Can I get a small business loan for 15k with bad credit and no assests?
Nov 19, 2009 in
Small Business
stay at home mom
I am a stay at home mother starting up a claims and billing business. My current income comes from my husband. I do not own anything under my name. We are currently renting and my credit score is in the mid 500′s. I would like to try to get this loan on MY OWN, but my husband is willing to be my co-borrower if needed. His credit score is in the mid-low 600′s and he earns between 45,000 to 50,000 a year. Can I get a loan to start my own business or is my situation so bad that it will just be a dream? Someone please tell me who can help me or just give me a reality check!
I am a stay at home mother starting up a claims and billing business. My current income comes from my husband. I do not own anything under my name. We are currently renting and my credit score is in the mid 500′s. I would like to try to get this loan on MY OWN, but my husband is willing to be my co-borrower if needed. His credit score is in the mid-low 600′s and he earns between 45,000 to 50,000 a year. Can I get a loan to start my own business or is my situation so bad that it will just be a dream? Someone please tell me who can help me or just give me a reality check!
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7 comments
Judy on November 22, 2009 at 3:53 pm
Reality check – would YOU lend $15k to someone with bad credit and no assets? Lenders want some level of assurance that they’ll be paid back – it doesn’t sound like you can offer them that.
Not trying to be harsh, just realistic.
And another question – do you really need $15K to start up a claims and billing business? And is this an area you have experience in?
Good luck.
irs-1 on November 24, 2009 at 6:06 am
Try a loan exchange site such as Zopa
Michelle W on November 26, 2009 at 5:18 am
Go here to get pre-approved:
thefinanciallink on November 29, 2009 at 1:10 pm
Your best bet is to raise your credit score! Everything starts with your credit score. The rules have changed. 740 is considered a “good” score now! United Credit Education Services helps to remove negative items and raise scores with a money back guarantee!
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rajesh k on December 2, 2009 at 1:04 am
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.
Minto T on December 5, 2009 at 10:03 am
Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved onarrange loans or other finance, and usually means you will pay more interest on any loan you take out.
jamesPurple on December 7, 2009 at 5:39 am
One thing: do not borrow any money to start a business. Find a part-time job (from home if you want), but it’s much better to start from your own money, so 1) you don’t owe any money, 2) you do not pay interests. After a few months, you’ll get enough money to buy stuff for your business, and start saving some money to pay your salary for the first 6 months of your business.
If you not not have 6 months of savings, do not start a full-time business. Do it part-time, even if it’s one hour a day.
Good luck !