I was just denied a $15,000 dollar small business loan from a local bank. I needed it to buy audio equipment to start a small DJ service business. It was denied because of lack of equity or collateral, and because I'm about $2000 in debt. (Note: I've been making monthly payments on all my debts.)
Would a personal loan be the better route? I don't have a full-time job, I just DJ for a local sound company, and regularly at bars around town, puting me at about $350 a week income. (because I just lost my day job.)
The reason I want a loan to buy my own audio equipment, is because if I was using my own, I'd be making at least three times as much---putting me at about $900-$1000 a week, at least. It doesn't even technically have to be made into a small business. I could just "work for myself."
SO---If I explain my plans and reasoning behind the personal loan request, and explain how I'm making payments on my debts.....How likely is it that I will be approved? What else should I do?
2007-07-26
08:24:06
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6 answers
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asked by
Anonymous