Chosen by Asker

It is hard to get a loan without collateral so figure it out. Make a business plan and let them see how you plan on doing things. Good luck.

by Edweird

3 years ago

Asker's Rating: 

It's a good strategy. But the bank's question is going to be, "If you can't resell for some reason, what recourse will we have?" Which is why you must have good credit. A bank is a lousy place to go for a loan. You only get a loan if you can prove you don't need it.

by Scott- 3 years ago

If your business plan is good enough, your credit wont be that big of an issue. Your interest rate will just be very high, as will your down payment. However I think almost everywhere requires that you have at the very least a 575. I believe 575-619 still requires a 15-20% capital contribution from the owner (down payment.) Dont be discouraged though, it may be a little harder than average, but it is most definitely possible!!!!

by skuilah- 3 years ago

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by libbybill827- 3 years ago

Probably, but you'd pay a higher interest rate. Banks don't go on anything but a sure thing. You could take them your plan and the specifics certainly wouldn't hurt. However, your interest rate will still be determined by your credit score.

by bernel1403- 3 years ago

screw the bank......the SBA helped me alot

by (identitywithheld)- 3 years ago

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by polished- 3 years ago

you can get a SBA loan: 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. Along with the SBA, certain other government agencies provide financing to small businesses through loans and grants. To avail of this loan, you have to submit the business plan that you have chalked out along with your abilities to indicate that you can handle the business properly. Your credit score should be high to get the loan. The lending authorities check your credit ratings before approving your loan.

by mey t- 3 years ago

"At some point of time people dol have bad credit record. If you are worried about your poor credit history then you will not get any credit. There are many lenders who provide loans to people whose credit record is bad, but at a higher interest rate. You can get bad credit loans from some lenders quickly and easily. Before you apply for a bad credit loan, there are some points you should first take into account. The only eligibility for the bad credit loan is poor credit history. To increase your credit score, ensure that the details of your loans are sent to major credit bureaus. "

by sun s- 3 years ago

Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : umgarticles ... if it helps kindly remember me in your voting!.. cheers!

by gabriel jones- 3 years ago

So you don't need a loan ! A better cash flow management may save you some huge amounts of money. If your business is young, it may be easier to get some credit from your suppliers instead of a bank. A business credit card may be easy to get. There you go : simple-credit-cards-and-loans ... Info about improving a credit score : index-go ... Good luck !

by carlos- 3 years ago

You will certainly need a strong business plan to convince them...good luck

by benbardot- 3 years ago