How to Get a Business or Personal Loan with Low or Poor Credit

Many people with great business ideas, or have excessive debt can't get credit from traditional lenders need help. There is a way. Don't give up. You should have all of your pertinent facts documented for review on request a cosigner might want to see a business plan same as a traditional lender. For Personal and business loans you will need to explain your ability to pay.

Difficulty: Moderate

Instructions

Things You'll Need:

• Co-signer
• Business Plan

1. Get a cosigner with good credit to make your loan. Lenders are crazy about cosigners. Get a cosigner with a credit score of 700 or more.

2. Explain to the cosigner that they are responsible if you don't pay. Make the opportunity attractive to the cosigner by giving a percentage of the business deal, or a fee for their services.

3. NEVER pay upfront fees. The fee is paid after you receive the loan by check or money transfer to your account. Pay the fee out of the loan funds you receive.

4. People to approach: Family and friends who are encouraging and want you to succeed, Business associates they might own real estate which is great collateral for a loan, and want to be a part of this venture with you. Professional cosigners who make money cosigning for people like you. To find them advertise in your largest local paper.

5. 

   A good place to start is with an online company I found. Business and Personal loans accepted. There are different groups of people who choose loan request to invest in as a group. You can not only present for a loan, but you can become part of a group of lenders investing small amounts and get paid interest from people such as yourself are seeking funds to start-up a business,expand one, or pay off credit cards. If you are interested contact me for the referral information. No Gimmicks, No money up front scam. No guarantee you will get a loan, but a safe place to present your situation.

6. 
   Your Special Money Angel

   Now here is your Money Angel take a deep breath and get started. Good Luck to all of you Wealth Builders may your dreams come true.

Tips & Warnings

• Contact your local Chamber of Commerce to find out Real Estate investor groups in your area if that is your interest. Attend those meetings and network you might find someone who is interested in your project.
• Remember if you are interested having a referral submitted for you to a lending source I am familiar with feel free to contact me.
• Remember do not give upfront fees to anyone. If an organization or individual wishes to work with you they will help you complete the deal not cause you further financial distress.
• Fees charged by private lenders and cosigners could be high.

[2besure]

on 9/25/2008 This was possible before the bailout crisis. Unbelievable. The rich keep on getting, the poor get to hold the bag. The market is so bad right now, even people with great credit have problems getting loan. Hopefully that will change in the future.

[jacques2011]

on 9/15/2008 This information will be very helpful to me for my future plan for starting up my new business. [e-mail]