Taking out a payday loan to pay for Car Repairs.

For the majority of British people the car is the lifeblood of commuting. It is estimated that over 70% of adults in the UK own or have regular access to a vehicle. This vehicle will serve many purposes from getting to & from work, driving your children to school or even be your trade if you work in the delivery / transportation industry.

Unfortunately, as with all things mechanical vehicles break down and are very expensive to fix. Getting your vehicle fixed will be your number one priority, when money is tight and your vehicle provides a large selection of your income you may have to take out a small loan to pay for the repair costs.

There are many types of loans that are available for UK citizens, all of which are regulated by the FSA (Financial Services Agency). In this article we will discuss the advantages and disadvantages of some of them.

Small Bank Loan
Getting a small bank loan to pay off debts under £500 is somewhat counter productive and timely. To take out a small bank loan you will need to have a near spotless credit history, pass multiple credit checks and will be stuck into a long term financial commitment. This option may take weeks to process and clear which isn’t an option for urgent vehicle repairs. If you have a good credit history and would rather pay it back over a longer period this option may be optimal for you.

Overdrafts
If you are fortunate enough to have been granted a large overdraft from your bank this option may be a lifeline. Many overdrafts can prove less expensive than payday loans & credit card loans if you pay them back quickly. Typically overdrafts will take first ‘dibs’ on your monthly earnings if they are also deposited into that bank account, which is something to be aware of.

Credit Cards
Credit cards are very convenient for short term lending with fast approval times – normally instantaneous if you have good standing with your credit card company, although sometimes you may be declined credit if they believe you are unable to back the amount back. If you have a poor credit history it is unlikely that you will be allocated a credit card.

Payday Loans
Getting a payday loan in the UK is very easy, application times are typically under half a day and the money is normally in your account by night. When taking out uk payday loans you should be sure that you can afford to repay the loan by your next payday to prevent compounding interest. Payday loans are commonly used by people with poor credit because many payday loan companies offer credit to people with bad finance.

Borrowing from Friends & Family
If possible this option is one of the cheapest by a long shot, yet if you fail to repay the loan consequences are normally much worse than financial. Only take this option if you know you can repay fully.

This article was kindly written by uk driving licence website Quickloanuk.co.uk

 

 



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