Personal Loans for Career Shifts in 2022
After two years of a debilitating pandemic and unpredictable industry shifts, 2022 leaves many of us uncertain. Where many had stable, predictable jobs before, most individuals work from home or with limited working conditions. Many are turning to career shifts that balance our needs in light of the dynamic workplace environments COVID-19 forced on us. Additionally, savvy entrepreneurs are doing away with their old careers and engaging in startup ventures and new businesses. It’s an exciting time and a daunting one. Individuals miss out on these opportunities without proper preparation and personal loans.
If you’re considering shifting careers and pursuing the job of your dreams, the best way to be prepared is with a reserve of funds to cover the transition. With suitable personal loans, you’ll be ready for any possibility and seamlessly transition to your new career.
Career Shifts and Startups: A New Normal
In previous generations, the standard trajectory of any individual was to find a career, climb that career, then retire. While that served its purpose in the past, today’s dynamic and fast-paced world cannot accommodate that life path for everyone. Individuals today thrive with multiple jobs, stay-at-home jobs, startups, and career shifts.
Add in the COVID-19 pandemic, and suddenly, the dynamic world we lived in got turned upside down. Individuals had to leave careers they once took for granted and worked at home instead of their offices. Many people reevaluated their priorities and looked onward to new jobs and lives with all the disruption. Rather than being a possibly disastrous decision, career shifts and startups have become a new normal.
However, shifting careers or creating a startup isn’t as simple as applying for a new job. Setting yourself up to the standards you had before can take time and effort. The best way to prepare for the period between jobs is with suitable personal loans for your career shift.
Steps to Take During a Career Shift
Changing careers, jobs, or even launching a startup is a big decision that requires several moving parts. Building a career does not happen overnight. Thus, preparing with the proper steps is crucial before making the transition. The most critical factor to consider is that there will be a period where there’s no cash flow, and you’re relying on your expenses to stay afloat. To prepare for this period, you’ll need to save money and be more careful about managing costs. You can also consider taking out a loan with online lenders such as BitX Funding to fast-track your career shift.
- Save Money
Before transitioning careers, ensure you have at least 1-2 years of salary saved to cover bills or any unforeseen expenses. This safety net will help cover living costs while undertaking your career shift.
- Consolidate Expenses
Consolidating expenses is how we traditionally think about saving money. In essence, all you’re doing is spending less and eliminating expenses that aren’t necessary during the career shift. Depending on how much you need to save, this may take careful planning with a financial advisor to pinpoint the most efficient ways to cut back.
- Take out a Personal Loan
Depending on your credit score and financial track record, a personal loan may be the most effective option for your career shift. Having funds readily available is a great way to be prepared for any eventuality while staying ahead of expenses as you undergo your career shift. Additionally, there are many options to choose from with the right lending company. Whether you need a personalized loan, startup loan, or business line of credit, you’ll be ready for success during your transition.
Personal Loans to Establish Your New Career or Startup
Whether transitioning careers or starting a new venture, the most effective way to succeed is with suitable personal loans. Rather than putting the funds together at the last minute, you’ll have the liquidity you need to account for expenses before they arise. Additionally, you’ll be able to handle unforeseen costs during the transition period and have funds ready for possible damage control. Below, we list the optimal personal loans for individuals shifting careers or starting a new business.
If you are starting a business from scratch or transitioning careers, a startup loan with no revenue is one of your best options. Everyone knows it takes money to make money, but it can be challenging to get the ball rolling. Startup business loans take that pressure off and allow promising ventures a chance to start fresh with the right funds.
Regardless of your best intentions, do note that because of the risk to the lender, startup loans an exceptional credit score (700+) with less than 30% utilization of your credit cards. While having a proven track record in business is unnecessary, it will go a long way to secure loans with lower interest rates and better terms.
0% Business Credit Cards
One of the best ways to get ahead of your new startup or career shift is by stacking 0% business credit cards. This option is best if you have excellent credit but lack the experience necessary to apply for a larger loan. To stack credit cards, you leverage your credit with existing institutions and take out 0% business cards, which you can then load with virtually any expense.
There are two primary advantages to this option. The first is flexibility. You can manage funds across multiple accounts, and as long as there aren’t significant expenses, you can cover most costs of a new startup or career shift. Further, utilizing various cards, as long as you manage your funds appropriately, can improve your credit and set you up for more significant loans.
Personal Business Loans
A personal business loan may be the right choice if you need a quick and easy loan to help cover expenses while you shift careers. With a personal loan, you can get from $25,000-500,000 of funds within ten days of applying, and the funds are flexible. This flexibility means you can use the funds to cover business expenses, unforeseen costs, or even new equipment.
However, personal loans are usually not collateralized and are at high risk for the lender. Additionally, these loans require at least a 700 credit score and about $50,000 in annual revenue to ensure the borrower can pay back the funds. These loans are best for when you’ve established yourself in a new career or startup and need additional funds to build your new business.
Get Started on Your Career Shift today with BitX Funding
In the past, shifting careers or starting a new business were rare occurrences. Today they are a new standard. In our dynamic and fast-paced world, it’s unlikely anyone stays with a career or venture their entire lives. In fact, over half of American adults change careers at least once in their lives. Additionally, the recent pandemic has disrupted our lives further, imploring individuals to reevaluate their priorities and how they make money.
If you’re thinking about a career shift or venturing into a new startup, don’t hesitate. BitX Funding’s team of experts has you covered with suitable loan options for any occasion. Contact us today to learn more.