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Need a Loan for Car Repairs?

Everything you want to know about car repair loans.

It’s happened: that awful moment when you realise you’re going to need a lot of help to get your car back on the road. Maybe you were involved in a fender bender, or perhaps you started hearing a weird noise coming from under the hood. Whatever it is, unplanned car expenses can be a huge cause of anxiety for Canadians trying to get on with their everyday life. Unfortunately, you still need to get to work and other commitments, even if your car is not in it’s best condition.

During this stressful time, there is a valuable financial resource available: a payday loan. A payday loan can give you immediate access to up to $1500, which could cover that car repair and get you back on the road.

What is a car repair loan?

A car repair loan can also be a payday loan. A type of short-term personal loan that can be considered an unofficial advance on your next paycheck, so you can get your car repaired. Instead of going through a bank, a payday loan can be sought using a direct lender, many of which offer their services quickly and easily online.

A payday loan is unsecured and unrestricted, meaning that you don’t need to put down any collateral, and have the freedom to use the money in any way that works for you. A payday loan can give you the cash flow to get on top of emergency car repairs, and give you the freedom that a car allows you, for both work and your personal life.

Where to get it

When you think of a loan, you may automatically think of an old-fashioned bank loan, or a dilapidated loan shop in a strip mall. Both of these can be complicated, daunting places to go for emergency funds, so the good news is that there is another option. Many modern lenders have turned to the web to offer their services, using sophisticated technology to make the process of applying for and receiving a loan more streamlined than ever before.

Why You Should Choose An Online Lender

An online lender makes it faster and easier than ever before to access up to $1500, sometimes within minutes. If you are dealing with car trouble, this could solve many of your worries, and get you back on the road ASAP.

  • Easy application: By bypassing the in-person loan application, the whole process becomes less stressful. With everything online, there is no more printing documents, collating folders, or carting your loan evidence with you to a local office, only to be told to wait in line.
  • Faster funds: With a digital transfer, your cash can be transferred to your bank account even faster upon approval than you likely thought possible. In an emergency, this speed is the ultimate relief.
  • Safety: Modern lenders have harnessed a new era of online technology, making it safer than ever to seek out a loan online. Encrypted information and secure processes mean your sensitive personal and financial information is more protected than ever before.
  • Peace of mind: Without the stress or hassle of an in-person bank or loan branch, you can feel secure in your decision to seek out a loan. During an already stressful time, it is important to prioritise your experience, and try and choose processes that make it as calm as possible.

Things To Look For In An Online Lender

  • Canadian license: Under Canadian law, online lenders are required to be licensed. This information should be available easily on their website.
  • Eligibility requirements: Each direct online lender will have slightly different factors affecting approval. For an online loan in Toronto, BC for example, things might be different then in Vancouver, BC. These can include things such as age, employment status, residency status, and credit history. The good news is that modern lenders care about a lot more than your credit history, so you may be surprised of your eligibility, even with low or no credit.
  • Positive reviews: A reputable loan agent will have a history of positive reviews, both on their own website and on independent sites. It’s important to remember that no reviews can be just as much of a red flag as bad reviews!
  • Clear communication: A reputable loan agent will make it easy to access the fine print of your loan contract, and all the information should be in writing. There should also be a clear route for customer service, though hopefully you won’t need it!

Applying for a Car Repair Loan

If you’ve decided that a payday loan from an online lender is the best choice to help you get back on the road ASAP, the good news is that the application process is likely easier than you anticipated:

  • Application form: Once you’ve chosen a lender, fill out a digital application from their website. Try to include as much information as possible to support your application. Remember that credit won’t be the only factor affecting your application - it is often used as just a form of identification.
  • Sign the contract: Upon approval, you will be emailed a contract to e-sign. Make sure to read this through thoroughly - there is no obligation just yet. If it all looks good, you can sign it from your phone or computer using a few easy clicks.
  • Receive your money: Upon receipt of your signed contract, your money will automatically be sent to your email address or directly to your bank account. You could have access to your emergency funds within minutes!
  • Repay: The agreed repayment(s) plus fees will be deducted automatically from your bank account, usually on your next scheduled payday. Make sure you have this marked in your calendar, and in the meantime enjoy the freedom of cash flow. Happy driving!