Bad Credit Agency

I have bad/no credit, and I want to apply for a business loan, how can I?

I want to start my own business, but I need a large loan. I have bad/no credit, so how can I have a bank grant my loan? Need as many info as possible, thanks!

Public Comments

1. A few wise words here. Maybe SBA would help. If you have bad credit, you probably need to think more about finances, personal and business. Then start small, many businesses can be started on very small money. Invest a hundred, if you get 200 back then invest more. GROW the business. Learn as you go. Make the large mistakes when small money is invested.
2. Good credit, bad credit, we dont care.....Come on down to M&L Motors. We will hook you up with a sweet ride.
3. Start with talking to government officials, depending on what race you are, they might find a way to help. Even though I do not trust the government, on this I do, they do like people to succeed in life, and there are loans for people to start their business from the government. Just take someone with you that might know more about business to make sure, what they are offering is the right thing for you. Good luck.
4. Yes, talk with the SBA and your local Chamber of Commerce. Colleges, Cities, Counties and States often have their own programs. First, you need to have the business well thought out. Develop a business plan. Your local Community College might help. This is a MUST! Also, you might could consider incorporating and bringing in some people with good credit and experience to be on your board of directors and/or staff.
5. Lender not only check your creidit, but also other financial informations. They also check your employment history, your salary, job status, busniess risks, etc. To get a business loan with bad credit, you will pay higher interest. If you have a person with good credit who can co-sign with you, your risks of defaulting would be lowered. They can go after the co-signee. If you don't have one, try to save as much as you can for the downpayment.
6. 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://umgarticles.atspace.com/debt-consolidation.htm if it helps kindly remember me in your voting!.. cheers!