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overcomerqueen | Where can I apply for a start up business loan with poor personal credit history? |
I want to start an online dating/party planning business and I've searched all over the internet for funds to help but I seem to only get scams! Is there really a company or someone that can help? |
 |
 
MrBizPlan
 |
Wow...I hope you are not discouraged by all of the scam offers and less than helpful answers.
Bad Credit is not always a death knell when it comes to business banking. If there is a legitimate reason why you have poor credit some lenders can look past it. Typically, health problems, divorce, etc (life events - such as a layoff) can ruin a persons credit report through no fault of their own.
Banks look at six main criteria when judging a business loan:
- Credit
- Capital
- Collateral
- Capacity
- Character
- Conditions
explained further in the following articles
http://www.diybizplan.com/Getting_a_Business_Loan
http://www.diybizplan.com/Business_Loans_and_Your_Credit_History
The point is that there are various criteria a lender will look at when underwriting the loan. The above criteria is NOT a checklist. Most projects are week in one area or another. Lenders reduce exposure by weighting the above criteria and making adjustments. So for example...if your project is light on collateral they will require more cash down payment. Bad credit, usually means a higher interest rate and additional collateral to secure the loan.
Most importantly...be upfront about your credit issues. If you try to hide it they will find out anyway and it will make you look dishonest. Just tell them upfront...you have a great opportunity, lots of character but you have a few spots on your credit.
Additionally, the best day to start repairing your credit is TODAY! Don't wait because your most recent credit history is the most important. If you show that the last X months were current (paid on time) then it becomes easier to overlook the old blemishes on your report.
Finally, on NPR last weekend they spoke of a site called http://www.prosper.com where everyday people lend to other people with bad credit by pooling together funds to invest in your project. For sure it will be high interest rate (up to 29.99% - averaging around 14%) but if you can't get it anywhere else....it might be the way to go.
Good Luck
Mr BizPlan
PS - Here are some other articles on financing a business:
http://www.diybizplan.com/Financing_Your_Business |
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john g
 |
You can get a small business loan garunteed by the government through a bank. You can also try to use a local fund that is similar to a charity but usually you have to live in a low income area and give back to the community through your business |
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rajesh k
|
If you have a poor credit score, it is difficult to get a loan from most banks and financial institutions. Credit is usually available only at a very high interest rate.Only few companies provide loan with poor credit score.Check out link for details.
http://l4y.info/ |
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