If you need plumbing repairs or upgrades or have a leak, financing your project might help you keep the work on schedule and prevent future problems. You have several options for plumbing finance, including a personal loan and a home equity line of credit. A personal loan is an unsecured option that does not require collateral, so it is usually easier to qualify for. A home equity line of credit works like a credit card, but you have access to the funds as needed and pay only interest on what you use. If you’re unsure which option is right for you, we recommend you compare offers from multiple lenders online to find the best deal. You can also talk with a network plumbing company to see what options they have available.
Many homeowners are faced with costly plumbing emergencies that leave them needing plumbing repair or upgrade financing. They may have already exhausted their own savings or borrowed money from friends and family, but the lack of affordable funding limits their options for completing the necessary work. Fortunately, there are many different ways to fund plumbing projects, even for those with bad credit.
Financing Plumbing Repairs For Bad Credit
The most common option for plumbing financing is a personal loan. There are a wide range of lenders that offer this type of financing, each with their own terms, amounts offered, interest rates and qualification requirements. Some are more competitive than others.
A personal loan does not require any collateral, and lenders use other information about the borrower to predict their likelihood of repayment. These include credit score, income and employment history, and debt-to-income ratio. Most lenders also offer a fully online application and funding process, which makes it faster and easier to apply for and receive funds. Some of the most popular personal loan lenders include Upgrade, Upstart and LightStream. Some network plumbing companies also offer their own in-house or branded financing options.
Despite its advantages, it can be difficult to qualify for a personal loan with poor credit. For this reason, you should consider seeking a cosigner or using another source of financing such as a home equity line of credit (HELOC) or a cash-out refinance.
For a plumber, offering customer financing is an important way to ensure that they get paid in full for their services. It can also increase brand loyalty, boost sales and encourage repeat customers.
To make the financing process as hassle-free as possible for their clients, many plumbing companies utilize integrated customer financing solutions. These systems, which typically incorporate a partnered lending institution, automate the loan approval and payment processes for customers. This frees up valuable time and resources for the plumbing company, while ensuring that all customers are able to afford their services and products. Many of these solutions are simple and easy to implement, with some even allowing the plumbing company to set their own minimum loan amount. Some even allow them to choose between tiered monthly or same-as-cash payment plans, with the pricing set to protect the company’s margin. plumbing financing for bad credit