Plumbing emergencies often pop up unexpectedly, and if they’re severe enough, can cause your wallet to empty quicker than you can say “Plunger”. But the fact is that there are a number of ways you can finance home renovations and repairs that involve plumbing. You can use credit cards, unsecured personal loans and even mortgage refinancing to cover the costs of these kinds of projects. But these methods are usually reserved for homeowners with great credit and substantial income. If you have a poor credit score, obtaining financing for a plumbing project can be difficult.
Aside from the traditional mortgage refinance method, there are a few ways you can get plumbing financing for bad credit. One of them is applying for a personal loan from a lender that specializes in these types of financing. You can get this type of financing without having to provide any collateral, and it is one of the most affordable methods for financing major plumbing repairs.
However, you’ll want to keep in mind that personal loans come with higher interest rates than other loan options. Additionally, you’ll have to pay back your loan in scheduled monthly payments over the term of the loan. If you fail to make these payments on time, it could lead to financial difficulties in the future.
Another way you can get plumbing financing for bad credit is to apply for a line of credit with your current bank. This is also known as a cash-out refinance, and it can be an effective way to get the money you need to pay for plumbing repairs. The good news is that this type of loan is typically easier to obtain than a home equity loan. This is because it does not require you to provide any collateral and it is available for homeowners with a FICO credit score of at least 550.
Some plumbing companies also work with lenders to offer their customers financing. They may be unsecured or secured, and their application processes are usually quick. This allows them to provide plumbing services to more people, even those with poor credit scores.
Some examples of plumbing financing include GreenSky and Service Finance. These companies offer unsecured loans for home improvement projects and are able to approve the majority of customers within seconds of their application. This makes it possible for plumbing customers to complete their projects on time and within budget. The best part is that these types of financing solutions can be integrated directly into your service platform, which helps to streamline your invoicing and payment process. This leads to simpler, smarter customer experiences and more positive reviews for your company.