| what are the chances of me actually getting considered? |
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bodhirasta
New Poster
Cash: $ 0.50
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Joined: 27 Mar 2007
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| what are the chances of me actually getting considered? |
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hi, all i wanna know is whether or not there would be any chance for a 19 year old to qualify for a small business loan.
i don't need lots of money, i was thinking that 15,000$ would be more than enough.
i don't know jack about my credit, i'm currently renting a room, so i don't have any previous leases in my name, and i was late on my last car insurance payment. i'm really not sure what all this means in regards to my credit, and how much it affects being considered. does it matter if i am currently worknig( if so does pt/ft matter)?
anyway, does anyone have anything to say, maybe you know of a lender that would work with me because i'm not asking for a boatload of cash. or at least i don't consider that a boatload.
thanks in advance, cody
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Sun Jul 22, 2007 11:50 pm |
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Avino
Preferred Member
Cash: $ 24.80
Posts: 118
Joined: 27 Mar 2006
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I was once curious about a business loan, and all I did was walk into a Bank, and told the receptionist my interest, a few minutes later I was talking with a specialist. It cost me nothing, but I got the information I wanted.
The thing is, to get money loaned to you, no matter what it is for, you have be able to prove to the lender that you can pay back the money you borrow, or have a co-signer that can pay back the money you borrow in case you do not. Your credit score is one factor in determining the risk you may pose to potential lenders. Another factor is whether or not you have a steady source of income, such as a job.
If you know nothing of your credit score, go to one of the big three credit bureaus and get your score from one of them (experian, transunion, equifax), you will also learn what information exist in your credit report.
Once you are armed with all of this information you can look at your options,
1) try going to a bank
2) borrowing the money from online comunities of lenders
3) getting an unsecured personal loan with a co-signer
4) if you have any assets, getting a secured loan using your assets as colateral
There are probably more options of which I'm not aware, but hopefully these few may be a start for you.
~A.
Also blogging @ avinos2cents.blogspot.com
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Mon Jul 23, 2007 6:29 pm |
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fizzgizz
New Member
Cash: $ 0.85
Posts: 4
Joined: 25 Jul 2007
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Also - a quick way of getting good credit is to get a credit card. Make your standard purchases (gas, groceries, ect) using the credit card....but PAY IT OFF EVERY MONTH!
That is the important part. Don't even bother getting a credit card if you are not going to pay it off each month.
But - I did this and my credit rating improved significantly very quickly.
Quickest way to learn if you are going to qualify for a loan though....just go in and ask. If you have a steady job, I would think that $15,000 would not be a hard loan to get....most people get more than that to purchase a car.
Banks compete for your business, they usually will do what they can to help you out.
Hope that helps. 
Forex Investing For Anyone! http://www.earnforexprofits.com
Not sure yet? Follow my BLOG - www.freedompool.blogspot.com
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Wed Jul 25, 2007 7:46 pm |
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dstern
Contributing Member
Cash: $ 6.60
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Joined: 18 Aug 2007
Location: UK
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chances are very slim, at 19 you don't have much credit history and as you mentioned, you missed a payment recently.
If your idea is good why don't you look for investors instead of taking out a loan?
for loans see bad credit secured loan adverse credit loan
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Sun Sep 02, 2007 6:49 pm |
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fizzgizz
New Member
Cash: $ 0.85
Posts: 4
Joined: 25 Jul 2007
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You might want to look at applying for grants. There are hundreds of companies out that give out grants for this purpose, it just takes some searching and then you need to have a sound business plan written out. But if you put your time into it, it could be your best bet.
Forex Investing For Anyone! http://www.earnforexprofits.com
Not sure yet? Follow my BLOG - www.freedompool.blogspot.com
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Sun Sep 02, 2007 8:20 pm |
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supercleanrick
Member
Cash: $ 2.00
Posts: 10
Joined: 25 Sep 2007
Location: Northern California
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You might want to check into getting a Small Business Administration (SBA) loan. They provide start-up loans for small businesses.
Person-to-Person Lending: 6-29% Interest Rate
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Tue Sep 25, 2007 9:49 pm |
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