Home repair costs pop up at inopportune times. Your boiler could break down in the dead of winter, and your roof might require extensive repair right after you have come back from a holiday. Depending on the condition and age of your home, and the elements it faces on a daily basis, you’re going to have to face various emergency home repairs at one point or another.
When that happens, what options do you have when it comes to financing your home repairs? Here are some easy ways to cover emergency home repair expenses:
Borrow From Friends & Family
When done correctly, borrowing money from family or a friend can be the best option. Such a loan has several benefits, including saving you from loan sharks, sky-high interest rates, and the fact that you can agree on more flexible terms. However, it’s vital to develop a clear payment plan and lay down other arrangements, so the loan doesn’t undermine the relationship.
Cash Advance On Credit Card
A cash advance is one of those loans you would want to familiarize yourself with terms and requirements, so you aren’t hit with a nasty surprise. A cash advance is a short-term loan provided by your credit card issuer. Taking cash advance means that you’re borrowing against your credit card’s line of credit. You can get a cash advance at an ATM or visit your bank to request cash with your credit card.
Bank Account Overdraft
Bank account overdraft is an extension of credit that is given when you have no positive balance in your account. That means you can still withdraw money from a zero balance account or when you don’t have sufficient funds to cover the withdrawal amount. Many banks offer an arranged overdraft scheme and depending on your limit, you can use the money for emergency home repairs.
Get A Loan
If you have major home repairs, getting a loan is a good option. Depending on your credit score and the amount of money you want to borrow, you can choose the terms of payment and whether you want a secure or unsecured loan. With a secured loan, you’ll use collateral to back up your loan, and the interest is often lower than that of unsecured loans. On the other hand, unsecured loans rely upon your creditworthiness and a good history of repaying loans so there will be no collateral required.
As a last resort – Consider Logbook Or a Payday Loan
Logbook and payday loans have grown in popularity mainly because they don’t pay much attention to credit scores or whether the borrower has a good history of paying debts in the past. A logbook is secured against your car, while payday is unsecured and usually available even for people with less than perfect credit scores. Both allow borrowers to take out quick small loans of up to £1000, which need to be paid back within 14- 30 days. You can use the money as you wish, and that includes paying for urgent home repairs.
There are numerous financing options to lift you out of a repair crisis and back into the warmth and safety of your home. However, taking a loan requires diligent research to find the most suitable and affordable options for your home repair project.
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