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Emergency Cash: Using Payday Loans to Cover Car Repairs or an Auto Insurance Deductible?
Part two of the five-part series "Emergency Cash," examining common uses for payday advances
Part two of the five-part series "Emergency Cash," examining common uses for payday advances
When it rains, it pours. When it comes to car trouble or car accidents, this statement seems to unfortunately almost always ring true. If
you have ever had a car problem or been at fault for a car accident in the past, you already know that they always seem to come at the worst
time, and the cost of repairs can add up quickly.
When you depend on your car to get to work, school, etc, you understand that when car problems or accidents happen, they have to be taken care of immediately. Hopefully you have access to an emergency or savings fund but if you don't, the feeling of worry can quickly turn to panic.
If you are currently in a crisis and need cash for car repairs or to pay your auto deductible, it is always best to search for a body or auto repair shop that can help you create an affordable payment plan. Due to the economy, a lot of smaller repair and auto body shops are hurting for business and are more likely to negotiate costs and payments plans to win your business. However in some cases, they may require you to pay your deductible in full before they will start work on your car.
If this is the case and you have existing credit lines available or have good credit, you may want to use or open a new line of traditional credit before considering a payday advance. However, if you have bad credit or no credit, then a payday loan maybe your only option.
Before accepting a personal loan, it is always important to remember these are short-term emergency loans that are meant to be paid back by your next payday. Typical fees on a payday advance are approximately $15 to $30 on every $100 borrowed. Most lenders will only lend up to $500 your first time and it is not recommended to take out more than one payday loan at anytime.
For more information on payday advances and personal loans, click here
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