How to cover the cost of emergency repairs

Last post: Jun 26, 2017

Whether your car's in a bad way, your boiler's gone kaputt or your house needs repairs, proto - these solutions could help you cover unexpected costs.

 In an ideal world, we'd all have that little pot of emergency money stashed away, ready to bail us out when fate wasn't on our side. In reality, that emergency stash isn't always there. From a series of unfortunate events which leave your "rainy day" pot completely empty, to rising costs of living which make saving an emergency stash a very tricky goal, there are lots of reasons we can come up empty-handed when unexpected disasters occur.

There are also lots of different disasters which can befall us. As Murphy's Law dictates: anything which can go wrong, will go wrong. That mean's boilers can bust, roofs can cave in, car's can go kaputt and any number of other costly catastrophes can befall us. So what should you do when emergency repairs are needed, but you don't have the money to cover the costs?

Here are a few steps you might want to consider taking...

1. Ask friends and family for support
If your need for emergency finance is unusual for you, you may want to consider asking friends and family for a one-off loan or financial support. This is by far the cheapest way to source finance as loved ones with the financial means will be able to offer far better rates of interest and may be happy for you to simply return the borrowed amount.

Be sure to demonstrate how you intend to repay the debt and commit to a realistic repayment period to avoid causing any personal problems.

2. Enquire about payment plans

From mechanics, to gas engineers, you may find that some service providers who offer repairs may be able to offer a payment plan which allows you to pay for the cost of repairs in smaller chunks over the longer term. This may work out as more expensive over the long term, but will make repairs more affordable today.

3. Take on an unsecured loan

There are many companies which offer unsecured loans to individuals in need of emergency finance, in fact, it's one of our chief services here at Choice Loans. Unsecured loans allow you to access finance fast, providing some flexibility regarding how much you borrow and how long your repayment term lasts.

The interest applied to these loans varies widely from provider to provider, and some companies have hidden fees or charges, so make sure you do your research and only work with lenders with a good reputation. Choose wisely, however, and an unsecured loan could give you swift access to finance when you need it, allowing you to repay over a more practical time period.

Have you ever had to fund emergency repairs? What approach did you take to help cover the costs? Have your say and share your experiences below.