Naturally, it is not always possible to have backup money in the bank. Therefore, it makes sense to look for various loan options to maintain the business. As a handyman, loans that might interest you include:
- Small Business Loans
- Personal Loans
- Installment Loans
- Payday Loans
Without getting into too much detail, small business and personal loans come with substantial amounts ($5k - $40k), lower interest rates and long-term payments options. In fact, a small business owner with healthy credit history may request and qualify for $20000. Unfortunately, the lenders that give these loans are very clear about their policy of only helping handymen with stable and above average credit scores. For those who don't have healthy credit, these options might not be available.
However, when you borrow money online through payday and installment loans, it may save the day. The short-term loans aren't nearly as focused on the credit score of the handyman, and after being approved the money gets made available within 24 hours. In terms of how much you can borrow to cover your temporary financial emergency, Payday Loans range between a few hundred dollars and $2000. Installment Loans, on the other hand, offer larger amounts. Foe example, a person may qualify for $3500 and buy all the necessary tools for the business. Instead of qualifying based on credit scores, some lenders look at monthly, biweekly or weekly incomes. When you borrow money online with a clear plan for what you'll be using the money for, Short-term Loan can be a very effective short-term solution.
