The jobs of plumbers and electricians might not be white-collar jobs but they are definitely essential for our household maintenance. We definitely can not imagine fixing a faulty switchboard or a leaking faucet on our own. Such jobs require skilled labor training and a lot of hard work. We definitely call upon these professionals with almost any problem we face in our houses. Now that we have agreed upon the fact that plumbers and electricians are quite necessary for us let’s also discuss their pay grade. On average a plumber in Canada makes around $60,000. This surely is not enough to cover all costs of a quality lifestyle. Even though these professionals work hard all year round and fix real-life problems for us, they still find it very hard to make ends meet. Most plumbers and electricians resort to installment loans to cover up expenses. There must be a good reason that these people trust online installment loans over other types of loans. So let’s discuss the features of this loan and compare it to the other types of loans in the market to understand how they financially help out plumbers and electricians.
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The convenience of Installment Loans Online
Like every other person, a plumber or an electrician would want financial help to arrive on time during emergencies. Loans are actually one of the most helpful things to get you out of a financial soup. The problem is that not all loans are the same. Different loans have different features which also affect the time taken by them to actually get the money to the people in need. Plumbers/electricians mostly decide to get personal installment loans because they have the fastest processing speed. The application form is online and it takes only 5 minutes to fill the whole thing. After the application is submitted the money is sent to the applicant’s account within the next 24 hours. This time period is very short compared to banks and other traditional companies where the process can last up to 2 weeks. The application form itself takes hours to fill and the submission of documents takes the whole day. Also, we can not leave out the physical strain experienced by having to make multiple trips to the branch.
Contribution of Private Lenders
Almost every company on the market checks the credit history of a person before passing the loan. There’s a good chance that a plumber or an electrician, who already has a problem with finances, might have a low credit score. This means that they can not get any type of loan except for an online installment loan. Unlike most loans in the market, an online installment loan uses private lenders to lend money to applicants. This helps people like plumbers and electricians in a big way. The private lenders are not bound by any rule which makes credit checks mandatory so even the people who have a bad credit score are eligible for this loan. This proves to be a blessing for these skilled professionals who can not get financial aid from anywhere else in times of emergency.
Actual Control Over the Money
Most loans do not give control over the loaned money to the borrower. This means that the money is not actually sent to the borrower’s bank account but is used up directly for the reason of the loan, as mentioned in the application. Plumbers and electricians mostly do not have a lot of savings. New expenditures and problems can arise at any moment and might be even more worrisome than the reason for the loan. By giving control over the loan money to the borrower, he/she can make proper use of it and make things better. Online installment loans follow this procedure and provide the money directly to the applicant in their bank account which solves a lot of problems in the present and the future.
Exclusion of Mortgages
Electricians and plumbers aren’t exactly thriving on the financial front and there’s a fat chance that they do not own any property. Even if they did, they would never want to give up the little amount of property they own for a mortgage while applying for a loan. Almost every other company or bank that provides a loan requires a mortgage to be submitted as security for the loaned amount, with the exception of companies that provide an online installment loan. This loan does not require any mortgage submission which again becomes a blessing for the likes of electricians and plumbers. On being unable to pay back the loaned money on time a fine is levied instead of seizing the property.
Equal Interest Rates For All
A thing that caused a huge uproar among many professionals like electricians and plumbers alike was the unequal charging of interest rates. Banks and companies had started charging different interest rates to people depending on their credit score. People with a lower credit score had to pay higher interest rates. Since most plumbers and electricians had a low-interest rate on average they were very unhappy with these agencies. That is when most of them turned to installment loans as they always charged equal interest rates to all irrespective of their credit history.
Availability of Small Amounts
Electricians and plumbers don’t need huge loans like most businessmen and industrialists. At times these working individuals only need small amounts like $200 or $300. Sadly most places do not provide such small amounts as loans because there isn’t a substantial profit aspect from them. Places that prove online installment loans are not the same. They have loan options as low as $100 and provide these loans irrespective of the profit they make.
There are many other reasons why skilled labor workers like plumbers and electricians mostly depend on online installment loans but these are the leading factors. The requirements of these individuals are best fulfilled by this type of loan due to its extraordinary features. Go through this article to know exactly how installment loans provide the best financial aid possible to plumbers and electricians especially during an emergency.