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You can expect to pay anywhere from $2,000 to $9,000 for a shower remodel, according to the home improvement site Angi. The average cost in mid-2025 is $7,000, but when you think of how often you take a shower, that expense may amortize pretty quickly.

Here’s a closer look at the specific costs involved, some ways to save money on a shower remodel, plus how to get started.

The Process to Remodel a Shower

The first decision you’ll need to make is whether you’re going to hire a professional or do the remodel yourself. If you have experience with home remodeling, you could potentially save a lot of money by taking on the job, since labor can make up as much as 75% of your total remodel costs. However, if this is your first remodel, you could end up spending a lot more fixing your mistakes.

Once you determine if you’re going to hire a professional or not, you’ll need to come up with shower remodel ideas, including the color scheme, shape, shower type (full or shower-tub combo), fixtures you’re going to get, lights, fans or radios you’ll install, and any doors you’ll replace.

If you aren’t sure how to design your new shower, you can ask your contractor for help or hire a designer, but this will add to your costs.

Once you have an idea of what you want to do, your contractor will come up with a plan for your shower remodel and give you an estimate for materials and labor. You can work with them to see if there are cheaper alternatives, like shopping for materials online or choosing less expensive fixtures and finishes.

If you’re going the DIY route, you’ll have to shop around for the materials and pick them up. You’ll also need tools, such as a safety mask and goggles, tape measure, spackle knife, power drill, extension cord, hammer, and stud finder, just to name a few.

An easy way to DIY a shower remodel is to shop for a complete shower system that includes coordinating fixtures. After removing the existing shower walls, flooring, and fixtures, the new materials can be installed. You might choose an all-in-one shower surround, or a shower pan (the base) with tiled walls.

Recommended: 10 Small Bathroom Remodel Ideas

How Much Does it Cost to Remodel a Shower?

Typically, it can cost from $2,000 to $10,100 to remodel a shower, with the average cost coming in around $7,000. Your actual costs will depend on how large the shower is, what kinds of fixtures you’re installing, and the finishes you’re using. Here’s a look at some of the factors that affect the cost of a shower remodel.

Shower Type

A walk-in shower adds a high-end look to a bathroom and is easy to get in and out of. With this option, there’s a lot of wiggle room on budget — you could spend as little as $600 or as much as $12,000 depending on the materials you choose.

You might be able to spend less if you go with a prefabricated shower, which comes with the entire shower surround and fixtures. You can find prefabricated shower inserts in a variety of styles and price points.

A tub-and-shower combination is one of the most popular choices, since they use up less space than having a separate shower and bathtub. You can also customize the look with your tile and fixture choices. On average, a tub-and-shower combo runs from $350 to several thousand dollars.

Recommended: 8 Bathroom Trends You Should See

How to Save Money on Your Shower Remodel

The costs involved in remodeling a shower can add up quickly, so budgeting wisely is important. And once you get into the project, there is always the potential for unwanted — and expensive — surprises. Fortunately, there are ways to keep costs in check while still ending up with a clean, updated look. Here are some to consider.

•  Maintaining the layout If you use the current layout, you won’t need to make changes to the plumbing and electrical. This cuts costs, as well as the chance for costly surprises.

•  Keeping the same drywall If the drywall behind your shower is in good shape, you may be able to avoid tearing it out and starting fresh. If there is some damage, your contractor may be able to simply replace those sections rather than tear the entire wall out.

•  Saving your tub If your bathtub is in decent shape, you might simply give your shower a face-lift by changing the surrounding tile and shower fixtures and reglazing the tub to match.

•  Buying a prefab shower These units can cost significantly less than a custom build and are now available in a range of designs that look luxurious and don’t scream “prefab.”

Recommended: Renovation vs. Remodel: What’s the Difference?

Affording Your Shower Remodel

If you’re eager to remodel your shower but don’t have funds to cover the cost up front, you may be able to finance the project using a home improvement loan.

A home improvement loan is essentially a personal loan used to pay for home upgrades and renovations. These loans are available through banks, online lenders, and credit unions, and are typically unsecured (meaning you don’t have to provide collateral). Once approved, you receive a lump sum of cash up front you can then use to cover the cost of remodeling your shower. You repay the loan (plus interest) in regular installments over the term of the loan, which typically runs up to seven years.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

How much should it cost to renovate a shower?

The average cost of renovating a shower as of mid-2025 is $7,000, but there’s a wide range of prices depending on the specifics. It could be between $2,000 and $9,000.

Can you remodel a bathroom for $5,000?

It is possible to remodel a bathroom for $5,000, but you will likely be working on mainly cosmetic changes vs. buying new fixtures, choosing top-of-the-line options, and moving plumbing lines.

How much does it cost for a new walk-in shower?

As of mid-2025, a basic prefabricated walk-in shower cost an average of $1,850, including installation. A custom-built shower, however, could cost an average of $8,000.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-078

Using a surrogate, also known as a gestational carrier, can cost $55,000 to $200,000 total or possibly more. This process involves an arrangement in which a woman carries and gives birth to a child for another couple or individual. Surrogacy can allow would-be parents an opportunity to have a baby with whom they have a biological link. But gestational carrying can also be complicated, with complex laws and medical procedures that can make the process expensive.

The cost of using a surrogate can vary, depending on where you live, whether you need an egg donor, and how many rounds of IVF your surrogate will go through before she conceives. Read on to learn more about potential fees involved in using a surrogate, as well as some ways to make the process more affordable.

Why Is Surrogacy so Expensive?

The lump sum of surrogacy can seem overwhelming. But it’s important to keep in mind that the estimated overall cost is based on averages.

Because surrogacy is unique for all families, your expenses may differ. But knowing the various elements of surrogacy can help you see how each cost plays into the overall price. Here are some typical surrogacy costs that aspiring parents should anticipate.


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Agency Fee

Because fertility clinics do not find surrogates, would-be parents typically need to find a carrier through a personal connection or an agency. Surrogacy agencies, which have a network of surrogates who have met certain requirements, charge fees that can run $25,000-plus.

The fee covers all of the services provided by the agency, including background checks, screenings, support and education, advertising, marketing, and more.

Agency fees should remain fixed, regardless of how long it takes to complete the surrogacy process.

Recommended: Exploring IVF Financing Options

Surrogate Fee

Working with a gestational carrier can be expensive, typically running somewhere between $40,000 and $60,000, or more for an experienced surrogate who has carried successfully in the past. This fee is paid to the surrogate as compensation for undergoing tests and fertility treatments, carrying and delivering the child, taking on the medical risks involved, and putting themselves through the physical and emotional challenges that surrogacy and pregnancy can involve.

Fertility Clinic Fee

You will also need to work with a fertility clinic to produce embryos. In many cases, couples have already done this before pursuing surrogacy. This can range from $20,000 to $60,000.

Recommended: How Much Does IVF Cost?

Pregnancy Costs

The cost of carrying and delivering a baby can vary in the U.S., depending on location, type of birth, and whether there are any complications, but tends to average around $14,000 and up. The surrogate’s insurance may or may not cover any of this cost. If the surrogate doesn’t have health insurance, the would-be parents may need to purchase a short-term or maternity-only policy for them.

Legal Fees

Surrogacy can involve several psychological, ethical, and legal complexities, and typically requires legal contracts that outline each parties’ responsibilities and compensation.

The intended parents and surrogate typically each need an attorney to negotiate and draft this contract, as well as complete other necessary services. The Intended parents typically pay for everyone’s legal expenses, which can cost from $7,000 to $12,000.

Other Potential Costs

Other expenses that can come up include travel, pregnancy clothing, lost wages, payment for breast milk, and counseling fees.

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Is Surrogacy Covered by Insurance?

Surrogacy is not typically covered by health insurance, but the situation isn’t always clear-cut. Some health insurance plans include language that clearly specifies the plan does not cover costs for a woman for surrogacy, while a few plans state that they do provide coverage.

Many insurance plans, however, don’t make it entirely clear whether they do or don’t cover surrogacy. Surrogacy agencies, however, can often help intended parents evaluate the surrogate’s health insurance plan to determine whether or not the pregnancy will be covered.

In some cases, the would-be parents will need to purchase outside insurance for the surrogate from a comprehensive surrogacy insurance agency, which can run $10,000 or more and may have deductibles in the range of $15,000. In other words, even with coverage, there may be considerable out-of-pocket costs.

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What To Know About Surrogacy Fees

Surrogacy fees are a large portion of the overall surrogacy price tag. But there are ways to possibly minimize these fees.

One common route is using what’s called a “compassionate” surrogate. This is someone — perhaps a friend or relative — who does not want a fee for surrogacy. While the would-be parents will be responsible for expenses, eliminating a carrying fee can make surrogacy much more affordable.

Another option is to search for a surrogate independently instead of going through an agency. This can minimize fees, but can also potentially be complicated because of the complexities involved in surrogacy.

Some families choose a surrogate who lives outside the United States as a way to save on potential costs. International surrogacy may be facilitated by an agency in the home country of the potential surrogate. This too, however, may come with risks including legal risks and travel complications.

Regardless of whether a family uses an agency, a connection, or pursues a surrogate through an independent channel, they will still likely need to use a reproductive lawyer to craft a legal agreement, as well as psychological counseling for all parties to make sure everyone has a place to explore the complex emotions that can come from surrogacy.

How to Pay for Surrogacy

Many people don’t have an extra six figures sitting around in a bank account that they can tap to pay for using a surrogate. But there are some ways that hopeful parents can find funds. Here are some options you may want to consider.

Employee benefits and health insurance. It’s not very common for companies to offer a surrogacy benefit, but it can’t hurt to inquire. There are some companies that offer a maximum family-planning benefit that could be used for processes such as surrogacy. It can also be worthwhile to check your own health insurance benefits. While it may not cover the surrogate’s pregnancy, it may cover procedures would-be parents need to undergo.

Saving up in advance. If you are planning surrogacy for some time in the future, you may want to start putting cash away every month into a savings account, ideally with an above-average interest rate, set up specifically for surrogacy. You can also automate savings by setting up a recurring monthly deposit into this account so it happens no matter what.

Considering financial resources. Some aspiring parents may want to reach out to their family for financial help, or even crowd-source funds through their social media networks. Others may tap into equity, such as a home equity line of credit (HELOC) or borrowing from their 401(k). Of course, it can be a good idea to explore the pros and cons of these types of loans, including a timeline to pay them back.

Taking out a personal loan. Taking out a personal loan, sometimes referred to as a family planning loan, can be a good option for some would-be parents. Unlike a credit card, a fixed-rate personal loan gives transparency over interest rate and exactly how much money you’ll need to pay back for the life of the loan.

Personal loans can also come with significantly lower interest rates than credit cards. Prior to applying for a loan, it can be a good idea to understand any fees and penalties. Surrogacy agencies and fertility centers also may have loans available.

Recommended: Guide to Unsecured Personal Loans

Applying for a grant. There are some national, regional, and local grants available for some families pursuing surrogacy. Qualifying for a grant may depend on income, location, and personal situation.

Recommended: 5 Tips for Saving for a Baby

The Takeaway

Surrogacy is a process that can help would-be parents have a baby, but it typically comes with considerable costs. While specifics can vary widely based on your location and the type of surrogacy you choose, the total can run around from $55,000 into the six figures.

Because this family-building option is pricey, aspiring parents may want to try to save up in advance, tap certain financial resources, explore grants, find ways to trim costs, or take out a personal loan, which often comes with a lower interest rate than credit cards.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Do surrogates get paid if they miscarry?

Yes, typically they do get paid if they miscarry, but often a lower amount than if they were to carry to term and deliver the baby. A lawyer and surrogacy agency can help you work out these “what-if” scenarios prior to embarking on surrogacy.

Which is cheaper, IVF or surrogacy?

Typically, IVF is cheaper than surrogacy, costing $50,000 or less per cycle, while surrogacy can run into the six figures for all the expenses involved.

What are the cons of surrogacy?

The downsides of surrogacy can include emotional and physical strain on the surrogate, the high price tag associated with the process, and the ethical considerations that may arise.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL0623066

It’s easy to get lost in the excitement of your wedding and focus on the fun parts, like trying on dresses. But before you get too far into planning, it’s a good idea to take a breath and crunch a few numbers.

In addition to being a joyous occasion, a wedding can also be a significant expense. While the price tag can vary widely depending on the level of luxury you go for and where you live, the median cost of a wedding is $10,000, according to SoFi’s most recent survey.

Besides the basic expenses like the dress, venue, catering, and rings, there are also lots of unexpected wedding costs, both small and large that can really add up. Being aware of these costs can help you plan ahead and save appropriately.

1. Bachelor and Bachelorette Parties

Since these events happen in advance of the wedding, it’s easy to forget to include them in your initial budget when saving for your dream wedding. But planning for these festivities is crucial, since they can come with a hefty price tag.

Guests spend an average of $1,300-$1,500 on these parties, according to the wedding site Joy.com. When travel is involved, the cost can go up even more.

Sometimes the host and guests will opt to cover the cost of accommodations and activities for the bride and groom, but that’s far from guaranteed.

And even if your costs are partially covered, you may still need to chip in for your airfare, meals, and incidentals.

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2. Marriage License

In the whirlwind of wedding planning, it can be easy to forget about some of the more technical steps of getting married.

You’ll need to apply for a marriage license, of course, typically with the relevant county clerk’s office. Some states have a fixed fee, while others vary by county or city. The fees can range from about $20 to $110.

3. Insurance

You know that you’ll need to pay for a wedding venue, but you may not be aware that many of them require you to also purchase insurance. These policies typically cover damage to the venue or injuries to guests or vendors.

Some wedding insurance policies also reimburse you if something goes wrong, such as a venue becoming unavailable or a vendor not showing up. Wedding insurance costs range from about $75 to $550 for basic coverage, but the price can be higher for more expensive events.

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4. Postage

If you’re mailing correspondence to your guests, don’t forget that you’ll need stamps, too. These can add up when you consider that you may need them for save the date cards, invitations, RSVP envelopes, and thank you cards.

As of June 2025, a postcard stamp costs $0.56, and a First-Class Forever Stamp for an envelope costs $0.73. Say your save the date is a postcard and your invitations, RSVPs, and thank-you notes use envelopes. Mailing these items to 150 guests in the U.S. could cost hundreds of dollars.

5. Alterations

The perfect wedding-day outfit requires not only paying for a dress and a tuxedo or suit, but also likely shelling out for alterations.

Some stores and custom tailors include the cost of alterations in the price of the garment, but others don’t. For a wedding dress, changes such as hemming the gown, adding lace or beading, or taking it in can cost anywhere from $150 to $800 or more.

6. Beauty Treatments

You’ll want to look your best on your big day, and that likely requires spending some cash. Hair and makeup for brides costs $290 on average in mid-2025, and some stylists charge extra for a trial. If you’re paying for your bridesmaids to get hair and makeup done as well, the cost could also be around $230 per person for both services on average, according to The Knot’s latest data.

Brides may also choose other beauty treatments, such as facials, manicures and pedicures, application of false eyelashes, and body art, like mehndi for Indian brides. Costs can run from $25 to hundreds of dollars.

The groom may also choose to pay for services like a haircut (an average cost of $30 to $70) and professional shave.

7. Gifts

You are probably expecting to receive gifts from your guests, but don’t forget that you may want to give some out, too.

It’s customary to give thoughtful thank you gifts to your wedding party, with especially nice presents going to the maid of honor and best man. Expect to spend $75 to $150 for each bridesmaid or groomsman.

You may also want to give tokens of appreciation to your parents and grandparents, particularly if they helped pay for the wedding. If you have friends who helped out, perhaps by doing a reading at the ceremony or serving as an officiant, you may want to thank them with a gift as well. And you’ll also want to give a gift to any children participating in your day, such as a flower girl or ring bearer.

Last but not least, it can be meaningful to exchange gifts with your new husband or wife. By including these significant items in your budget, or by exploring the option of a wedding loan (a kind of personal loan) to help cover them, you can make sure you can afford them when the time comes.

8. Wedding Weekend Events

Your initial wedding budget may not have included other gatherings you’re hosting, such as the rehearsal dinner, welcome drinks, or a brunch.

Depending on the number of guests, all of these events can cost a pretty penny. The average cost of a rehearsal dinner is around $2,700 as of 2025.

9. Lodging and Transportation

You’ll probably be paying for a hotel for one or more nights if your wedding isn’t in your hometown, or if you just want to stay somewhere special.

You also likely won’t want to drive yourselves around on the big day. If that’s the case, factor in the cost of a limo or fancy bus to get you to and from the wedding locations. The average cost of a wedding limo is $75 to $150 an hour.

If you’re providing transportation for guests as well, expect the amount you spend on transportation to go up significantly.

10. Rentals

More likely than not, your wedding venue and caterer won’t provide everything you need. You’ll typically need to pay extra to rent linens, flatware, and glassware. You may also want to rent other items, such as heating lamps, a cake stand, string lights, candles, or a photobooth. These items can add hundreds of extra dollars to your costs.

Recommended: Guide to Unsecured Personal Loans

Financing Your Wedding

So how do you afford all the wedding expenses — both the ones you plan for and the hidden ones that crop up? Here are some ideas for financing your dream wedding.

Budgeting and Saving

The first step is to make a budget, but you’ll want to be sure to avoid some common budgeting mistakes. Add up all the anticipated wedding expenses, including the lesser-known charges above. Then, you and your partner-to-be can track your monthly expenses and income and see how much you have left over to save each month.

If that isn’t enough to get to your goal, see if you can find ways to reduce living expenses or earn extra cash. Your financial institution may offer a financial tracker to help you avoid going over budget — and help you save for the big day.

Trimming Expenses

If your wedding budget is more than you can afford, you may be able to find ways to lower some of the costs. For example, perhaps a friend can officiate instead of paying a professional.

Family and friends may be able to help you create DIY paper goods, bouquets, and centerpieces. Or you could send digital Save the Dates and invitations, rather than paying for printing and postage. Some couples even self-cater their weddings. There are a number of creative ways to save money.

Personal Loans

Along with saving and cutting costs, a wedding loan, which is a type of personal loan, could help finance your wedding. Borrowers may qualify for loans with interest rates that are generally lower than the interest rates charged by credit cards.

Personal loans are flexible and may be used for almost any purpose, so they can help you cover wedding expenses that come up. It can take just a few minutes to apply for a personal loan online, and these loans usually have fast funding and flexible repayment options.

The Takeaway

Most people planning a wedding know about the major expenses: the dress, the rings, the venue, food, and music. But the often forgotten extras, like hair and makeup, rehearsal dinner, and bridal party gifts can add hundreds to thousands of dollars to your budget. You’ll want to include these items in your budget so you can save appropriately or consider the right amount to borrow, say via a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

Is $5,000 enough for a wedding?

While recent research suggests that $10,000 is the median cost of an American wedding, you can plan a wonderful wedding for $5,000. Ways to economize include having the wedding at your or a loved one’s home or in a park, having a pot luck meal, and asking friends and family to help out (say, but helping arrange flowers as centerpieces or play music).

What are some unexpected wedding expenses?

Some commonly overlooked wedding expenses include postage for Save the Date cards and invitations, hair and makeup for the wedding couple and bridal party, the cost of a rehearsal dinner, gifts for the bridal party, and the cost of a bachelor/bachelorette party if friends don’t pick up the tab.

How do people afford weddings?

People typically afford weddings by a combination of saving, receiving help from family, and borrowing via credit cards or loans.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOPL-Q225-099

The transfer case helps send power to the wheels in all-wheel drive and four-wheel drive vehicles. If you have issues with your transfer case, you’ll have to get it repaired or replaced as soon as possible.

Replacement cost can range from $2,000 to $8,000, depending on your vehicle, while repair costs will vary depending on the type of fix required. For example, replacing an output shaft seal will typically cost around $350, while more complex repairs can run into the thousands of dollars.

Here’s a closer look at what a transfer case is, the factors that affect transfer case repair and replacement costs, and options for financing repairs.

Transfer Case Repair and Replacement Cost Breakdown

The chief factors that will affect transfer case repair and replacement costs are parts and labor. On average, you can expect to pay a mechanic between $75 and $130 per hour. Rates will vary depending on where you live, with mechanics in big cities, for example, possibly charging more than those in more suburban or rural areas. Removal and replacement of a transfer case takes about 3.5 hours. It’s a heavy component, so it may require more than one set of hands to complete the task.

In addition to labor costs to replace a transfer case, you can expect the cost of parts to be about $2,400, on average, while labor will likely cost between $650 and $975.

There is a wide range of costs associated with transfer case repairs depending on what the issue is. For example, if there is a hole in your transfer case, you may be able to replace half of it instead of the whole thing. That could cost you $450 to $675, with parts costing $115 to $150. Replacing a damaged encoder ring could cost you $425 to $800, with parts costing $30 to $60. While labor costs for these fixes may be high, it is still cheaper than replacing the transfer case entirely.

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Getting an Estimate

Get estimates from multiple mechanics to ensure you’re getting the best deal for the repair or replacement of your transfer case.

You may want to start by consulting online tools like Kelley Blue Book’s Repair Pricing Tool or the Consumer Report’s Car Repair Estimate. They can give you an estimate of the price range you can expect to pay in your area for the make and model of your car. This range can act as a benchmark against which you can compare estimates from local mechanics to determine if you are getting a fair price.

Before settling on a mechanic, be sure to look up reviews to see if other customers have had trouble in the past. You can also look them up on the Better Business Bureau to see if they’ve received any recent complaints.

What Is a Transfer Case?

A transfer case is a vital component in four-wheel-drive (4WD) and all-wheel-drive (AWD) vehicles that distributes power from the transmission to the front and rear axles. It allows a vehicle to switch between 2WD and 4WD modes and may include gear ranges for off-road or low-traction conditions, enhancing traction and control.

Why Do Transfer Cases Fail?

Transfer cases can fail for several reasons, often due to wear and tear or lack of maintenance. Common causes include:

•   Low or contaminated fluid – Insufficient or dirty transfer case fluid can lead to overheating and internal damage.

•   Worn bearings or gears – Over time, components inside the case can wear out or become damaged.

•   Faulty seals – Leaking seals can cause fluid loss and allow contaminants in.

•   Electrical or sensor failure – Modern transfer cases rely on electronics to shift; faulty sensors or control modules can prevent proper operation.

•   Improper use – Frequently switching in and out of 4WD incorrectly, or using 4WD on dry pavement, can put unnecessary strain on the system.

Regular maintenance, including fluid checks and replacing worn components, helps prevent failure.

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Signs of a Bad Transfer Case

Keep an eye out for these common signs that your transfer case is failing.

Unusual sounds: A failing transfer case could cause grinding, humming, or whirring sounds that come from under your vehicle.

Fluid under your vehicle: Low fluids are one of the number one reasons that transfer cases fail. Pooling liquid under your vehicle could be a sign that your transfer case is leaking.

Your car won’t stay in four-wheel drive: If your transfer case is not functioning properly, your car may have trouble staying in four-wheel drive.

Your car won’t shift into low gear: A four-wheel drive system has a low gear that allows your vehicle to creep slowly in rough conditions. If your car can’t shift into this low gear, your transfer case may be malfunctioning.

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Can I Drive With a Bad Transfer Case?

It’s not a good idea to drive with a bad transfer case. It could, for example, cause your car to jump in and out of four-wheel drive mode unexpectedly. If you allow damage to persist and get worse, there could be ripple effects on other parts of your vehicle, such as the transmission, drive shaft, and axles. If these get damaged, you could end up having to repair or replace other expensive components, as well.

4 Ways to Cover Transfer Case Replacement Costs

Consider the following ways to cover the cost of transfer case replacement.

Cash Savings

Cash savings, such as an emergency fund, will allow you to pay for a transfer case replacement and is the cheapest way to cover costs, as there are no fees or interest on cash transactions. Consider setting aside some money in a cash savings account to cover the cost of car repairs.

Credit Cards

If you don’t have cash on hand, you could consider a credit card. However, be aware that if you carry a balance on your card, you will owe interest, which can be higher than 20%. If you carry a balance for more than one month, your interest payments will compound. This means you’ll owe interest on your interest, and you can end up in deep cycles of debt.

As a result, credit cards are best used when you know you will be able to pay them off each month.

Personal Loans

Personal loans may be a cheaper alternative to credit cards for financing car repair. They allow individuals to borrow a lump sum, which the borrower agrees to pay off in regular monthly installments with interest. Interest rates may be significantly lower than credit card rates.

Recommended: Crankshaft Repair and Replacement

Auto Loan Refinancing

You may also consider auto loan refinancing. When you refinance, you pay off your old loan with a new loan, ideally one with a lower interest rate, which can save you money over the life of your loan. You can put that savings toward other expenses, including car repair.

Recommended: Pros and Cons of Car Refinancing

The Takeaway

Transfer case replacement can be one of the most expensive items to replace in your vehicle. However, if yours is faulty, it’s necessary to fix or replace it to prevent further damage to your car. Signs of a bad transfer case include strange noises coming from the engine, leaking fluid, or your car not shifting into lower gears. If you notice any of these signs, take your vehicle to the mechanic as soon as possible.

If you’re seeking auto loan refinancing, SoFi is here to support you. On SoFi’s marketplace, you can shop and compare financing options for your car in minutes.

FAQ

Can I continue driving my vehicle with a faulty transfer case?

You should not drive with a faulty transfer case. Driving with a faulty transfer case could damage other components of your car or you could find yourself in unsafe driving conditions, such as having your vehicle slip into four-wheel drive unexpectedly.

Are there different types of transfer cases for different vehicles?

Yes, the type of transfer case depends on whether your vehicle has part-time four-wheel drive, full-time four-wheel drive, active four-wheel drive, or all-wheel drive.

Can a transfer case be repaired, or does it need to be replaced entirely?

It is possible that your transfer case will only need a small repair, which can be significantly cheaper than replacing the entire component.

How long does it take to repair or replace a transfer case?

A transfer case will typically take 3.5 hours to replace. Repair times will vary depending on how complicated the repair is.

Does the make and model of the vehicle affect the cost of transfer case repair or replacement?

The make and model of your car will determine what type of transfer case you need to purchase and how long it takes to replace. Both of these factors will affect cost.

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Whether you need to pay for an emergency root canal or have unexpected home repairs, sometimes those bills can’t wait for your next paycheck.

If you’ve researched how to access cash quickly, you might wonder if online payday loans are the answer. Lenders that offer payday loans typically promise you things like quick applications, no credit checks, and expedited approvals. They may say you’ll get the cold hard cash you need the very next day. But interest rates can be very high and create debt problems for borrowers. Learn more here so you can make the right choice when you need cash fast.

How Do Payday Loans Work?

Payday loans are called that because they’re meant to be paid back the next time you get a paycheck. They’re generally for small amounts, and usually don’t require collateral or even necessarily a credit check.

The catch? Payday loans come at a price — and a high one, at that. They can have interest rates of 400% or even higher, depending on the lender you choose and which state you’re in. (Some states have stronger protective laws, including rate caps.)

Such high-interest rates and other associated fees can quickly lead to situations where you end up getting behind on the loan. You may end up having to borrow more and more in order to pay back the money you borrowed, especially since the loan might come due in only two weeks or a month. Soon you may be in a hole so deep you might not know how to get out. It can be costly, greatly damage your credit, or even lead to bankruptcy.

Recommended: What Are Common Uses for Personal Loans?

How Much Does a Payday Loan Cost?

The short answer: a lot. Here’s a specific example.

Say you take out a $500 payday loan at an annual percentage rate (APR) of 300%. You would only pay that full 300% if you took a whole year to pay off the loan because the APR is what you would be charged in interest over 12 months.

However, even if you only borrow money for one month, you’d have to pay 1/12 of 300%, which translates to 25%. Here’s where the math gets ugly: 25% of $500 is $125, which means that when your loan comes due at the end of its very short term, you’ll owe $625. This amount might be tough to meet, especially if you’re in a situation where you needed a payday loan in the first place.

What Is a Direct Payday Loan?

Payday loans are offered by a wide variety of vendors, but for the most part, they break down into two categories: direct payday loans and those offered through a broker.

With direct payday loans, the entire loan process, from application to funding to repayment, is all managed by the same company. Although these can be slightly better than indirect loans — which may involve multiple fees, longer funding wait times, and harder-to-pin-down communication — they’re still generally considered a bad idea.

Why Is it Best To Avoid Payday Lending?

Other than the possibility that you can get money quickly if you have bad credit, there aren’t many benefits associated with payday loans. You’ll end up paying a significant amount in interest, and you’re usually expected to pay the money back in a very short period of time — usually within two weeks or so.

The interest on your loan can also compound daily, weekly, or monthly. This means that interest charges will start accumulating on the interest you already owe, which will inflate your loan balance even more.

Depending on how much you borrowed and your financial situation, compounding interest can make it incredibly difficult for you to pay back the loan. Many times borrowers end up taking out additional loans to pay off the payday loan, which can lock them into a seemingly endless cycle of debt.

You’re also unlikely to be able to borrow a large amount of money because payday and fast cash loan lenders typically have low maximum borrowing amounts.

What’s more, you won’t even be building your credit if you do manage to pay the loan back on time, because most of these lenders don’t report your behavior back to credit bureaus. In contrast, above-board lenders will report back to credit bureaus when you’re paying your bills on time and in full, and that can positively impact your credit score.

What Are Some Alternatives to Payday Loans?

In an ideal world, you’d avoid any kind of consumer debt. But sometimes it’s simply unavoidable. There are financially favorable alternatives to consider before you sign up for a risky payday loan.

Paycheck Advance

The best kind of money to borrow is money you’ve already earned. While not every employer offers it, a paycheck advance can be a relatively low-risk way to fund last-minute emergencies. An advance on your paycheck basically means getting paid earlier than you normally would, with the balance deducted from your future paycheck.

But tread carefully: Many employers offer paycheck advances through apps and platforms that may assess a one-time fee or even charge interest. While the rates may not be as astronomical as payday loan rates, it’s still worth taking a second look at the paperwork to ensure you understand what you’re signing up for ahead of time.

Recommended: What to Know About Credit Card Cash Advances

Debt Settlement

Another option is debt settlement, which is where you offer a creditor a lump sum payment on a delinquent debt — a lump sum that often ends up being far less than the original amount you owed.

However, doing this does require some negotiating, and sometimes even some legal know-how, which is why many people seek the help of professional debt settlement companies. This, too, is tricky, because scams abound, and some debt settlement companies may try to charge exorbitant fees to “eliminate your debt,” all without actually doing any work on your behalf. The Federal Trade Commission has more information on debt settlement and how to look for a reliable firm if you choose to go this route.

Personal Loans

Many types of personal loans are unsecured loans — meaning no collateral is involved — that can be used to pay for just about anything. And although they tend to have higher interest rates than secured loans, like mortgages or auto loans, those rates are still much lower than payday loans.

With its lower interest rate and longer-term, a personal loan will likely cost you less money than a payday loan in the long run. And some online personal loan lenders can process your application quickly and even get you the money you need in a matter of days.

Unlike payday loans, you have to go through a credit check to qualify and get approved for a personal loan. However, if you have a steady income and meet the lender’s eligibility requirements, you’re likely to qualify for a lower interest rate than you would if you used an online payday loan.

Your repayment timeline could also be less stressful if you opt for a personal loan rather than a payday loan. Personal loans come with the option of longer terms — a few years, for example, instead of a few months.

And because you can pay your loan off over a longer-term, your monthly payments might be more manageable than a payday loan. There also tend to be fewer fees attached to personal loans, and you might be able to borrow more because personal loans have higher loan maximums.

Personal loans aren’t much more difficult to apply for than payday or fast cash loans. You can typically get pre-qualified online by answering a few questions about your income, financial history, and occupation.

Recommended: Personal Loan Calculator

The Takeaway

When you need money quickly, payday loans — and their promise of fast money — can be tempting. But you’ll want to proceed with caution. These loans generally come with very high interest rates and associated fees, and you may only have a couple of weeks or so to pay back the money you borrowed. There are less-risky alternatives to consider, including paycheck advance, debt settlement, or a personal loan.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

FAQ

What is a disadvantage of a payday loan?

Payday loans generally come with high interest rates and associated fees. What’s more, you typically have to pay back the money you borrowed on your next payday.

Are payday loans a good idea?

Payday loans are usually not the top choice when you need cash quickly. That’s because they often come with high interest rates and tight repayment timelines.

What is the catch to payday lending?

The catch to payday loans is that borrowers are typically charged very high fees and interest rates.

Are payday loans easy or hard to pay back?

With their high interest rates and fees and short repayment timelines, payday loans can be difficult for borrowers to pay back on time.

Can payday loans hurt your credit?

While payday loans are unlikely to build your credit score, they can hurt your credit if you don’t pay back your loan and your lender sends the debt to a debt collector.

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