Loans For Small Business With No Credit: Some Answers

William asks…

Looking for Small Business Loan For my eBay Business Dont have great credit?

Has anyone gotten a small business loan while having bad credit. My credit has some utilities and hospital bills on it. Maybe 30,000 in debt no good credit on it. I am very good at selling on ebay but only can afford $100. to go to auctions. I can turn that 100 into 500 to 1000$. Problem was i had to use my profit to live off of instead of putting it back into my business.
How easy is it to get a small business loan with bad credit-am i wasting my time looking
Please dont write back if you have not gotten a small business loan or are someone trying to scam me. I am disabled and cant have a normal job. I am great at making money from my home just need a little capital to get to the next level.

admin answers:

Family, friends and/or neighbors will be your best bet to ask for small loan until you turn a profit and pay them back their money which they loaned to you . Avoid payday loans at all costs since you’re living on a fix income. Work out a payoff amount with the utility companies who you owe. If they’ve already sent the amount owed off to collection’s agency. You can work out a settlement payoff through that collection agency that the creditors will accept to work on getting your credit score higher. With the amount of debt that you have most small business lenders will want you to have collateral that’s worth more than your liabilities to even consider the loan.

Linda asks…

What kind of credit do I need to get a small business loan? I am a 24 /f with no credit?

I am a 24 year old female with NO credit. I have been selling cars for 7 years and practically running a car lot for someone else for 4 years. I am tired of making others rich and I am ready for my own! PLEASE HELP !

admin answers:

If you have already your business and you charge a credit card, You are advanced up to $1,000,000 based on your current sales receipts. A small percentage is deducted from your ongoing Visa/Master Card/ AMIX& DISCOVER receipts. There are no fixed payments and no fixed term time fram

Daniel asks…

Where can I receive a startup small business loan for $15,000 with low credit score and no collateral?

See I have been denied twice for a loan and my business is ready to get goin. Help.

admin answers:

Have you incorporated or set up a DBA yet?

If not do so. Whenever you file a document like that at the state or county, the filing becomes public information. Credit cards companies get the list all the time and send put solicitations. It is not uncommon to be offered a company credit line of that amount.

Granted – this is credit card rates- so be careful. If it is the difference between starting the business or not, it is something to consider.

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