Has your car just broken down whilst taking passengers to their destination? Is it a quiet taxi season 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 £1,000 and get the money directly into your bank account within 1 hour, if approved!
Whether you need to borrow money for an emergency car repair or to help you get through a quiet taxi month, Cashfloat can get you the cash you need fast. All you need to do is apply here, and you’ll get an instant decision.
If you’re a taxi driver, you’ll understand the precarious nature of the trade. Your income is dependant on the number of fares you get and on your taxi being operable. But 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. A major, costly breakdown. Something which could really impact your whole livelihood.
You need to get your car back on the road ASAP, but without any emergency funds to plough into paying the huge repair bill, you’re stuck between a rock and a hard place. Payday loans from Cashfloat can be the solution to your problem. Learn more about how you can acquire instant direct lender payday loans for taxi drivers.
What is the average taxi driver salary?
According to Indeed, the average income for a UK taxi driver is just under £27,000, with London cabbies earning the most on average. Many taxi drivers are self-employed, in particular those that drive for Uber.
What are the issues associated with being a taxi driver?
Being a self-employed driver means being responsible for the upkeep of your vehicle. A sensible strategy is always to keep some cash in reserve to help cover the cost of any service or repairs that your vehicle needs. The unfortunate nature of car repairs is that you often can’t predict when you’ll need them. Moreover, guestimating the cost of your future hypothetical repair bill would take a crystal ball.
While it’s easy to plan ahead for certain car running costs like your annual service or your MOT, knowing that your big-end bearing isn’t going to die on the motorway in the middle of an airport run is another thing. Repair bills 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 you never know exactly how much you’re likely to earn. One week you may be rushed off your feet, while trade may be much slower on other occasions. The up-and-down nature of the work means that it can be a bit of a challenge to put away money during good times.
Why taxi drivers resort to payday loans
Instant payday loans are a quick fix for taxi drivers that are facing the prospect of their vehicles being off the road for any length of time. Traditional loans will land the driver with monthly repayments, which could take years to repay. Additionally, there is always a danger that because a driver may be self-employed working in the gig economy, they’ll not be eligible for a loan of this nature.
Another issue with many loans is the length of time it takes to get accepted and to receive the cash. If your taxi has just broken down, you’ll probably already 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 is important for taxi drivers, as you’ll want to get your car into the garage and back on the road as quickly as possible.
What do you need to know about payday loans for Uber drivers?
If you’re looking for a short-term loan for self-employed drivers, then payday loans may a great option. You will need to pay attention to the APR of the loan. This will determine how much you’ll repay in total. Payday loans do typically come with a higher APR than those from banks. However, the repayment terms are generally much shorter.
Use our affordability calculator to work out how much you’ll be able to borrow. If you’re considering taking out a payday loan, make sure you explore other payday loan alternatives first, that are cheaper. For instance, you may be able to borrow an interest free loan from a partner or family member.
Get instant payday loans today
If you’re one of the 364,900 licensed taxi drivers in the UK, you’ll want to keep your vehicle on the road at all times to ensure you’re able to earn a reliable income. Payday loans offer a short-term fix to help bridge any cash-flow problems that prohibit you from 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 02037571933.