You might be a contractor looking to take on more work. However, that usually requires working capital up front. Traditional lenders require extensive financial documentation and credit and their approval processes tend to be incredibly lengthy. Even after you are approved, it sometimes takes up to several days to get the funding you need and the opportunity you had could be gone by then.
The online loans for contractors currently available include:
- Personal Loans from $5,000 to $40,000
- Installment Loans from $2,000 to $5,000
- Payday Loans from $300 to $2,000
Personal loans are only good for contractors with average and above average credit scores. The great thing about these loans is that they typically attract lower interest rates (APR). Unfortunately, they are not accessible to most contractors. Installment and payday loans are the preferred option for contractors that need money now for various reasons including:
- Replacing damaged supplies
- Training new employees
- Creating new marketing materials
Having access to the funding you need for your construction company will help you be better prepared to handle the ups and downs of business. A construction company loan will also provide you with the peace of mind that comes with knowing that you will always have access to the funding that you need. All you have to do if you are a contractor and need money now for your construction business is to apply by providing a few basic details regarding your personal or business earnings.
