Where can I get a start up business loan with credit in the 400s?

Question

I need 100k for the franchise upgrades I m trying to purchase but every bank of talked to say no because my credit is too low on top of that I m on disability because of an injury so I only receive a check for 800 dollars a month but my my business partner earns an average of 12k per month so I know I will be able to afford the loan because the upgrade I desire to purchase will make my business bigger than my partners. Where can I get 100k in a business start up loan with no credit and small income the only thing I can think of is peer to peer but where can I find one for free

Answer 1

There are many different ways you can get a business loan or credit line. The easiest way to get approved is to work with an alternative lender who will lend you money based on a strength such as consistent cash flow, good personal credit, or collateral.



If you have one of those three things, you can typically get a loan. If you don’t you still can get a loan if you have guarantor with good credit, or someone who wants to be part of your business that has collateral such as a 401k or stocks.



Crowdfunding, venture capital, and equity financing are other ways to get money if you have a great concept or idea.



Any business can get business credit, even startups. Business Credit doesn’t require good personal credit, collateral, or cash flow for approval. And you get immediately start getting high limit store and cash credit.



This YouTube video maps out all you’ll need to know to get a business loan https://www.youtube.com/watch?v=qVhHvL6-3l0.



Here’s a guide we put together for 27 Killer Ways to Get Cash for Your Business https://www.creditsuite.com/lp-27-killer-ways-to-get-cash that outlines many ways you can get a business loan. And here you can grab a free guide that outlines the steps to start getting business credit here https://www.creditsuite.com/ein.



You can get a free loan consultation to see what loans you may qualify for, learn how to get business credit, and get a free business credit report and score here http://www.creditsuite.com/free-business-loan-consultation



I hope this helps!

Answer 2

Honestly I laughed when I read your question because if you have no better sense than to even remotely think you will get a 100K loan you have no business being in business. Even places like Prosper will not touch you with a ten foot pole. I know I am a Prosper funder.

Answer 3

Bank

Friends

Family

Ask around

Answer 4

There is no way. You can't pay the bills now, and your partner's income isn't relevant.

Answer 5

Nowhere.

Answer 6

That's really funny.

Answer 7

Your credit is in the 400s because you don't pay your bills.

No one is going to give you $100,000 when you don't have a history of paying your bills.

Additionally, you would not qualify to own the franchise IF the franchise has any qualifications.

They don't want their franchisees going BK.

Answer 8

Why 100K,what comes in that money?

What are you planning to do?

By the way, look for your money that you got in past

or else

try working for fast food till you don't earn 100K and then invest in your startup.

Answer 9

You're relying on your partner's income but you want somehow to get a loan in your own name?

And the purpose is to make a business to compete with your partner?

Am I misunderstanding that?