At the BlueRock Wealth Management, our goal is to help each of our clients achieve long-term financial health and success, whatever that looks like for them. We offer personalized advice and action plans to help you create the life that you want, and we will help you find the best financing options available to suit your specific needs. One of the options we can help with is professional loans, and in this article, we’ll go over more information to help you decide if professional loans are right for you.
What are professional loans?
The “professional” in professional loans does not only refer to what the loan is for, but also to who can take one of these loans out. If you practice a professional trade, you may qualify for a professional loan. Some examples of these professions include:
- Medicine
- Accounting
- Journalism
- Engineering
- Law
- Architecture
- Clerical work
- Surveying
- Etc.
What can professional loans be used for?
Professional loans are a subset of business loans and are designed to help qualified professionals set up their own practices, expand their existing operations, or otherwise improve their businesses.
What are the qualification requirements?
In addition to practicing one of these trades, there are other requirements to qualify for professional loans. In our experience, these requirements typically include:
- Being self-employed
- Practicing your trade for at least two years
- And having the relevant trade licenses according to local regulations.
Our team can help you put together all the documentation you will need, and help you find the best lender to meet your particular needs.