Unsecured Personal Loans Suitable for Bad Credit Borrowers - New One Hour Approval Service. ATLANTA, Ga., Jul 9, 2012 (GlobeNewswire via COMTEX) -- via PRWEB - Personalloansforbadcredit.net, one of the leading U.S online aggregator services for ... Unsecured Personal Loans Suitable for Bad Credit Borrowers - New One Hour ...
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Question by : What is the best unsecured business line of credit lender? I am trying to start my own business. I need at least $ 35K in capital. I'd prefer a line of credit so I only have to pay the monthly amount that relates to how much of the LOC I've used. It must be an unsecured loan as I currently rent and don't have a vehicle. I don't have a job right now as I moved for the business. I've been focusing on organizing, advertising, and other business aspects. I'd prefer to get a line of credit immediately to start tomorrow on the company and not have to get a part time job. I have excellent credit above 730. Banks won't touch me as it is a startup company. Credit unions require proof of income (job). What are some legitimate options? I see a lot of websites offering unsecured loans and lines of credit. They seem somewhat shady though. I don't recognize any of their names. I'd rather not aply to 20 different places and have my credit score go down the drain from all the hard inquiries. Does anyone know any good national lenders that don't require proof of income? I don't mind applying for two separate loans that will amount to $ 35K or more. Best answer for What is the best unsecured business line of credit lender?:
Answer by Rebecca
First as a new business you will not get a 35K line of anything. Second all those fancy ads are just as you suspect SCAMS, as will be true of the people who will spam your question here. Third, ain't nothing wrong with working and getting your business going at the same time, that is your only choice right now. So go get a JOB and save the monies THEN sink it into a business. STOP applying you will NOT get a loan.
Answer by My Take on It
You are DREAMING if you think some bank or lender is going to just hand over 35k so you can attempt to get your business going. Meanwhile, your business isn't making money...and you have no job or income. OK. Now, seriously, does that sound sane? 35k is a ton of money to risk. And you aren't even putting anything up as collateral to take if you fail. There is absolutely NOTHING in it for the lender to lend to you! If you fail, you get bad credit and maybe sued, but you won't lose any money! You need to bring a dog to the race here. You have little to lose in this which makes you a high risk. Forget the traditional lending route, and certainly don't bother with the online lenders. Maybe someone at Prosper.com would give you some money, but without a source of income and putting all your eggs in one basket, I doubt any of the investors over there would touch you either. If you really have an idea that is a goldmine, you need to find investors who will own a piece of your company/product revenue. You are going to have to offer something up other than your decent credit score.
Answer by Dan B
How much of YOUR OWN money do you have to risk? $ 0.00? Then there's no way on this planet you'll get a legitimate lender. You might be able to find a friend who would be willing to risk an investment, but you will have almost zero say in the way the company is run - you would be more like an employee or at most a manager,not an owner. Anyone who offers unsecured lines of credit or loans are SCAMS. You'll pay an upfront fee of several hundred to a few thousand dollars and will get NOTHING in return.
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