Car Breakdown and Emergency Loans – An Overview on The Topic

Accidents happen and your car might break down suddenly somewhere in the middle of the month. You will be on a tight budget schedule and car breakdown will surely cause a dent in your monthly expenses. So, what to do during such cases? The best solution is to apply for a short-term loan.

If you are a resident in the UK and have a bad credit score, then there are not great chances of you availing loans from normal loan offering institutions. This is not the case with LoanPig, as they are best known as LoanPig – bad credit loans platform for people in need of urgent money. You can apply for the payday loans and can get the loan approved in a hassle-free way, in this institution. Visit their webpage to know more about their rules and terms.

Emergency situation arises, when your car has broken down in the middle of nowhere, or on a motorway. What to do during such cases? Here are some tips for you.

  • The Location of the Car Breakdown

When your car stops suddenly somewhere, the first thing that you should do is try to get your car off the road and towards the side. Once you have settled your car on the side of the road, the next step that you should follow is to switch on your hazard warning lights. This will help the fellow drivers to get a notice of your broken-down car, parked at the roadside.

If there comes a situation where you might have to leave behind your vehicle to get a mechanic to the location, then it is suggested to place the warning triangle at least 45 metres away from your car.

  • Start with the Financial Decisions

Once your car is settled at the roadside, you should then work on the broken-down car, if you are well versed with the issue in hand. If not, then it is suggested to try and contact the nearby police to avail possible help for your car breakdown problem.

The important factor to consider once you have been rescued is about deciding how to pay for the car repair charges. You can either go with the saved amount in your bank account, or can choose the option of applying for a payday loan. Payday loans are even available for people with bad credits.

Bad Credits and Payday Loan

Payday loan is best suited for such people who are facing the “bad credit” problem. Such people cannot go with the idea of applying for normal loans from banks and other such loan offering institutions. Normally, a payday loan should be cleared within 30 to 90 days, from the date the loan has been sanctioned and credited to the borrower’s account.

Bad credit payday loans will be available at a higher rate of interest, because of the fact that the loan term is quite smaller than the normally available loan types. If you wish to pay the amount before the due date of the loan payment, then you can enjoy saving some extra pounds, which will be otherwise be spent as the interest for the borrowed amount.

Related posts