Small Business Loans With Bad Credit

Mark asks…

Why do Americans brainwashed to believe the business world is perfect?

There was a Yahoo Videogames article about how video game sales were suffering during the recession/depression. I simply said, well, if Microsoft and Sony would stop charging $60.00 for a new game printed on a piece of plastic, maybe sales would go up. I see computer games selling for much less than the same Xbox versions, what’s up with that?

I asked this question a bunch of people started saying, Oh, there are developer costs, royalties, programmer costs, blah blah blah, all the same excuses I’ve heard for years. Fact is, that’s probably a SMALL percentage of the fixed costs, and the royalties are probably legalized extortion anyways. These companies make an enormous profit, and the typical excuses follow the same ones the oil companies give. Yet, why do they make huge profits? That shouldn’t be happening if what they say is true.

It’s sad that people in America are being taught to be good consumers and not question unfair pricing practices. I see a lot of people my age and younger who have the attitude that business is about charging whatever you can get away with. WTF?

It is really true that greed is destroying America, and that people are too stupid to see how it’s happening. I think a lot of the problem lies with easy credit, and it should be fun to see this recession get worse as more people default on their credit card loans.

We have to change, no joke!
I meant, “Why are,” not “Why do,” sorry.

admin answers:

You asked and answered a wonderfully thought out question.

In short, Americans are brainwashed TO BECOME better consumers and not question unfair pricing.

I strongly recommend watching both Zeitgeist movies, but the second one, Zeitgeist: Addendum is better.

They will answer your question even better than you did.

To add, just notice all those answers above me that seem to value profits over people. They call it Conservatism, but really, it’s just evil.

Lisa asks…

Desperate for a second chance at going back to school and denied private student loans, don’t have a cosigner.?

I went to a private college for almost two years when I realized I was wasting tons of money on Bible credits I would never use, so I decided to take a year off and figure out a great school to go to with a Music Business major. I set my sights on The Institute of Production and Recording in Minneapolis, MN. Everything has been going great…except for my student loans. I have about half of tuition covered my Stafford loans the only thing is, the school isn’t an eligible school for several student loan companies. My adviser has been giving me several different ways to get private loans and I have been denied by three places, and twice with a co-signer. My parents have the worst credit right now due to their specific jobs that aren’t doing well in this economy.

I fell a little behind on my student loan payments from my past private school but have communicated things with them and have set up small payments each month, but I am still being denied these private loans due to my credit score.

Please help, I couldn’t be more desperate in finding a way to pay for my tuition and this school. Classes start July 27th and I have been working non-stop trying to find new ways of getting there. Thanks!

admin answers:

I think you need to be practical here. After all you left one school because you knew you would never use the degree, only to go to another that you can’t afford. Don’t replace one mistake with another.

There are TONS of schools out there you can attend under the cost of federal Stafford loans. Federal loans have limits on them for a reason… To PROTECT you. Private student loans are evil and you are better off without them. Transfer to a school that is not a for profit and you’ll graduate with a lot less debt. If you search the questions here you will find folks who didn’t think much ahead and borrowed and borrowed and graduated with 180K in debt and are now facing a life of living in the folks garage.

Be practical, live within your means, don’t live like a professional when you are a college student or you’ll live like a college student when you graduate.

Sandy asks…

How do I improve my financial situation & get out of this rut?

How can I get myself out of this rut? It is taking a toll on my self esteem and happiness. I don’t feel good about being a wage slave. No I didn’t have the best of childhoods or any guidance but I worked 50 – 58 hours weekly from the time I was 19 years old and took some college courses here and there. I’ve never been one to drink, do drugs, party, and have never been married or pregnant.

I have always worked but never gotten ahead. In my 32 years, I have lived independently only for 3 years total, spent several months (WHILE WORKING full time – never had a drug or alcohol problem) in a homeless shelter and have made motels my home for months on end at times. I am sharing costs with a childhood friend right now.

I never splurge on anything, don’t have cable, never been on a vacation, buy clothes only on clearance racks or at thrift stores. I eat all my own meals and don’t dine out. At times I have worked 2 or three jobs to get by. I earn $1,700 a month before taxes and have no family to lean on. I buy health insurance in spurts just so I can get an annual checkup and this costs $200 a month plus a $35 copay!

I know the true problem is that I don’t earn enough money and without money for college or to start even a very small business, I can’t really expect to earn more in my future. I have sold supplements and earned a few hundred bucks extra doing that, but when an unexpected financial emergency arose, I couldn’t even put that money back into the business because I had virtually nothing left from my “real” job. Without funds needed to earn more, I was kaput and still am.

This very bleak reality is staring me in the face and wearing me down mentally. I can’t expect to moonlight during hours that work around my J.O.B. (just over broke) since I can’t find a second job now and people tell me I’m lucky to have a job. Without earning extra, I have to choose between paying down my student loans and a $5,100 car loan judgement. I choose to pay my student loans hoping that when I need more that prompt payment may work in my favor, knowing the judgement won’t help. I told the dealer to pick up the lemon that I could not pay $2,700 in repairs for after the warranty expired because I don’t have the finances to pay for a vehicle or insurance on it that I can’t drive. Up to the point of needing a new engine, I always paid the loan on time. Due to lack of funds and time, (I can’t afford to take any time off even if they allowed me time off when I ask) I could not fight the judgement.

No matter what I do, I cannot afford a stable place to live or to finish my college education which I have taken seemingly endless semesters off due to a lack of funds and two semesters off because of work hours. My living situation always feels temporary and unstable because wherever I live, my name is never on the deed or lease because I have no money & have bad credit. I literally FEEL homeless even though I don’t live in a motel or homeless shelter. I am stuck. I pay my student loans religously, but have a foreclosure in 2008 (I ran through my small amount of emergency savings when the lemon died) and the car judgement on my credit. I have no credit cards, personal loans, car loans, etc. I always feel that I am going without and have always told myself that if I keep trying my day will come. But, being positive is not paying the bills or really making a difference in reality. Time is flying by. I am truly saddened by my lack of security and stability.

How can I get out of this rut? This has gone on too long. How have you or others gotten out of this cycle? I am really feeling low. Please do not make snide remarks, I am asking for your advice. Constructive criticism and real answers are welcome.
I was not scammed on the mortgage. I took out a vanilla 30 year loan for $65000 while I was earning $22,000 a year. I put down only $5,000 but had less than $2,000 left over in savings. The money for the purchase came from my father’s account that was willed to me when he died. After a while of looking for a place in my price range I found one. Because having some stability meant so much to me and I knew I wouldn’t be able to save that much even in 5 or 8 years, I took the leap.

About a year after that is when the lemon died. Point is, with me there is always some unexpected expense that takes away from what little I may have. I am too old for this and don’t see the value in life if I am to keep living with no breathing room.

I would like to earn more and would like to break this cycle. How? I’m willing to do almost anything. This just has to stop and I need to see and FEEL progress.
I’ve worked out the car costs and the total for me is less than $1,000 a year because since the lemon fiasco a few years ago, I bought a 13 year old car for cash that has proven to be very reliable and great on gas. The personal property taxes are low and after the lemon died I moved closer to work so I walk there and use the car only if I have to go to a place where I can’t walk to & this actually totals out to around 6 times a month or less driving and few miles being put onto the vehicle.

I will not go without even having a very old car because there are places walking or a bus will not get you to. And in the extreme case, I would have ended up sleeping on the streets when the homeless shelter was full at a time where I had another old car that was paid for. Taxes and insurance are low and if I need repairs they will be taken care of by my roomate who is a mechanic.

It costs money to move and that is something I want to do in the future but simply can’t do now. That’s just my fi

admin answers:

I don’t want to hurt your feelings but something is obvious. You clearly have a bunch of strong beliefs about money, and your beliefs don’t work!

I don’t all agree with Dave Ramsey, but he is right here:

“If you keep doing what you’ve been doing, you’re going to keep getting what you’ve been getting!
If you really want a different result.. You have to change your behavior permanently! ”

You think your life doesn’t work because you aren’t committing to your beliefs hard enough, and you keep trying harder and harder and it just never works, so you try harder still. Sounds like a “rat race” all right!!!!!

You’ve got something in your thinking that says you can’t win. And voila — you don’t! And that happens every time without fail. When a person believes something, they make 100 little decisions which all tend to cause their beliefs to come true.

The ONLY way out is to let go of your beliefs. It’s time for you to have a complete reboot of everything you believe about money. Are you willing to do THAT???

Let’s get to it.

Right now you really do believe you can never keep any money, you are always having these “emergencies”. This is killing you because you realize you can’t even trust yourself to make financial plans. Therefore you must commit to save absolutely, with a life or death commitment, that you will save 2% of your money every time. Take your paycheck, divide by 100 and double it. EVERY TIME no skips. Safest is a 401K (lawsuit proof) if your employer offers one, and it’s automatic. Second best is a Roth IRA. Yes I know 2% is chump change, the entire point of the exercise is to learn to keep your word to yourself. The rest will follow. Rome wasn’t built in a day, and no offense but you’re a mess.

Next: Bust your myth that “you just need more money”. Baloney. You made less money when you were 19, and you needed more money then. Now you make more… And it’s still not enough. See, it’s a treadmill, with that way of thinking there will never be enough, there will always be more temptations, expenses, emergencies. Hey — I lived in San Francisco for less than your wage, so it can be done.

I see two huge places you are bleeding money. First housing. At your age, you should be in a “housemate share” where you’re paying 1/3 of the rent and utilities for a 3-bedroom apartment or house. Yes, it is hard work to compromise with other people and find good matches. But the huge cost savings are absolutely essential to your financial success.

Second your car. Listen, I’ve tried the car thing every which way. New cars, old cars, two cars, no cars.
The true cost of driving is HUGE. Http://
Now most drivers deny or don’t count all the true expenses, so don’t go telling me how much cheaper it is for you. *I* drive a 17 year old econobox I fix myself. But even so, I can tally up $4000/year of expenses just off the top of my head, and I’m probably denying or forgetting lots more. Fixing your own old econobox can be a good start, but the best savings of all are to stop driving!!!

Hear me out.

There are many places in America where the transit is actually really good – you don’t need a car. There are also “enclaves” in most cities (especially around universities) where transit works just fine, if you choose your living situation carefully. You get a monthly transit pass that charges you a fixed rate for unlimited use, so you never worry about it, you never avoid a trip for the cost. If you NEED a car for something, you get friends, ZipCar, or Hertz. Like I say, you have to choose your setup carefully, so you have maximum transit options.

My first place, I picked a place where a bunch of downtown lines came together so I literally had a bus downtown every 1-2 minutes, plus good crosstown service. One of the lines ran 24×7. They were all electric, so no growling bus engines. My girlfriend’s job got moved to some ridiculous backwater part of town, so she found the two buses that went there and followed them on the map until she found a neighborhood that was acceptable. Because of her planning, she had a 1 bus commute, great neighborhood and easy transit to the rest of the city. That’s how you plan!

Plan ahead -> save money -> get freedom.

I realize dumping your car and moving to a transit-friendly city like Chicago or Portland would be a real shock to your system, but maybe that’s exactly the change that you need. Wages are higher in the cities, too. And no there isn’t crime — most nice cities have gentrified to where the criminals can’t afford to live there.

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