The United States Patent Office receives over half a million utility patent applications every year.
Securing a patent is a legal way to protect your inventions. If someone steals or uses it without your authorization, they’ll have a case to answer in a court of law.
However, one of the biggest challenges people filing patents face is affording the patent costs. According to experts, it can cost anywhere from $900 to as high as $15,000.
So, what if you don’t have the money you need to apply for the patent? You can use a personal loan!
Continue reading to learn the various ways a personal loan can help.
1. Hire a Patent Lawyer
A large portion of patent costs go to patent attorneys, and it’s easy to see why.
Applying for a patent isn’t a very complicated process, but if you have no experience, you’re bound to make a couple of mistakes along the way. For instance, you might not know the category under which your invention lies. Maybe you don’t even need a patent.
Hiring a patent lawyer takes the guesswork out of the process. At least you’re assured that the only thing that can go wrong is the U.S. PTO rejects the application for technical reasons.
A personal loan will help you secure the funds you need to have a lawyer on your team.
2. Refine Your Invention
An experienced lawyer will not only help you make the actual application. They can also assess your invention and tell whether it meets the threshold. These lawyers have a good idea of what patent evaluators look for, information which you can use to refine your invention before submitting it the USPTO.
However, depending on the type and complexity of your invention, you might not have the money to make some adjustments. Perhaps the prototype was assembled in China, which means you have to digger deeper into your pockets to ship it back.
This is another instance where a personal loan will come in handy. You can use the money for these expenses.
3. Pay for the Actual Application
You already know the vast majority of patent costs will go the lawyer who will prepare the paperwork. A small amount (usually a couple of hundred dollars) will be paid to the USPTO.
Even if you’re opting to take the DIY route, this small amount can turn out to be unaffordable, especially if you’ve already spent a ton of money on designing and manufacturing a prototype. If you’re in this situation, consider taking out a small personal loan.
How to Get a Personal Loan
Now that you know the various ways a personal loan can help you take care of patent costs, the next step is to secure the loan.
There are several lenders you can turn to, but if you happen to have bad credit, you could encounter some challenges. The good news is there are online lenders who offer bad credit loans without a guarantor.
Sort Out Patent Costs Without a Worry
Patent costs are the bane of being an inventor. You’ve already spent a ton of money and sleepless nights working on your invention, the last thing you want is to spend a lot more on securing a patent.
Luckily, you can take out a personal loan to fill any financial gaps you might be having. Even better, personal loan lenders don’t care about how you’ll spend the money.
Stay tuned to our blog for more patent tips and insights.