Question: I want a loan to make money. Small business loans/credit cards for ppl with bad credit? Exponential growth?
My house was robbed and all my jewellery and money stolen a couple of years ago.
I was about to run a small home business with the money and assets i had saved doing security work.
As I didnt have insurance, I got into debt and had to move so I didnt get hit again.
Now I have bad credit, is there anyway I can get a loan with bad credit???
I only need a small credit card to help me juggle things.
I am now trying to run a business again, but dont nearly have the start or the credit ratings as i previously did,
I am still a student and was hoping to run a business in my part-time.
I am still making about 50-100% profit per month turnover from my money and business.
With this type of turnover even a small loan of 1-2k would grow my business exponentially.
Even 10-20% p.a would be nothing for me to juggle around.
I know it takes money to make money but I cant seem to get over that 1k-2k hill to start my business growing exponentially.
Any tips other than saving or selling my assets?
Answer: This what people do not get, PROTECT YOUR CREDIT RATING because it will haunt you for years to come.
In your case you need a card so you can "juggle" things, what does that mean? So you can run it to the limit and get into more trouble with credit.
If you haven't the money YET to start up your own business you go out and work for someone else until you do have some money and then if you reallllllly, realllllly want it bad enough get another job and save money.
Good luck but depend on your own work to get you going NOT credit cards.
ADDED
What the heck is wrong with saving? Oh I know the I want it NOW attitude.
Question: How can i get a business loans with bad credit?
I have bad credit and i'm starting a web business not a big business so only need a small loan?
Answer: You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation )
If you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card. Credit card requires no collaterals but are an expensive source of funds.
Otherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves. From the article "How to Start a Business with Little Cash" http://www.powerhomebiz.com/vol30/nocash.htm here are some tips on how you can start a business and earn more money even if you are short of cash today:
1. Find a business that you can start for little money (e.g. instead of a website that requires extensive programming, start slow such as starting a blog site using free software such as Blogger.com)
2. Consider your time and effort - if you have little cash, you may have to work harder for the money because you will have no resource to outsource or employ others to do certain tasks for you; or you have no money to buy equipment so you can only do certain things the long way
3. Get your creative juices flowing. With no money, the only thing you have is your imagination. Be creative and find ways to get things done
4. Be prepared to do all the work yourself - from doing your business plan, finding financing, writing emails, shipping and handling, marketing or whatever processes your business requires.
5. Be prepared to invite investors - you may need financing help from someone down the road so be prepared to share some of the pie.
For information on where you can possibly get financing, here are some recommended books:
- Financing Your Small Business
- Small Business Financing: How and Where To Get It
- Financing the Small Business: A Complete Guide to Obtaining Bank Loans and All Other Types of Financing
- The SBA Loan Book
- Angel Capital : How to Raise Early-Stage Private Equity Financing
Question: Can you really start up a business after establishing business credit if you have bad credit?
as always i rcvd a bunch of scam emails after i went to bad loan business loan link . apprantly there are companies you pay 500 to 995 or more that promises business credit so you can obtain start up money by buying cards from the companies that report to dunn etc and state after 4 to 6 months with poor credit your business which is to be separate from the personal you should be able to get a loan? Is it better just to go to sba?
Answer: Do you have a true business or are you trying to obtain business credit because you have bad personal credit?
What company did you purchase your business credit program through?
There are tons of scam companies out there offering to build business credit; however, there is one that can actually assist you establish business credit.
Question: Anyone know of a bad credit business loan that I can get FAST??????
I need a fast business loan for 30K and have BAD credit but a cosigner with VERY good credit! Please help.........
Answer: If you are individual, who has an entrepreneurial spirit, you can easily get a loan offered by the federal government. This loan allows you to start a small business. The department of Small Business Administration (SBA) acts as a guarantor for these loans. These loans are provided by banks or financial institutions. Very rarely, the SBA provides the loan directly.
Question: Whats the best site to go to to get a large bad credit business loan?
Answer: There are many sites available on the Internet which can help with bad-credit loans. Before you do that please consider the costs. Most places charge either an upfront fee (usually around $1000) and/or a back-end fee (usually twice as much as the upfront).
Consider building up your business credit first. That is separate from your personal and can be spotless in a very short time frame. To do that you may google "strong business credit" (just like that in quotes) to find companies that specialize in the service. Otherwise just look around on the Internet and you will find many bad-credit loan companies.
Question: I need a bad credit Business Loan?
I am starting a deveolpment business and need start up capital. The problem is I have bad personal credit. Does anyone have a suggestion on where I can get financing with bad credit for my business?
Answer: Have you spoken with a credit counselor about improving your credit score so that you'll qualify for attractive loan rates?
Check out: http://www.mortgageous.com/healthy-credit
You can request a free credit repair consultation and see about getting negative items from your credit history removed. If you can demonstrate to lenders that you're actively engaged in rebuilding your credit, you have a better chance of securing that startup capital.
Best of luck with your new business!
Question: I am looking for a bad credit business loan/borrow extra money to pay off bills?
Answer: Try Wells Fargo Finacial
Question: Need small business bad credit loan....no collateral...anyone??
I am in need of a small business loan to help with start up. I am just looking for $10000. This would help with lease securement and cash. I think I will have someone to help with the larger and more long term financing needs, but I am in need of a small loan quick. I don't want to lose my lease prospect. I can submit to you a business plan. I am willing to pay a higher interest rate due to my personal credit. I just need someone to believe in my venture other than me, and for someone to overlook my credit and past personal mistakes and to believe in my future. I thank anyone who takes the time to answer my request.
Answer: really felt for you cos i've been in your shoe before i eventually got loan to start my loan business ten years ago, just brought back old memories contact us at carthymoore@yahoo.com and atteniton mrs. moore so that your applicable can be treated personally by me for fast approval
Question: How do you start a business with bad credit?
I'm looking into starting my business this year. To prepare for that, I'm currently paying all my bills and should be complete by early summer. I know it's not going to show automatically nor my credit score going to improve, but what are my chances of getting a good business loan with a bad credit score BUT all my bills paid off (and shown on the credit report)?
Answer: You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history
Having good credit is just one requirement for business loan. Banks and SBA want you to have collateral as well as equity investment in your own business. Banks want to make sure they can get the money they loan you -- if you cannot pay because the business failed, they will get your collateral
If you don't have collateral and your credit remains poor, you may want to look for other sources of funding.
If you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card. Credit card requires no collaterals but are an expensive source of funds.
Otherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves.
I suggest you read the following books as well. Borrow them from your library or buy them from your favorite bookstore
- No Cash, No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen
- Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein
- The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything by Guy Kawasaki
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