Your Questions About Loans For Small Business With No Credit

Laura asks…

small business loans unsecured?

anyone know of good places for small business loans with credit score only at 625 with no collateral

admin answers:

Try a Mafia Loan Shark. They will “take care of you; good”

Daniel asks…

Can I get a loan to start a small business with no credit history?

I need an $8000 loan to start my small business that I know for a fact is a money-maker, but I don’t know how to go about getting the money, and I have no credit history. I’m so sure of success that I’ve contemplated selling everything I own just to obtain some start-up capital, knowing that I can make it back. However, if possible, I’d like to not go to that extreme. What are some possible options for me in this situation? And please, no spam.

admin answers:

Getting a loan is seriously impossible. My husband is in the military and we have a GREAT credit history, but its limited. When we needed a newer car…it took forever to find the right plavce to get a loan from. We had to get a loan with a 34 % interest, but he had a sign on bonus coming with in the month, and we paid the car off a few weeks later. If you think you can make enough to pay off the loan, screw what the rate is…but if your planning on paying off early, make sure there is no ‘early termination fee’..i.e. They charge you for paying it off early.

I suggest WITH CONTRACTS, going into business with somone who has the money, possibly sell your idea. Dont let yourself get screwed over tho…contracts contracts contracts!

Ruth asks…

Would filing taxes help me get a small business loan if I have no credit?

Im 15 and have a thriving business that brings me 2k a week. I cannot get a bank account or even a register a business name with the county clerks office until im 18. Would it benefit me any to file taxes and then when im 18, show the bank 3 years of taxes? Would the bank even care, since I have no credit or cosigners? Should I just hoard the money that would be taxes and ask the bank for a secured loan?

admin answers:

Filings taxes definitely helps as it shows your income and any taxes that you’d be paying. Over 3 years, (once you turn 18) you’ll have documentary evidence of your income which helps creditors decide how much loan they can give you.

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