Bad Credit Agency

I need a small business loan with really bad credit. Is this possible?

I have read all of the other questions in this category all answers are about the same. Have done some research but serious about needing a loan with bad credit. Bring in $70,000 a yr from job that will be kept!! Need aproximatley $5,000 to $10,000 to start business that I know will take off! The only problem is I have seriously bad credit. No collateral. I know this sounds far fetched, but is it possible? All bad credit is from medical bills or little things.

Public Comments

1. if you make 75,00 a year then you should be able to make it happen. collateral is how i have done all of my larger loans, but you may have to either have a co signer, or just take a high interest rate on the loan in your name.
2. Uhmm you're gonna pay interest out your ears. You have pretty good income so why not just save up for the amount you need. A lot of people make a lot less than you and manage to save $20-30 thousand for home downpayments. Just be diligent in saving and less spending. In the meantime clean up your credit report, instead of dragging that around.
3. If you are individual, who has an entrepreneurial spirit, you can easily get a loan offered by the federal government. This loan allows you to start a small business. The department of Small Business Administration (SBA) acts as a guarantor for these loans. These loans are provided by banks or financial institutions. Very rarely, the SBA provides the loan directly. Along with the SBA, certain other government agencies provide financing to small businesses through loans and grants. To avail of this loan, you have to submit the business plan that you have chalked out along with your abilities to indicate that you can handle the business properly. Your credit score should be high to get the loan. The lending authorities check your credit ratings before approving your loan. http://debts-to-wealth.com/category/Government-Small-Business-Loans.html
4. Chrissy if you want to look into it try http://www.prosper.com/referrals/all.aspx?referrer=scorp75&utm_source=referrer-scorp75&utm_medium=referral-button&utm_content=all_dark-180x150&utm_campaign=referrals-allthey the loans there range from $1,000 to $25,000. You pick how much you want, then people bid to fund the loan. If you don't like the final interst rate cancel the loan and try again. I only ask that you use my link so I can get a finder's fee.
5. A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own. Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information. Good luck, Ilya Bodner Small Business Owner Initial Underwriting Group