Small Business Loans With Bad Credit

John asks…

Bad credit and in need of loan information?

Times have been a bit rough for me lately, and I need to know about getting a loan. I luckily live in a town of like 6 banks, and surely one of them would work with me.

I have a credit score of 541 [according to Freecreditreport.com]
I have two people that have decent credit that are willing to co-sign

I recently went to a bank and asked for a loan of 6k to buy a house and take care of some personal problems. I was literally told to get out of his office after he heard how much I made. Lol.

I work part-time as a pilot car, which I make pretty decent money in this profession, but I haven’t been able to escort for a while now. Anyways, I need to go to all of the banks tomorrow to get a loan for at LEAST 2k. Will these things be able to help me?:

-My boss is willing to go down and co-sign for my loan. They own a home, their business, and they make at least 4k a month.
-I make 800 a month through their job.
-I make 900 in two days when I escort, and work can be steady.
-I can pay the bank back whatever they need me to.
-I DO NOT have anything for collateral.
-I am only asking for a small amount to make a truck payment and get back on the road.

With my credit score of 541 [bad], a cosigner, and a decent income, will they be able to help me?

admin answers:

Yes, a cosigner with good credit and proof of income will get you the loan, just do a little shopping, watch the APR and fees, almost every loan officer will try to take advantage of you low credit score.
If you can make good money and don’t care too much about the cost any financial company (the good old loan sharks but they call themselves now high risk lenders) will lend you the money with a cosigner but the APR would be high. Try a bank first, CITI financial also might get you approved with a 20% APR

James asks…

Question About College for a 40-Year-Old Female…?

Bear with me, this is a bit lengthy.

I am female, nearly 40 with family, especially 76 year old father coaxing me to pursue a college degree to land “secure employment” with benefits.
Let me shed a little light with regards to my particular situation. I reluctantly graduated high school in ’88 *wishing I’d repeated that year citing personal reasons* and, with the persistence of both my parents, began that fall in community college, randomly choosing a major to 1) get my parents off of my back and 2) declare a major just for the sake of declaring a major.
My grandfather put away money since the time I was a baby in the stock market for my college, but I used it to fulfill transportation, living expenses and a trade school instead *I had always wanted to be a barber — since the age of five* This, not surprisingly, was an unacceptable aspiration and, several years later, continued to be coaxed to finish a four-year-degree. This time, not only by my grandfather, but also my father and my younger brother and his wife.
To make an insanely long story short, I spent those 20+ years traveling, barbering *for 15 years total*, working in various administrative positions in various industries and had a blast, along the way, doing so. There’s one drawback: I have an extremely tiny retirement *my fault*, no benefits other than health insurance through my ex *not that I consider THAT a benefit — more so a necessity* and some of the best income produced of any field I worked in in the barbering industry, $6000/mo, to be exact. Not too shabby.
Still, the barber *out of work, currently* that I am, and the part-time entrepreneur *in another field* that I’ve become, my family still hounds me about that four-year college degree.
Now, I am no dummy. I can do math *citing reasons to be diswayed by bloated interest rates for student loans* and I know my personality. The biggest problem with regards to attending college or, shall I say, the biggest problemS with regards to attending college right now *for my personal situation* are the following:
– I cannot sit still through classes, much less sit still through four full years, more if I need to go part time.
– There’s not one major in college that I care to pursue. Not ONE.
– Not that I have anything against them, nor do I realize that all fall within this category, but I don’t want a white collar position. No offense to white collar workers. My whole family is white collar. I am the only one who isn’t.
– I can do math. I am not stupid. I know what I would need to repay for student loans after private, public or community colleges. I shudder with the thought of even having a debt of $5000. I don’t have credit card debt. I don’t own a credit card *my wisdom*. I have marginal medical debt *thank you, knee surgeries and asthma issues!*, but that only totals an amount in the ball park of $2000 — manageable, comparitively speaking. I don’t wish to repay loans once I hit the age when I begin drawing social security. I don’t qualify for a grant — still *legally* married, and I don’t qualify for academic scholarships, grades aren’t good enough, thanks to my high course withdrawal rate and F’s for failing to withdraw courses once I unofficially dropped them back in the late 80′s.
– I want to own a business when the opportunity arises and don’t see it as a possibility by taking out student loans. There’s no such thing as good debt/bad debt. It’s ALL debt and I’d rather be debt free once the time permits to apply for a small business loan.
So, there you have it. My life in a fairly sizeable nutshell.
Question is this: How do I effectively explain to my family, once and for all, that I am NOT college-bound and that I have other, more important, more attractive aspirations?
Appreciated are the intelligent and inobtuse replies.
Thanks.

admin answers:

Seems clear enough college education is not for you. The only realistic possibility is to take an 4yr Bachelor’s “Applied Sciences” degree in some skilled manual occupation, which could be anything for Aircraft Engine Maintenance to Welding. No need to apologize for that, and pay is decent.

Nancy asks…

Question about college for a 40 year old female…?

Bear with me, this is a bit lengthy.

I am female, nearly 40 with family, especially 76 year old father coaxing me to pursue a college degree to land “secure employment” with benefits.
Let me shed a little light with regards to my particular situation. I reluctantly graduated high school in ’88 *wishing I’d repeated that year citing personal reasons* and, with the persistence of both my parents, began that fall in community college, randomly choosing a major to 1) get my parents off of my back and 2) declare a major just for the sake of declaring a major.
My grandfather put away money since the time I was a baby in the stock market for my college, but I used it to fulfill transportation, living expenses and a trade school instead *I had always wanted to be a barber — since the age of five* This, not surprisingly, was an unacceptable aspiration and, several years later, continued to be coaxed to finish a four-year-degree. This time, not only by my grandfather, but also my father and my younger brother and his wife.
To make an insanely long story short, I spent those 20+ years traveling, barbering *for 15 years total*, working in various administrative positions in various industries and had a blast, along the way, doing so. There’s one drawback: I have an extremely tiny retirement *my fault*, no benefits other than health insurance through my ex *not that I consider THAT a benefit — more so a necessity* and some of the best income produced of any field I worked in in the barbering industry, $6000/mo, to be exact. Not too shabby.
Still, the barber *out of work, currently* that I am, and the part-time entrepreneur *in another field* that I’ve become, my family still hounds me about that four-year college degree.
Now, I am no dummy. I can do math *citing reasons to be diswayed by bloated interest rates for student loans* and I know my personality. The biggest problem with regards to attending college or, shall I say, the biggest problemS with regards to attending college right now *for my personal situation* are the following:
– I cannot sit still through classes, much less sit still through four full years, more if I need to go part time.
– There’s not one major in college that I care to pursue. Not ONE.
– Not that I have anything against them, nor do I realize that all fall within this category, but I don’t want a white collar position. No offense to white collar workers. My whole family is white collar. I am the only one who isn’t.
– I can do math. I am not stupid. I know what I would need to repay for student loans after private, public or community colleges. I shudder with the thought of even having a debt of $5000. I don’t have credit card debt. I don’t own a credit card *my wisdom*. I have marginal medical debt *thank you, knee surgeries and asthma issues!*, but that only totals an amount in the ball park of $2000 — manageable, comparitively speaking. I don’t wish to repay loans once I hit the age when I begin drawing social security. I don’t qualify for a grant — still *legally* married, and I don’t qualify for academic scholarships, grades aren’t good enough, thanks to my high course withdrawal rate and F’s for failing to withdraw courses once I unofficially dropped them back in the late 80′s.
– I want to own a business when the opportunity arises and don’t see it as a possibility by taking out student loans. There’s no such thing as good debt/bad debt. It’s ALL debt and I’d rather be debt free once the time permits to apply for a small business loan.
So, there you have it. My life in a fairly sizeable nutshell.
Question is this: How do I effectively explain to my family, once and for all, that I am NOT college-bound and that I have other, more important, more attractive aspirations?
Appreciated are the intelligent and inobtuse replies.
Thanks.

admin answers:

You’ve thought through your life situation very clearly. You have mastered a fine craft that can’t be outsourced, that everybody needs, and that can put bread on your table and money in your retirement account whenever you choose. Most college graduates can’t say that.

I really admire your clarity about this, and the way you wrote it up. It’s easy to hear the arguments in your family through your answers to them.

If what you’ve written here isn’t an effective explanation, what is?

Are you actually asking your family members to smack their foreheads and say, “what was I thinking? What kind of dope am I, anyway? Of COURSE college isn’t right for you!” It’s hard for people to admit they’re wrong, especially in the area of deeply held values like education.

Just be happy you don’t come from a family of Hindus and have to explain to them that you’ve become Zoroastrian. Good luck.

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