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If you’re a regular driver, you likely know the pain of getting a dreaded traffic ticket. And while no one likes dealing with these types of setbacks, the added cost can make the experience all the more annoying.
Traffic tickets can be small or large in cost, it all depends on what you were fined for, among a variety of other factors. Regardless, it can be challenging to cover the cost of any traffic ticket. If you’re currently dealing with a traffic ticket that you can’t afford, you may want to consider a traffic ticket payoff loan.
If you can’t afford to pay your traffic ticket, you can use a number of other financing options. You can charge the cost to a credit card, take out a personal loan, get a payday loan, a line of credit or ask for help from a friend or family member. Let’s explore the advantages and disadvantages of each option below.
A credit card is a convenient form of credit you can rely on in emergencies. But whether you should use it to pay off your traffic tickets depends on your financial circumstances. Typically, you should use your credit card if you know you can pay off the amount within the same billing cycle. If you can’t, it’s best to look at other options that have a lower interest rate.
If your traffic ticket is quite high, a personal loan may be the right solution. A personal loan is a type of installment loan that involves a one-time lump sum of money issued by a lender to a borrower. The funds must be repaid by a specific due date, along with interest, in regular installments.
These loans are usually unsecured, which means they’re not collateralized by an asset of value. Instead, unsecured personal loans are backed by a borrower’s creditworthiness and the contract between the lender and borrower.
A line of credit is a type of revolving credit that lets you draw money from your account up to a certain limit. It works somewhat like a credit card in that you can use the funds as needed, up to your credit limit. Instead of paying interest on the entire credit limit, you only pay interest on the funds you withdraw. Once you repay the money withdrawn, you can access the funds again as needed.
A payday loan is a short-term loan made for a small amount of money, usually no more than $1,000 to $1,500. Unlike installment loans which allow you to repay the loan in installments, a payday loan must be repaid in full all at once, usually at the time you receive your next paycheck.
These loan types are very easy to get approved for and funds are issued almost immediately after approval. However, in exchange for this convenience, the interest rate charged for payday loans tends to be quite high compared to other loan types.
Another option you can consider is borrowing from your friends and family. Rather than taking a high-interest payday loan, you can borrow a small amount of cash from someone you know, without having to worry about interest or fees.
Financing the cost of a traffic ticket might work for your financial position, or it might not. Before making a decision, take some time to consider your financial situation, options and financial goals to ensure you make the best choice possible. To determine if a traffic ticket loan is right for you, ask yourself the questions below.
In Canada, there is an array of fees you could incur related to traffic tickets. The cost really depends on the traffic violation you committed among other factors. One of the most serious traffic tickets you could incur is related to going over 50 km/h on an Ontario highway. If you were caught doing this, you would incur a fine of up to $10,000, roadside license suspension and have your vehicle seized on the spot.
In addition to getting a traffic ticket, your insurance company will be notified of any tickets you get which can increase your rates. You could also acquire demerit points. If enough are acquired, you may need to attend a meeting to justify keeping your license or have your license suspended entirely. Not to mention you may lose the ability to drive all together which can be a massive inconvenience for your life as a whole.
Learn how to defend yourself against a speeding ticket.
When the cost of a traffic ticket is immense, you might be thinking about simply not paying it. Not so fast. There are consequences of not paying traffic tickets which can all come back to haunt you in the future. If you fail to pay a traffic ticket, the following may become applicable to you:
Find out if parking tickets affect your car insurance rates in Canada.
Traffic tickets are never fun, but even worse things can happen if you don’t pay them on time. Paying off the ticket on time should be your number one goal not only to avoid further penalties but to prove that you are responsible, despite getting a traffic ticket.
If you’re currently dealing with a traffic ticket and don’t have the funds necessary to cover the cost, Loans Canada can help match you with a lender who can get you the financing you need.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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