i need to transfer my business loan in to someone else's name
2007-05-25 09:26:46 · 4 answers · asked by Anonymous in Business & Finance ➔ Small Business
Not all loans are transferrable. Even if they are, the other person will need to apply and be qualified for a loan. If their credit is bad, it probably won't happen. Another option would be for you to loan them the money. They would pay you, and you would use this to repay the original loan. This is a very common approach.
2007-05-25 16:43:44 · answer #1 · answered by jdkilp 7 · 1⤊ 0⤋
They will probably have to apply for the loan again, in their own name.
2007-05-25 16:30:00 · answer #2 · answered by hirebookkeeper 6 · 0⤊ 0⤋
Number one... see a lawyer, he will know all the In's and out.s and would make sure that everything is legal, that's the only way you should do it. To do otherwise you will just be asking for future problems.
2007-05-25 16:37:32 · answer #3 · answered by bluelady 3 · 1⤊ 0⤋
maybe this information could help you gain the knowledge you need. let me know if this was helpful.
2007-05-29 15:05:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋