Bad Credit Agency

I had bad credit, no bank account, and I need a loan for $5000, to open a business?

I need a loan to open a business, but I have bad credit and no bank account, is there a place where I can get a loan if I have bad credit, or what can I do?

Public Comments

1. likely only family and friends will even take a chance on you. until you can save the $5k, it is off to work you go.
2. I am sorry to be honest, but with bad credit you will NOT be able to borrow money to open a business. BTW, business is very risky, you would need to have funding sources and good credit (so you can have bank lend you some money when you need it, but should NOT be the ONLY source) to back you up. Maybe find some people really trust your knowledge of that business you are going into (I hope you DO have experiences with whatever business you are going into). good luck!!
3. Try the SBA (small business association). Its ok that you have bad credit and no bank account because these loans or grants that are available are based on a written business plan that they help you put together. Good Luck !!!
4. It is difficult to get money for any business with good credit. Your only options are to save up, use you credit carts or ask family and friends. Perhaps you can sell items you don't need to raise cash.
5. No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan. Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you. SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
6. The two most readily available sources of credit are: 1. Start your business entity - either an LLC or Corp - you can go to www.incfile.com - they will only charge you $45 plus the state filing fee. Once you have the corporation, you can go to www.access-business-credit.com and get signed up very inexpensively for a credit building program that will get you tens of thousands of dollars worth of credit in the business name only. This credit could help you launch your business. 2. Apply for a loan on prosper.com. On prosper.com, thousands of regular people look at your loan requests and if they have confidence that you'll pay the loan back, they contribute a small amount of money towards your loan request. Small loan requests that are from 2,500 to 5,000 are often funded. The key to getting this loan will be your business plan. You will have to write up a concise overview of your business plan that gives people who look at your loan request confidence that you will be successful and will pay them back.
7. Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://www.counselingcreditcarddebt.com