money. You need to be careful though as an unauthorised overdraft can be the most expensive way to borrow money. Therefore you need to make sure that you check out the cost of it and compare it with other forms of borrowing. You may have an authorised overdraft which will be cheaper, but make sure that you do not borrow more than you have agreed or else it will get really expensive.

A credit card is another possible option for a quick way to borrow money. Again, these can be expensive but you will get an interest free period of 4-6 weeks which could give you enough time to find the money to pay it back.
It is worth looking at all of your options and the cost of them. If you do decide to borrow, compare the different types of loan that you have available and try to go for the cheapest. Do think about how you will repay the loan and make sure that you do so as quickly as possible. Remember that safety is the most important so get your car repaired if necessary but do also think about the extra cost you will add on if you do borrow and how you will repay it.

Make Money

How to Get Some Cash Quickly

Sometimes we get ourselves into a situation where we need some cash quickly. It might be that we need money to pay a bill, need to replace something that has broken or just need money to keep us going until we next get paid. There is a selection of options that we could use in order to make sure that we got the cash that we needed.

Some people might decide to borrow the money. This can be quick in some cases, if you already have an overdraft facility or a credit card then you can use these to borrow some money. It is worth noting that if you draw cash on a credit card then there are usually high charges associated with this, so check how much they are and decide whether you think that it is worth it. If you do not have an overdraft or credit card then other options could be a logbook loan or a payday loan. These are expensive ways to borrow money and they are high risk as if you cannot make the repayments you could face very high charges and with a logbook loan you could have your vehicle repossessed.

Some people may decide to borrow from a friend or family member. Although this can be cheaper than borrowing from a lender, as you are unlikely to be charged interest or not so much interest, it may not be the best option. Borrowing money can sometimes cause problems between friends or family members. If you do not pay the money back as soon as they would like, for example, it could cause problems between you. It could make other people jealous if they also want money and didn’t get it or think to ask for it. The person may have thought you would pay them back by a certain day or expected to be paid some interest but without formally agreeing anything it could lead to problems between you or disagreements about it.

Another way to get some cash quickly is to earn some. If you are working it could be possible for you to ask for an advance on your salary. Sometimes companies will pay you for two weeks work, rather than a month so that you can have some extra when you need it. You will have to make sure that you budget well though so that you still have enough left to cover the monthly bills.

You could earn some money online doing freelance work or other jobs which you could be paid for very quickly. Doing a few things in your spare time could mean that you will be able to get the cash that you need. There are plenty of websites online where jobs like this are advertised and by looking at a few reviews you will be able to see which can be trusted. You also might be able to find jobs locally to help out people as well. You could also do online surveys and enter free lotteries and competitions to see whether you can get lucky and get some money that way. However, these things may take a while before you get paid, but they can still be a lot of fun.

Selling things that you own and no longer need can also be a great way to raise some money. Many people list things online to sell on auction sites or on social media pages. If you do not want to sell online you could consider selling at a table top sale or car boot sale or even having a garage sale. These are good if you have lots of small bits and pieces of small values.

So there are lots of options if you want some extra cash. You can choose to try to earn the money or make some extra by selling things or ask for an advance on your pay. Alternatively you could borrow the money that you need. It is wise though, if you often need extra cash to see whether you can find a more permanent solution, perhaps by trying to earn more all of the time or by trying to reduce the amount that you spend each month.