If you are having trouble securing bad credit business financing, we have a solution for you to consider. Thousands of people have started their own business with a common personal loan. At Loan Monkey, we can get you access to a large network of lenders and one of these lenders may be able to make you an offer, even with bad credit. Want to find out? Take a couple minutes to fill out the form below and get your answer.
A personal loan or an installment loan can get you up to $50,000 dollars in funding. You can use the money as you see fit including starting a business, the choice is yours. If you are approved for a loan and you accept the money, it will be deposited directly into your bank account. This gives you immediate access to the funds and you can use them when and where you like.
Interested in a personal loan to use for your business? Here is how the quote process works.
- Fill out your quote form.
It takes about two minutes to fill in he quote form above. A little basic personal information, income information and bank account numbers so your lender can send you money.
- Submit your information.
When you have completed the form, simply submit the information to the loan network.
- Get your offer.
If a lender is found that wants to make you an offer, you will either be sent the offer or directed to their website.
- Review your offer.
You will next be given time to review the details of your loan. Take the time to understand all of the charges and terms of your loan.
- Accept your business loan offer.
If you like the loan, you can accept it online. Some lenders may require additional docs but the process is very easy.
- Get your money.
Your lender will send you your money as soon as possible. Once it is electronically deposited into your account, you can do with it as you please.
Other Business Funding Solutions
You might have other solutions besides a bad credit loan. Take a minute and see if any of them might work for you. It pays to consider all of the options before proceeding.
Limited Business Operations
One possibility is to ease your way into the business. Instead of going full tilt, operate your business on a limited or part time basis. This is a lot of work but it can let you establish yourself without taking on the full risk of a big business loan.
If, for example you want to open a restaurant, buy a used concession trailer instead. For a few thousand dollars, you can serve quality food on the weekend and build a reputation. Take the extra money that you make on the weekends and put it towards an eventual brick and mortar building.
The good thing about opening a business on the side instead of full time is that it gives it time to take off. Because you will not be depending on it for a paycheck, you can afford to wait longer for it to take off and become profitable. This takes the pressure off of you and will let you make smarter business decisions.
Take On A Partner
Write up a business plan and look for a partner. If the idea is good enough and you can demonstrate that you have the skills, you might be able to take on as an investor.
You have several ways that you can go with this. You can bring them in as a partner that will help you run the business. You can treat them as a lender and offer them a set return on their money or you can treat them as a silent partner who shares in the business profits with no say so on the day to day operations.
Whatever you do, consult an attorney familiar with these arrangements and get it all in writing.
Loans From Family
When you can not get a business loan with bad credit, a loan from a family member is the ultimate second choice. You get the money that you need with no interest and more flexible repayment terms.
Just be careful of two things when you borrow from family for a business.
First, make sure that you get everything in writing. Even if they are family, memories can get hazy. Spell out what is borrowed and what is to be repaid. Also document any payments that you make.
Second, make sure that there are no strings attached or implied ownership in your business. You would hate for that to come back to haunt you in a few years. It is very conceivable that a family member might think you owe them free business services in the future since they help you get your start. Clarify what is expected.
Take Time To Save & Consider
Starting a business is a big deal, a really big deal. Saving money for your business can give you the opportunity to consider all of the implications of going out on your own.
Everyone likes the idea of being their own boss and working when they want and how long they want. Real self employment is a different matter. You will work harder and longer than your friends with regular corporate jobs. The rewards can be there but it is a risk, you might strive for success but fail. Not all businesses make it.
If a guaranteed check is what you want, take the time to save money and think about whether starting your own business is the right move for you.