Your Questions About Small Business Loans With Bad Credit

Mark asks…

Can I get a small business loan for 15k with bad credit and no assests?

I am a stay at home mother starting up a claims and billing business. My current income comes from my husband. I do not own anything under my name. We are currently renting and my credit score is in the mid 500′s. I would like to try to get this loan on MY OWN, but my husband is willing to be my co-borrower if needed. His credit score is in the mid-low 600′s and he earns between 45,000 to 50,000 a year. Can I get a loan to start my own business or is my situation so bad that it will just be a dream? Someone please tell me who can help me or just give me a reality check!

admin answers:

One thing: do not borrow any money to start a business. Find a part-time job (from home if you want), but it’s much better to start from your own money, so 1) you don’t owe any money, 2) you do not pay interests. After a few months, you’ll get enough money to buy stuff for your business, and start saving some money to pay your salary for the first 6 months of your business.

If you not not have 6 months of savings, do not start a full-time business. Do it part-time, even if it’s one hour a day.

Good luck !

Charles asks…

Can I get a small business loan with bad or no credit?

I want to open a hair salon and have no money. Probably do not have bad credit but pretty sure I don’t have any. A friend told me he got a loan and they weren’t even interested in he or his partners credit; it ws all about the business plan.

admin answers:

No way. You need good credit AND 30% of the start-up costs coming out of your own pocket. No lender on Earth will give you a business loan with no money down. Yes the bank WAS interested in his credit…he just didn’t know that…….but the business plan is a HUGE part of the approval process as well.

Paul asks…

Small business loan with bad credit?

I have 5 something credit close to six and i was. Trying to see where can i get a small. Business loan im a excellent cook and i wanna open up a small business people already. Buy. What. I cook. In my house

admin answers:

OnDeckCapital is giving small business loans (but for high interest rates).

Find sources of budgeting/community grants/a lot of volunteer/social cooking with your brand to spread it before going “business mode.” It will build a positive brand-name and get you instant regulars when you open.

P.s. You may want to use a location other than your house.

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