Page 3 of 4 FirstFirst 1234 LastLast
Results 21 to 30 of 31

Thread: Oh FUN! Financing! Bad credit score, co signers, 60,000 loan.

  1. #21
    Registered User
    Array
    HumaneHosting's Avatar

    Join Date
    Jan 2018
    Posts
    96
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    46
    Likes (Received)
    2

    Default

    Quote Originally Posted by Paul View Post
    40%, wow, isn't that usury in most states?
    Indeed it was very smart of him to use his credit cards instead of that crap loan. Even my mom's most expensive credit card is hardly near that at all.

  2. #22
    Discount Prodigy
    Array
    Owen's Avatar

    Join Date
    Mar 2014
    Location
    Localhost
    Posts
    753
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    20
    Likes (Received)
    77

    Default

    Quote Originally Posted by Paul View Post
    40%, wow, isn't that usury in most states?
    No clue. Got the loan in New Hampshire. I wasn't biting.

    Quote Originally Posted by HumaneHosting View Post
    Indeed it was very smart of him to use his credit cards instead of that crap loan. Even my mom's most expensive credit card is hardly near that at all.
    You don't even want to know my credit card interest rate

  3. #23
    Registered User
    Array
    HumaneHosting's Avatar

    Join Date
    Jan 2018
    Posts
    96
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    46
    Likes (Received)
    2

    Default

    Quote Originally Posted by Owen View Post
    No clue. Got the loan in New Hampshire. I wasn't biting.


    You don't even want to know my credit card interest rate
    You can always switch cards if it really that bad assuming you kept your existing ones in good shape and making payments on time. Most of the cards I seen and even my mom have are between 20%-30% annual interest rate. So I am sure you may be able to score something better with that said.

  4. #24
    Registered User
    Array
    Join Date
    Jan 2009
    Location
    Jackson MO
    Posts
    1,505
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    10
    Likes (Received)
    115

    Default

    Investor are more interested in you than your credit score. Co-signer would likely not be required. They would want a ROI in the 15-20% range, min. More risk would mean a higher rate. It is also possible they would want part of your business as their share of the investment.

    Is it possible for you to start small, and work toward a bigger store and skip the loan?
    HouseView™ - The leading real estate site for South East Missouri. Follow us on Twitter @HVOL.
    Jackson MO Real Estate, Cape Girardeau Missouri Real Estate, Festus Missouri Real Estate

  5. #25
    Registered User
    Array
    HumaneHosting's Avatar

    Join Date
    Jan 2018
    Posts
    96
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    46
    Likes (Received)
    2

    Default

    Quote Originally Posted by nealrm View Post
    Is it possible for you to start small, and work toward a bigger store and skip the loan?
    If it not then I would suggest him getting a much smaller loan if possible.

  6. #26
    Discount Prodigy
    Array
    Owen's Avatar

    Join Date
    Mar 2014
    Location
    Localhost
    Posts
    753
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    20
    Likes (Received)
    77

    Default

    Quote Originally Posted by HumaneHosting View Post
    You can always switch cards if it really that bad assuming you kept your existing ones in good shape and making payments on time. Most of the cards I seen and even my mom have are between 20%-30% annual interest rate. So I am sure you may be able to score something better with that said.
    I'm only 18 so I don't have much credit. I have a car loan (12k) that has a 24% interest rate. I'm in the process of getting it refinanced for a third of that. Got two cards that are Capital One secured and Discover student. Capital one is $300 with 24.99% and Discover is $500 with 22.99% APR. Capital One is about to turn into a regular card with a $2,000 limit in a month or two and the discover will eventually change.

    Quote Originally Posted by HumaneHosting View Post
    If it not then I would suggest him getting a much smaller loan if possible.
    If you don't have the credit they won't even give you personal loans. From what I've seen, a bank won't give out a loan until your score is at least 750. This obviously depends on the time of loan. Mortgages tend to hover around 650+, car loans you can usually get with 650+, etc. but SBA loans, business loans, and random personal loans want 750+. Other issue to consider is OP only makes $15k a year or $9 an hour if converted to exactly 30 hours a week. Unless the co signers make obscene amounts of money, a loan probably isn't possible.
    Last edited by Owen; 01-27-2018 at 12:34 AM.

  7. #27
    Registered User
    Array
    HumaneHosting's Avatar

    Join Date
    Jan 2018
    Posts
    96
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    46
    Likes (Received)
    2

    Default

    Quote Originally Posted by Owen View Post
    I'm only 18 so I don't have much credit. I have a car loan (12k) that has a 24% interest rate. I'm in the process of getting it refinanced for a third of that. Got two cards that are Capital One secured and Discover student. Capital one is $300 with 24.99% and Discover is $500 with 22.99% APR. Capital One is about to turn into a regular card with a $2,000 limit in a month or two and the discover will eventually change.
    That was similar to my card (and I still have it) but once they change it for you it should drop in % and possibly even become a rewards card to boost. Just remember to use it as much as possible and pay it off often. As when I dropped almost all of my limit's and paid it off that's when they upgraded my card.

  8. #28
    Discount Prodigy
    Array
    Owen's Avatar

    Join Date
    Mar 2014
    Location
    Localhost
    Posts
    753
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    20
    Likes (Received)
    77

    Default

    Quote Originally Posted by HumaneHosting View Post
    That was similar to my card (and I still have it) but once they change it for you it should drop in % and possibly even become a rewards card to boost. Just remember to use it as much as possible and pay it off often. As when I dropped almost all of my limit's and paid it off that's when they upgraded my card.
    I always pay off my card as soon as I get a due date. I'm starting a new job soon making salary, so I should have a lot more money.

  9. Likes HumaneHosting liked this post
  10. #29
    Super Moderator
    Array
    Join Date
    Aug 2008
    Location
    Chicago
    Posts
    1,566
    Thanks (Given)
    0
    Thanks (Received)
    1
    Likes (Given)
    18
    Likes (Received)
    93

    Default

    Quote Originally Posted by Martymar93 View Post
    lol, well that's just plain mean. But what about personal investors, are they equally concerned with income and credit score?
    Every private investor is different. All you can do is ask. Unfortunately, finding an investor to even pitch a loan to a business, particularly one that has the unique issues of a cannabis business, is the hard part.

    I have heard that some people are having success finding financing through peer-to-peer lending sites like LendingClub.com but I have no personal experience with those. I suggest you check out one or more of those sites if you don't have potential lenders among your friends and family (which are always the best bet for a start up business).

  11. #30
    Registered User
    Array
    Join Date
    Feb 2018
    Location
    gauteng,south africa
    Posts
    3
    Thanks (Given)
    0
    Thanks (Received)
    0
    Likes (Given)
    1
    Likes (Received)
    0

    Default

    i have raised most of my startup from online i can give you a link if you want, but you need to put some eforts in to it, any one is wellcome inbox me that link and we work together

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •