need a personal loan or a small business loan very soon?
admin | Oct 01, 2010 | Comments 5
im going to need a personal loan or small business loan in the next 2 weeks for a store im looking to rent and open a bakery. my credit score aptly now is 662, im waiting for it to update this week which should be going up into the high 670′s or even low 680. my credit is fleeting only about 4 yrs ancient. I dont have much collertal to use to secure it. My parents just declared bankruptcy and my household is probably only worth 40k for secureity. I need around 75k. Anyone reckon i have a shot? or know of any banks that would be willing to work with me.
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I’m thinking of a number,, it’s between 1 and zero,, it’s the chance you have for $75K with $40K collateral
If you don’t owe lots of money and your credit is excellent and you
can budget yourself and trust that you set a deadline within a year or 2 then this maybe can aid you:)
Credit card co. offer 1 yr interest emancipated if you make they’re card.
If you can make 3 or 4 cards that have 1 yr interest emancipated and make the
cash advance from those cards then that can be a lofty lump sum
without interest for 1 yr better than a loan from the bank. Make sure to calculate it so that you can pay back within as much a doable. After the year either balance transfer to another card interest emancipated or merge your bills to pay small by small.
Maybe this would be a excellent time to write a business plot and also consider all options.
eg: bring in a rich partner
Excellent luck.
Your time frame just won’t allow for conventional lending. There are “Hard Money” lenders who will give you the cash but will want to see a pretty fit business plot and you’d have to own the location not lease to show some sort of justifiable equity. These lenders will also have a shorter payment window (like 12-18 months) in which ALL fees must be paid in full lest you incur ‘monster’ fees. Sounds like you should restructure and “plot” for the future. These ‘deals’ come and go and I promise there will be another bakery somewhere else. Form a LLC or S-corp in the meantime by simply filing and paying online with your Secretary of State office. Once you have a tariff ID number (emancipated) banks will initiation giving you credit in the name of your corporation (not affecting your own credit score) and you will be financially stable to make a right investment… with other peoples money. With your credit rating on the uprise it sounds like you could be financially emancipated within one year with money to initiation any business you like. Just open your LLC soon to hear those credit apps from keen lenders. There are businesses you can contact online that will walk you step by step through the administer I’ve just clarified. Excellent luck and send me an ancient fashioned glaze when you open your doors!!
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