Traffic Ticket Payoff Loans

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. 

What Options Do You Have to Finance a Traffic Ticket? 

When it comes to covering the cost of an unexpected traffic ticket, you have three main options. You can charge the cost to a credit card, take out a personal loan, or ask for help from a friend or family member. Let’s explore the advantages and disadvantages of each option below. 

Credit Card


  • Buys Time. By using a credit card, you will pay the expense now and owe the credit card’s balance later. If you need some more time to come up with the money and don’t want to miss the payment deadline, a credit card is advantageous. 
  • Pay from Home. Not all methods of payment are accepted online or by phone, for example, debit card or cash payments. Credit cards can be processed online or by phone which saves you a trip. 


  • High Interest. Credit cards have high interest rates which means if you leave your balance unpaid for too long, you’ll end up significantly increasing the cost of your ticket. 
  • Potential Lack of Coverage. Depending on how much your traffic ticket is and the credit card balance available to you, your credit card may or may not cover the total expense. 

To learn more about using a credit card to cover the cost of an emergency expense, click here. 

Personal Loan


  • Quick and Convenient. Fortunately, when you’re in a pinch for money, you can get a personal loan rapidly and easily. 
  • Full Cost Coverage. Since personal loans are often personalized to the borrower’s needs, you’ll likely be able to get approved for an amount that covers the total cost of your ticket. 


  • High Interest and Other Financing Fees. Personal loans tend to have higher interest rates compared to other forms of financing. In addition, there may be other applicable financing fees, such as origination fees. All of these add up and can put a dent in your wallet. 
  • Possible Security or Collateral. Depending on your financial situation, you may choose to put up an asset as collateral against the loan. Using security can help lower interest rates and negotiate better loan terms, but remember you’re also risking losing that asset. 

Friend or Family Member


  • No Interest or Financing Fees. Usually friends or family do not charge interest and other financing fees when they lend to their peers. 
  • No Formal Disbursement Process. Lending institutions aren’t always the fastest at getting borrowed funds into your bank account for use. With friends and family, you can get the funds nearly instantly because there aren’t any boundaries in place. 


  • Mixing Money and Friends or Family. There’s an old saying that goes something along the lines of “friends and money don’t mix”. There’s a lot of truth in this saying because money can make the dynamic of a friendship or relationship with family feel business-like. Of course, this depends entirely on your personal relationships, only you can judge if it’s appropriate to borrow money or not.

What Will a Traffic Ticket Cost You? 

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. 

Do traffic tickets affect your credit score? Find out here. 

The Consequences of Not Paying a Traffic 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:

  • Increase in fines
  • Extra fees
  • Suspended license
  • Court date

What You Should Consider Before Taking Out a Traffic Ticket Loan

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. 

  • How much is the traffic ticket and when does it need to be paid off?
  • Is going to court to fight the ticket an option?
  • Are you choosing a reputable lender?
  • What is the interest rate or financing fees? 
  • Can you afford the payment plan?

Bottom Line

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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