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Should I take out a loan to remove a suspension from my license?
Long story short—my license was suspended several years ago. I went through the proper legal channels and repaid my debt to society. The problem is that I can't get my license reinstated until I pay $1,000 in fines. I don't have the money. Should I take out a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
That’s a tricky situation, but good for you for squaring things up legally.
Unless you can repay that loan in a decent amount of time, you probably shouldn’t do so. Loans, and especially unsecured loans or credit cards, can rack up interest exponentially.
If you need a car to get to work, you may be able to sign up for a hardship system in your state. This will grant you a restricted license so you can drive to necessary events, like work or medical appointments.
Another option would be to save money on your car insurance. Though your rates are likely high because of your license suspension, you can still save money by shopping for quotes with
Jerry
. Jerry will compare quotes from up to 50 providers, allowing you to find a policy that works for you. Average Jerry users save $879 per year. View full answer
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