How can I obtain a loan to start a business if I have a bad personal credit history?
If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a fresh loan. But you should be meeting some conditions laid down by the lenders. Loans for bad credit people are in fact easier to get then they were ever before, thanks mainly to cut-throat competition amongst the lenders. Lenders are giving loans to the bad credit people who have late payments, payment defaults, arrears, county court judgments or any credit problems. These loans are available for any purpose like home improvements, purchasing a new or used car of your choice, for wedding and holiday tour, debt consolidation or for paying child’s tuition fees. http://loan–house.blogspot.com/2008/03/… Every lender in approving loans surely likes to see if the bad credit borrower has sufficient capacity to repay the loan in timely manner. If the borrower earns well, has regular ban
Your best bet if you’re after a loan is to go through the SBA (Small Business Administration), or go to a bank that handles SBA loans. The banks are more willing to overlook bad credit (to some extent) because the government will guaranty that it will cover up to 75% of whatever you don’t pay them. The bank still isn’t happy about the chance to lose the other 25%, but if your credit is on the border it might help. Aside from that most banks require everyone who owns 20% or more of the business to personally guaranty the loan. If you have bad credit then your guaranty isn’t worth anything to them and as such unless you have a lot of home equity or other collateral (and most times even if you do) the bank isn’t going to loan you a dime. Loans to fledgling businesses don’t have a high repayment rate even when you give them to people with great credit. As far as needing the money within 5 days, you’re out of luck that just isn’t enough time to approve any business loan request for more tha
Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business. http://www.worldbestloans.com/businesslo… Since market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you.
In regards to your question. My little advice is that you go to a bank in your area to request for the loan, I think that would be a bit easier for you, but let me also recommend you to a loan firm that offers unsecured loans in order to ease your situation, though he is the only one I have tried for now so I don’t really know if their interest rate is the lowest. Few months ago when I had a bad credit, a friend of mine introduced me to them, inspite of my bad credit they were able to loan me 25K of which I used to revive my business, I think you too can do the same as well. Tell the CEO is Anne Fost that refers you to him. Regardless of your nationality, I am sure they can be of help to you. Here is their contact information if you wish to contact them. PEAK FINANCIAL FIRM INCORPORATED. EMAIL: peak_financialfirm@yahoo.com Good Luck.
