Is it hard to get a personal loan to startup a small shaved ice business?
bluewavesguy44 asked:
I have good credit. And I have a second person who may sign with me. I just don’t have a spare $25k lying around so I need a loan to get started.
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I have good credit. And I have a second person who may sign with me. I just don’t have a spare $25k lying around so I need a loan to get started.
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Tags: 25k, Second Person, Startup Business
July 28th, 2009 at 5:44 am
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Little advice…go get a personal loan and I would not bring up that you are looking for business loan to start up a business. Say you need it for personal reason. I would also suggest doing a Line of Credit or Home Equity Loan. This is a great way to borrow money easily and cheaply. With Tax benefits!
Banks are not in the business of giving start up business loans. You need to be established for 2-3 years. Unless you are proffesional i.e. Dr./Lawyer, who is coming from an established business.
July 30th, 2009 at 12:25 am
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Honestly its not easy to get a loan without cash flow in place, there are tons of unscrupulous lenders that will though at rediculous interest rates. Get a good relationship with a local banker, open a biz account and explain your business. If you have good credit, dont take loans out and trash it.
July 31st, 2009 at 6:39 pm
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People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally soughtThe interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.