Has your car just broken down while you were taking passengers to their destination? Is it a quiet time of year, and you can’t make the month? The Cashfloat Team provide payday loans for taxi drivers, regardless of their credit score. Apply now for up to £1,500 and get the money directly into your bank account within 1 hour*, if you’re approved!
If you need to borrow money for an emergency car repair, or to help you get through a quiet taxi month or for something else, Cashfloat can get you the cash you need fast. All you need to do is apply here, and you’ll get an instant decision.
Loans for fast access to cash
If you’re looking for a short-term loan and you’re a taxi driver, then a payday loan might be a great option for you.
Being a taxi driver can be a precarious trade, and that’s particularly true if you’re self employed. Your income is dependent on the number of fares you get and on your taxi being operable, and that makes things unpredictable.
Picture the scene. It’s been a slow few weeks, and you’ve not had as many pick-ups as you’d like. Then the worst happens. You get a major, costly breakdown. Something which could cost a fortune to repair. You need to get your car back on the road ASAP, but unless you’ve got emergency funds ready to plough into the huge repair bill, you’re stuck between a rock and a hard place.
Taking out a payday loan from Cashfloat could be the solution to your problem. We offer payday loans from £300 to £1,500 and flexible repayment periods of 3-9 months. We offer competitive interest rates as well.
Exercise Caution
If you’re considering taking out a payday loan, make sure you explore some of the cheaper alternatives first. You may be able to borrow an interest free loan from a partner or family member, for example. Otherwise, you might be able to use a credit card or get a loan from another organisation, such as a credit union.
You can get an indication of how much a loan will cost by paying attention to the APR that’s offered. APRs tell you what percentage of a loan you’d have to repay if you borrowed it for a whole year. You won’t take a payday loan for a year, but you can use APRs to compare different loans that are on offer. Payday loans typically come with a high APR, but the repayment period is shorter. There are other benefits as well.
You can use our affordability calculator to work out whether you can afford a loan and how much you can borrow before you apply.
Self-employed taxi drivers and payday loans
Being a self-employed driver means being responsible for the upkeep of your vehicle, and it’s hard to know when repairs will be needed. A sensible strategy is to always keep some cash in reserve to cover the cost of services and repairs as they come up. Some people, however, get caught out. Car repairs might be needed at a particularly difficult time, or they might be unusually expensive. Knowing exactly how much money you need and when would take a crystal ball.
Planning ahead for normal car running costs, like your annual service and MOT, is easy. But predicting exactly when your big-end bearing is going to die is another thing. Repair bill timing and prices vary dramatically, and you never know whether you’re going to have enough in reserve to cover the costs.
The other issue that self-employed drivers have is that they never know exactly how much they’re likely to earn. One week you might be rushed off your feet, while trade will be much slower on other occasions. The up-and-down nature of the work means that it can be a challenge to save money at certain times.
Payday loans for taxi drivers vs other ways of borrowing
Instant payday loans offer a quick fix for taxi drivers who face the prospect of their vehicle being off the road. Costs are high, but repayment periods are quick. And for some people they work well. Traditional loans often land a driver with monthly repayments that could go on for years. Additionally, many self-employed drivers working in the gig economy aren’t eligible for traditional loans.
Another issue with many other loan types is the length of time it takes to get accepted and to receive the cash. If your taxi has just broken down, you’ll immediately be facing a loss of earnings while it’s in the garage for repairs. If you apply for a short term loan online, you’ll find out straight away whether you’ve been accepted or not. This means you could get your car out of the garage and back on the road as quickly as possible.
Get instant payday loans today
If you’re one of the 385,510 licensed taxi drivers in the UK, you’ll want to keep your vehicle on the road, so you can keep earning an income. Payday loans offer a short-term fix to help bridge any cash-flow problems that stop you keeping your taxi running.
If you’d like to learn more about the payday loans we offer, head to our how it works page or get in touch with us today by calling 02037 571933.