Business loan on bad credit is this possible?
95835
It is possible to get a loan if your credit is bad. If you have a good idea, and your business proposition makes sense you could get private lenders to help you. Private lenders may be more expensive, and sometimes upfront fees apply. Private leneders tend to work with you, regardless of your credit.
1140848
check the link on my profile it might suite your needs better\nquote from the site\nWe have over 80 Little-known Banks & Companies that offer Bad Credit Loans, Bad Credit Home Loans, Bad Credit Auto Loans, and Bad Credit Personal loans to people with Bad Credit or even a Bankruptcy. Many require absolutely NO COLLATERAL & NO CO-SIGNERS. Home ownership is not required.
1080162
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... )\n\nIf 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. \n\nOtherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves.
1004029
yes, you can get financing.  The costs involved, the interest rate, and the terms would need to be carefully investigated.  Be careful, there are lots of people out there who prey on the credit challenged.  You DO have choices.  Call me at 1-800 971-4638 extension 223, I'll try and steer you in the right direction.  I've been a mortgage lender for more than 20 years.  I just got a woman with a 577 credit score a FNMA loan.  So it is possible.
595430
You should be able to apply for a 90 day loan.  I forgot what they're called, but any business bank would be able to finance it..
688866
Yes, I actually do what it is you're speaking of.  Not small loans, but loans between 10-100k+.  It's quite an interesting process which centers around what you offer for collateral.\n\nFor example, if you have a home worth 100k and have it paid off, or even mostly, it's pretty easy to get a loan, even with very poor credit.  If you have a business, and are struggling to get a loan, if you have assets (equipment, accounts receivable, contracts, real estate, etc), there are people who specialize in loans on business assets.\n\nExpect to pay a high interest rate and sometimes a high origination fee.\n\nFeel free to email me with any questions, good luck!\n\nJared
964641
I don't know which state you live,  but there is always some organization that is willing to help and loan some money to start your business, but buying a franchise would be difficult to get  loan especially if you have a bad credit. Not unless you meet a good Samaritan. Why don't you find a silent partner instead or an investor, you never know, if you have a good business plan they might invest in your venture. Good luck.
396894
Unfortunately (certainly in the UK) there's no way to get a loan that fast...as you will have to supply details...get checked and so on - so a week is usual.\n\nAn overdraught facility with your bank can be arranged faster...but whether they will depends...\n\nIf you have bad credit then you are counted by the industry as higher risk and so will be charged greater rates of interest.  So you should think carefully before entering any agreement - as you will pay back much more than you borrow - which will obviously create more problems in the long term.\n\nThe best place I found to investigate loans (in the UK) was moneyfacts.co.uk - they compare the lot - but of course it might not apply to your circumstances.\n\nBut to be honest a loan isn't going to fix your troubles (sorry!) - and if you're finding yourself getting in trouble financially there are loads of great charities that aim to help people struggling.  Here are two:\n\nhttp://www.cccs.co.uk/\n\nhttp://www.consumercredit.com/\n\nAll the best
280954
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/requirements.html )\n\nSince that is a small amount, your best course is to use a microlending facility. Microlenders, by their very name, provides loans of very small amounts often not exceeding $30K (and average loan amount is $10K). They typically do not require business plans unlike banks (and even SBA), but need your personal tax returns\n\nBut microlenders are no less strict than banks, and often asks the questions:\n\n- Is this a start-up or existing business? \n- How much money is needed, and for what purpose are the funds intended? \n- Who is included in the management team, and what is their experience? \n- What collateral is available? \n- How much have you already invested or are you willing to invest? \n\nTalk to them and find out if a microlender is right for you. See a list of state by state SBA accredited microlenders here\n\nOtherwise, if microlenders look for collateral and you really can't provide any, my advice is to simply use your credit card. Credit card requires no collaterals - but only after trying to get a loan from your parents, family and friends and couldnt get any. Credit cards are an expensive source of funds, but if you have no other recourse, then max out your cards (if you have any left)
771238
YES :)  There are companies that lend to those with bad credit. Ditech.com is one.\n\nThe interest rate may be nasty but you can get a mortgage. There are also companies that own homes that sell them to less than perfect credit.\n\nBuild your credit back up. Get a credit card and put everything you usually buy on it BUT PAY IT off every month. If you have judgments, pay them. Charge offs, wait and dispute them with the credit agency..most can't prove them because they are junk debt.\n\nGood Luck
1163683
The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA) – links below. Entrepreneur also offers a great site dedicated to money & finance – see below.\n\nResearch, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:\n\n* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling\n* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green\n* The Insider's Guide to Small Business Loans by Dan M. Koehler\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
1012090
That's not a bad credit score to have. Try out CitiBank and Chase cards. Both can give you reasonably high limit and oth offer the cards that have 0% APR for 12 months or so. It would be even better if you're registered as a business owner, a proprietor, or LLC manager. Then you can apply for a variety of business credit cards, which generally carry the same perks, but larger credit limits.
72887
You can.  I currently have a 12 1/2 % investment in a company that was started about 8 years ago by 2 partners.  The partners each put in $x thousand and paid themselves back over time.  \n\nYou do need to either have the debt currently available to you (probably as an individual) or you need to have you or someone else loan you/your business the money.  Failing that, you could go to the SBA, but you may have to put your house or some other asset against the loan as collateral.
1013252
Unfortunately, you personal credit worthiness is probably the single most important criteria but it is still possible to get a loan.  Some things that may help you are a co-signer, a good business plan, and an income statement if the business is still operating.  You can find much more information on www.entrepreneur.com.
173986
Check out the SBA lending programs http://www.sba.gov/financing . SBA does not provide direct loans, but rather guarantees loans availed through their partner financial institutions. You will need to satisfy the lender's requirements for the loan, as assessed by the bank, before you can get SBA guarantee. This would mean showing the bank your credit history, business plan, tax forms, financial assets, collateral. \n\nNote however that you need to pass through 3 criteria before you can avail of SBA loans, and these are: \n\n- stake in the business (SBA requires borrower to have invested 25-50%)\n- submission of a strong business plan\n- good personal credit rating
938530
If you have credit without bad mark on it I am sure you can get a loan from a private source(bank or person).  Also depending on how much you need you maybe able to use other options like credit cards.
680378
It's clear you don't want to do it the old fashioned way or you might never have ended up with bad credit to begin with. However let me take devil's advocate position just for an excercise in fairness. Pay off your debt as fast as you can & then speak with the Small Business Administration. You'll find a ton of help there. While you're paying off your debt?, try working in the field you want to start up to gain insider tips  on how best to run that business.Look for the link Starting Your Business