Whether you’re looking for funding for plumbing equipment, a working capital loan to cover seasonal gaps, or a business line of credit to expand your company, there are a variety of loans for plumbers available. Choosing the right option for your needs will depend on a range of factors, including loan term, fees, and interest rates.
Personal loans are typically the most popular method for financing a plumbing project, and for good reason – they offer low fees, quick application and funding times, and peace of mind that your home isn’t at risk should you be unable to repay the loan. However, it’s important to note that personal loans often have higher interest rates than secured business loans. If you’re considering a personal loan to fund your next plumbing project, it’s important to take the time to compare dozens of lenders before making a decision.
As a small business owner, you’ve probably had to deal with unexpected business expenses at one point or another. And as a skilled professional, you know that if you don’t have the cash on hand, those costs can be costly. Fortunately, there are many different types of financing for plumbers that can help you get the money you need quickly and easily.
Business loans for plumbers are a great option for those who want to grow their company and expand to new locations. But it’s important to note that most banks are very selective about which businesses they lend to, and may reject a large percentage of application due to the nature of your business and the industry in which it operates. For this reason, it’s important to consider alternative lenders for plumbing loans and other small business loans.
While there are a wide range of options for business loans for plumbers, some lenders stand out above the rest. Upstart, for example, is a lending platform that partners with banks to provide personal loans that can be used for almost anything. Its unique lending model takes a number of things into account, including education, employment, and income, which can lead to more approvals than traditional loans and lower rates.
Other lenders, such as Hearth, also have personal loans for plumbing projects. With no application fee and a quick turnaround, it’s worth checking out their personalized rates to see what rate you qualify for without impacting your credit score. And for those seeking a smaller loan amount, Upgrade has a variety of low minimum loan amounts and allows you to pre-qualify with no hard credit check.
For larger, high-ticket repairs, a few large plumbing companies even have customer financing options built into their service offerings. This can make it easier for homeowners to pay for the services they need and helps the plumbers themselves keep their rates competitive.