How can I borrow money without income validation?

Question

I am retired from my former job. I want to start an in-home business on my own but have no income at the present. How can I get money without putting my husbands name on the loan? I want everything to be in my name. I want to consolidate all of my present bills (which are in my name) and get some extra money to pay for the supplies and etc that I need for my new business.

Answer 1

Without verifiable income, who in their right mind would make you a loan?
Unless you've got a rich relative who trusts you, you're going to have to use the person with income on any credit application.

Answer 2

Oh boy, this doesn't sound doable to me. You either need assets like a home or car or other property to pledge toward the loan or at least some type of assumed income from an inheritance or business or employment or something. If you plan to start your own business, maybe the Small Business Administration will give you a loan. I know nothing about this, like whether you have to have money to put down or if they give you everything. I know you need a business plan and some other paper work, but what else, I don't know. But if you don't ask, you'll never know. So go for it. The number for SBA would be in the blue pages of the phone book or they may have a web site--maybe www.sba.gov. Good luck.

Answer 3

collateral . if you have bills you obviously have some type of credit. Your husband pays the bills so you can always use your retirement money as your income. If it is a worth while business banks will also give you a small business loan. You just have to prove that the business that you are wanting to start is going to make money so you can pay back the loan. Or maybe someone you know would like to finance your business venture like a stock holder and you pay them back plus alittle bit of the profits. i would look into all the possibilites.

Answer 4

You better think long and hard about this!

Talk with someone at your bank or your local small business administration about your options.

If you do not have any income at the moment, maybe you should think about working part time and saving your money over time.

All banks and other lending institutions validate your income for numerous reasons. They want to see if you are a high risk, and how do you pay off your debt. These reasons will impact the interest rate you will receive.

Check out this link. It may be worth your reading:
http://money.howstuffworks.com/startup-capital.htm

Also maybe you should do some research on how to start a business too. Check out this these links:
http://money.howstuffworks.com/startup-capital.htm
http://www.entrepreneur.com/howto/index.html

The more you know the better equipped you will be to make your business grow!

Hope this info helps you.

God Bless you...