Need pointed in the right direction for a business loan...with bad credit..want to buy a franchise. HELP!?
964641
I don't know which state you live,  but there is always some organization that is willing to help and loan some money to start your business, but buying a franchise would be difficult to get  loan especially if you have a bad credit. Not unless you meet a good Samaritan. Why don't you find a silent partner instead or an investor, you never know, if you have a good business plan they might invest in your venture. Good luck.
812061
You have 2 loan purposes.  You may get a signature loan or a collateral loan to pay off small debts.  But I think you need a business start up loan for the business.  SBA or SCORE have a great business program to help you write up the plan to ask for a loan.\n\nOr you can meet with a venture capitalist.  My brother had a great idea for software and got a million dollar offer for investment.  It didn't go through but you don't give up if you have true vision.
503885
try Prosper.com.  If you meet a minimum credit score criteria you should be able to get a small loan with a decent interest rate and low payments
947264
You are better off with a bank or proven loan agency.\nThe problem with these companys is you wind up paying so much more than you owe now as they charge high interest rates.\n\nLets say you owe $5,000 and are paying $200 a month to pay them off.  You will be paid off in a little over 2  years.\nBut these companys lower your payment to $100 a month and guess what, you will be paying them for over 5 years plus a bunch of interest. (20-30 percent)\n\nFor any you are interested in, check them out first with the better business burea.\n\nwww.bbb.com
680378
It's clear you don't want to do it the old fashioned way or you might never have ended up with bad credit to begin with. However let me take devil's advocate position just for an excercise in fairness. Pay off your debt as fast as you can & then speak with the Small Business Administration. You'll find a ton of help there. While you're paying off your debt?, try working in the field you want to start up to gain insider tips  on how best to run that business.Look for the link Starting Your Business
510626
You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation.htm )\n\nIf you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card. Credit card requires no collaterals but are an expensive source of funds. \n\nOtherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves.
796405
try borrowing from prosper.com. It is a people to people lending site that's getting very good reviews. Good luck..
468019
Your options depend on what you need the money for and the condition of your credit.  If you need money money for a loan with collateral, such as a car loan, you will pay higher rates and need a bigger downpayment.  \n\nIf you credit is pretty bad and you are trying to get a personal loan, you will have trouble finding anything approaching a decent interest rate.\n\nIf your credit is okay, but not great you might try www.prosper.com for person to person lending.
870821
If you are looking for loan and how the government can get you one, I suggest you contact the following agencies. They can advice you and point you to the right direction in seeking out small business loans:\n\nSBA New York http://www.sba.gov/ny/ \nNew York SBDC http://www.nyssbdc.org/ \n\nAlso check SCORE offices in your area in NY. They are a group of retired executives and business owners and you can get free advice from them in starting your business\n\nAlbany - Northeast SCORE http://www.scorealbany.org \nBinghamton - Greater Binghamton SCORE http://www.greaterbinghamtonscore.org \nBuffalo - Buffalo Niagara SCORE http://www.scorebuffalo.org \nGarden City - Nassau County SCORE http://www.scorelongisland.org \nKingston - Ulster SCORE http://www.scoreulster.org/ \nNew York - New York SCORE http://www.scorenyc.org \nPlattsburgh - Clinton, Franklin, Essex http://www.scoreplattsburgh.org \nPoughkeepsie - Dutchess SCORE http://www.scoredutchessny.org \nRiverhead - Eastern Suffolk http://www.easternsuffolkscore.org \nRochester - Rochester SCORE http://www.scorerochester.org \nSpring Valley - Rockland County SCORE http://www.rocklandscore.org \nStaten Island - Staten Island SCORE http://www.score476.org \nSyracuse - Syracuse SCORE http://www.syracusescore.org \nWatertown - Watertown SCORE http://northcountryguide.com/slc-chamber/score/ \nWellsville - Chautauqua Region SCORE http://www.scoresouthwestny.org/ \nWhite Plains - Westchester SCORE http://www.scorewestchester.com
960614
Im in the same boat as you. I have bad credit and debit. I for me figure get a 2ed job pay off all my bills save save save then try for a loan when the bank sees no more debit you have a better chance. I'm starting a business now, well it's already in the books but need more money to fund it.
1080162
You may find a tough time getting a loan from financial institutions with poor credit, even from SBA. SBA requires a number of factors to avail of their loans, and one of them is good credit history (see SBA Basic requirements http://www.sba.gov/financing/preparation... )\n\nIf you cannot get loans, try to get a loan from your parents, family and friends. If they cannot give you any, use your credit card. Credit card requires no collaterals but are an expensive source of funds. \n\nOtherwise, either downscale your plans and amount of capital needed; or wait until your financial situation improves.
30136
i am in the same boat as you. far as i can tell right now you have to go and pay all the bills that got you bad credit and then go and like finance something or get a contract cell phone or get a small loan. something to build the credit back up. but that is all i can figure right now.
1045628
Yes. There are tons of options. The best one in my opinion is 100% financing. Contact a local broker who can give you the best rates due to the availability of being qualified with several lenders. They are all competeing for your business.
299005
No money down is possible with the right credit scores.  Or if you have at least 30% down, there are products that dont care about your score.  Put yourself in the lender's place.  I can talk further if you email me.  nlccorporate@yahoo.com
595430
You should be able to apply for a 90 day loan.  I forgot what they're called, but any business bank would be able to finance it..
122141
Credit is the lifeblood of American business, especially for the smaller firm. It helps an entrepreneur get started, purchase equipment, build inventory, develop new lines of merchandise or expand. Credit helps businesses grow.\n\nSurveys have found that, aside from personal savings, banks are the major source of capital for starting new firms. According to a report by the National Federation of Independent Business, 85% of loans to operating small businesses come from banks.\n\nIf your small business needs financing, you need to begin preparing long before you enter the bank. By knowing what lenders are looking for, you can speed lender consideration of your application.\n\nBy presenting your case in the best possible light, you enhance your chances of getting the financing you need. Remembering this basic rule may save you time and effort when seeking bank financing for your business. Here are basic guidelines\n\nThe first thing you need to know is narrow down your request by answering the following questions:\n\n1. How much do you need?\n\n2. What are you going to use the proceeds of the loan for, and for how long?\n\n3. How are you going to repay the loan, and under what terms?\n\n4. Who is going to borrow the money? Is it going to be you personally or other legal entity such as a corporation or a partnership?\n\n5. What assets can you pledge to secure your loan, which would make your loan officer sleep soundly at night, if he decides to approve your loan?\n\nThe Groundwork\n\nIn seeking a loan for your firm, you essentially ask the bank to become your business partner. Before entering the market for a loan, make sure you've done all necessary groundwork.\n\nWhat shape is your business in? Remember, loans are the products that banks sell. Look for the best combination of price, quality and reputation of supplier. In the end, getting a loan depends upon your credit-worthiness. Ask your banker for assistance.
424038
Try a bank first - a local bank, credit union. \n\nThen consider places like beneficial finance.\n\nMake sure they are legitimate places to obtain a loan - at reasonable terms.\n\nGood luck\n\nPS: on my website, I have a link to bankrate - here you can research places to get loans as well as local rates.