Plumbing repair work can be expensive, but it’s a necessity to keep your home safe and sanitary. While paying cash is the best option for many, this is not always feasible for those who need to finance their repairs. Fortunately, there are several ways to obtain plumbing financing for bad credit. Using your home as collateral, a home equity line of credit (HELOC), or a personal loan are common financing options. Additionally, some large plumbing companies offer customer financing options directly.

A HELOC works like a credit card, giving you a fixed spending limit that you pay interest on as you spend. However, unlike a credit card, you don’t risk losing your home if you’re unable to repay the amount you borrow. HELOCs are great for those who may not know how much their project will cost, since you can draw funds on the facility as needed. However, they typically come with higher interest rates than other forms of financing and require a high credit score to qualify.

Personal loans are another financing option for plumbers, although they tend to come with higher interest rates than other types of financing. Nonetheless, they are easy to obtain online, and you can receive funds quickly—sometimes as soon as the day you’re approved. These types of loans are a good choice for those who are not comfortable with putting their home up as collateral, have a low-cost plumbing project, or want more flexibility.

One of the most popular plumbing financing methods is through a credit card. These cards offer a 0% introductory rate for the first year or so, making them attractive to those who need to finance small plumbing projects. However, once the introductory period is over, the typical 15% to 20% interest charges kick in. These rates can quickly add up and make it difficult to pay off the balance.

Integrated customer financing allows your company to provide a variety of plumbing payment plans that are designed to fit your customers’ budgets and help ensure that you get paid in full. One company that provides this service, ServiceTitan, enables its partners to offer three tiered payment options for higher-ticket jobs, with prices set to protect the partner’s margin. This is a great way to attract new clients and increase revenue.