Need small personal loan bad credit?
There are a ton of places he can get a loan and you will need to co-sign, and if his credit is really bad he may still not be able to get one. You can google "bad credit loans" but be careful of places like "Cash Call" at http://www.cashcall.com as they charge HUGE interest and a $2000 loan can cost about $6000 if it's not paid immediately. If his credit is not horrible, he may have some other options, but look at the interest, as these companies thrive on people with bad credit. Good luck
Should I get a business credit card or a small business loan?
Each option is best for covering different types of expenses. Are you looking to start a new business or expand an already-established business?I actually wrote a blog post earlier this month explaining what sort of situations call for a credit card or loan. A credit card usually has higher interest rates unless the loan is for a very short term, and a loan will give you much more money to spend right away.You can ruin your credit score by not only missing a credit card payment but also borrowing a lot of money and driving up your credit utilization rate.Here’s the bottom line: Credit cards are better for covering minimal, regular expenses like monthly bills because if you borrow the same amount every month, your payments will stay relatively the same. Taking out a loan to cover monthly expenses pretty much means you’re starting a business on a loan. There’s no way of knowing if a new business will succeed and generate the foundation to pay off the debt. You might be able to pay your bills for a few months, but what happens when the loan runs out?A loan is meant for increasing revenue so much that paying off the debt is a piece of cake. If you use a credit card to invest in a costly but highly-lucrative opportunity, your monthly payments will skyrocket, preventing you from running and growing your business.The alternative business funding company I founded, United Capital Source, offers multiple types of small business loans that don’t require you to pay off the debt right away or on a monthly basis. These programs are extremely easy to qualify for and are customized to ensure little if any impact on cash flow, even when revenue is down.I hope this response makes your decision a lot easier! - Jared
How do I get funding for a start up business if I have bad credit?
There are ways to start a business even if you have bad credit -- but you'll have to be able to prove you are worth taking a chance on. The best way is through a microfund / microfinance organization. These organizations are usually web-based. They are made up of a large number of people interested in financing small businesses that provide a unique service to their community. Finding just the right one is a bit of work, but if you start by googling "microfund" and "microfinance" you'll be on your way. A lot of these groups focus primarily on third world start-ups, but many will be willing to at least listen to you if you have something special about your company.
Small business start up loan?
The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money & finance – see below for both. Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant: * How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling * The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green * The Insider's Guide to Small Business Loans by Dan M. Koehler There are plenty of free informational resources out there. Check the source box for links to articles. Hope that helps! I wish you much success & happiness in all your ventures!