i have a very bad credit history, but i need cash, where do i go?

Question

i want to start up a handy man business, but i have bad credit, yet i need money to get started, where can i get credit.....HELP

Answer 1

spendless.com

Answer 2

Hi,
You don't say where you are but in the UK their are various charities that would lend you money for setting up a business. If you are in the Uk it would definitely be worth contacting The Prince's Trust or Chambers Of Commerce. You can apply for any ammount then you will have a meeting and go over your business plan and timechart when you will set up, when you will start to profit etc and they will make a decision on what they can offer you. My ex partner set up a business in this way (he had terrible credit) and was offered a loan from both companies. It is definitely a better option than high rate credit companies that cash in on the fact that you can't get the money anywhere else. They give a very low interest rate and you have 6 months after you start up before you have to start paying it off. I don't know of any overseas charities that do this kind of thing but it is definitely worth asking around. I hope you find funding soon and good luck with your business!

Answer 3

Today the lenders have started offering nearly all varieties of loans for people with poor credit record.They are also introducing many new loan products meant for this group. Now people with poor credit can get the same choices as those with the good or mediocre credit. Today you can use bad credit personal loans for many purposes like car purchase, vacation or even debt consolidation.

But if you have some assets to offer as collateral, your chances brighten. The primary reason why people with poor credit history do not get loans is because the lenders are scared that the borrowers will default again. But if you can offer collateral, your lender is secure in the knowledge that his money is in safe hands. You have to try and meet the repayment schedule, failing which you lose the asset.

If you do not have collateral, go for an unsecured personal loan, which is rare for people with bad credit. It is necessary that your credit record should be clean for an unsecured personal loan. However, some lenders can accept your case due to inevitable reasons.

Answer 4

You probably can't. Lenders want to see that they'll probably get their money back. If you find someplace, they'll expect a very high interest rate which could put your business under trying to make the payments.

You need to rebuild your credit by living within your means and paying all your bills on time for a couple years.

If you already own basic tools, you might be able to start a handyman business without a lot of investment.

Good luck.

Answer 5

With a bad credit history and already being behind with the rent logic would say that the last thing you want is a loan, you will be even worse off. Xmas is a Christian tradition that is increasingly becoming meaningless. - apart from to the balance sheets of Retailers. More people in the world do not have xmas than do. I know that your '3' will be expecting lots of pressies and you don't want them to be disappointed. But to make your financial situation even worse for the sake of a couple of days of celebration just does not make any kind of sense. Be honest with your kids and sit them down and explain that this year you just do not have the money for xmas. Yes, that is hard, but it will be even harder paying off the loan you seek.

Answer 6

If you have a very bad credit history, you likely do not have the kind of fiscal discipline it takes to run a business. Put your own personal credit in order, develop that discipline, and spend a few years rebuilding your credit. Then you can prove to lenders that you've turned a corner and might have the skills to run a business. As someone else pointed out, predatory interest rates risk suffocating your business.

Answer 7

if I just wanted to earn interest I would lend to someone with good credit not bad.

if I was lending to someone with bad credit, I would be doing it on the basis that I have a share of what you earn and get my money back.

overall you may get a better deal working for someone else, learning the business and picking up his ways of dealing with things, which building up your credit, so that you can get a normal loan at lower cost later and run your new business better.

Answer 8

You just cant go get credit.....you need to earn it over a period of time. The only place I can tell you to go is friends or family member for money.

Answer 9

First thing first... work on your credit history. Build up 'credit'. A good credit history shows responsibility.

Meanwhile, you can write a 'business' plan and educate yourself about starting your own business. When you improved your credit history, you can request a loan supported by your business plan.

Visit http://www.sba.gov/smallbusinessplanner/start/financestartup/SERV_FINDCAPITAL.html

Good luck!

Answer 10

Almost sure that you must find all financial solution at: loandirectory.info-

RE I have a very bad credit history, but i need cash, where do i go?

i want to start up a handy man business, but i have bad credit, yet i need money to get started, where can i get credit.....HELP

Answer 11

try doing a search on loans for bad credit history lots of companies come up...good luck