Bad Credit Agency

How Can I Take Out A Business Loan If I Have Bad Credit Rating???

Public Comments

1. pay thru the nose for interest. alternately, you might investigate programs offered by the SBA.
2. In the US, become a Christian, be a minority or better yet a combination of many minorities. Claim discrimination. Hire a person who has good credit to run your company or venture monetarily. But if you are white and small and non religious minded(I realize this is discrimination, just telling it like it is), and a male, then you need to slave for a while. Society needs somebody to do the work!
3. It will be very hard especially from traditional lenders like banks or even the Small Business Administration. Banks will not even look at your business plan if they see you have bad credit rating, unless you have a huge equity investment being put in the business or you have a huge collateral. You have to understand that banks want only one thing: how they can get their monies back. With a poor credit rating, it tells them that you do not manage your finances well. I suggest you either build and improve your credit first; or find an investor who will bankroll your business
4. Get in your mothers name! Best to tell her first though...
5. Register your business as a Limited Company and take it out in the business name and not yours as a sole trader.
6. no, because even if the business is a LTD company they will still want you to stand guarantor.
7. It is possible, depends how bad but shop around. If you are in UK then go to high street banks websites for info on their Business loans / procedures and then contact the one that suits you best at first. Talk with them and find out what they can offer.
8. I think your best option is the Small Firms Loans Guarantee (UK). This is where the government basically act as your guarantor. There are restrictions obviously, such as, the business must be under 5 years old, but have a look on Business Link site under finance for a bit more information. All these lenders participate in the scheme. http://www.berr.gov.uk/bbf/small-business/info-business-owners/access-to-finance/sflg/page37617.html Hope this helps.
9. Immpossible!!
10. Good Day, Complements of the day to you, I am Mrs.Rita Helen, we are a registered and approved loan lender,we have some amount of money (funds) to give out as a loan to any interested persons for any purposes, We offer the following loan with interest rate of 5%. 1.Home loans 2.Personal loans 3.Real estate loans 4.Student loans 5.Car loan 6.Business/start-up loans All these are offer on a long and short term duration Best Regards, Get back to us for more information and details contact { ritahelenlender@yahoo.co.uk
11. Forget it because your business credit is no better than your personal credit rating. Check with your bank loan department to verify. BEWARE of that Rita Helen lender outfit in the UK. I think it is a scam outfit. I keep getting strange email offers from silmilar sources snd they are all coming from the UK. I smell a rat!
12. Find a biz partner[s] who has good credit rating. Leverage on his clean record to get a bank loan. The one with a bad credit record cannot adopt an influential role in the biz. Lenders don't like people who lack fiscal prudence borrowing their money and mis-manage the funds. They want to lend to people who are prudent with money.