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

  1. #11

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    Quote Originally Posted by nealrm View Post
    By personal lender, are you talking about a friend, an investor, credit card.....
    Hey Neal! I'm talking about an investor.

  2. #12
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    Quote Originally Posted by Martymar93 View Post
    Hey guys, so I am writing this in frustration. I always knew finding funding for a small business was going to be hard, but not this hard.

    So I am curious to know what are my chances of getting approved for a 50-60k loan with two co signers who have credit scores of 650 and income of 25k a year? I am disabled and make 10k a year.

    Thank you in advance guys. Also my credit score is bad but I recently paid all debt off IN FULL. My bills took a hit during my period of obtaining disability.

    Thank you!
    Not gonna happen. Banks do not loan people money with that low of income and that low of a credit score. Banks loan to companies with some sort of credit history and revenue history. If you want money with bad credit, low personal income, and no business history you are better off looking for angel investments from friends.

  3. #13

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    Quote Originally Posted by Owen View Post
    Not gonna happen. Banks do not loan people money with that low of income and that low of a credit score. Banks loan to companies with some sort of credit history and revenue history. If you want money with bad credit, low personal income, and no business history you are better off looking for angel investments from friends.
    Lol. Since when was 650 a low credit score? Anyway, thanks. Any other opinions? Also we are talking about personal investors.
    Last edited by Martymar93; 01-25-2018 at 06:52 PM.

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    Quote Originally Posted by Martymar93 View Post
    Since when was 650 a low credit score?
    Look at it this way, last time I checked my score was around 750 and I still get laughed at when I ask the bank for a simple overdraft; imagine what they'd do if I asked for a loan.
    Brad Miedema
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  5. #15

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    Quote Originally Posted by Fulcrum View Post
    Look at it this way, last time I checked my score was around 750 and I still get laughed at when I ask the bank for a simple overdraft; imagine what they'd do if I asked for a loan.
    lol, well that's just plain mean. But what about personal investors, are they equally concerned with income and credit score?

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    Quote Originally Posted by Martymar93 View Post
    Lol. Since when was 650 a low credit score?
    I have a 740 credit score and I just applied for a $10,000 loan and I got approved with a 40% interest rate. 650 is low. As I said, a bank will sometimes ignore your personal score if your business is performing well. Banks don't like to give money when whether or not they're getting a return is incredibly uncertain. Banks don't seed invest (unless it's a government backed SBA loan but good luck getting one without a 750+ score)

    lol, well that's just plain mean. But what about personal investors, are they equally concerned with income and credit score?
    What do you mean by personal investors? Like your cousin or your friend? Usually, no. I've heard on venture capitalists running credit checks to see if you can handle money. Some care about income, $25,000 isn't going to cut it usually. Do you have any business experience? Do you have any collateral to back a loan?
    Last edited by Owen; 01-25-2018 at 09:46 PM.

  7. #17

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    Quote Originally Posted by Owen View Post
    I have a 740 credit score and I just applied for a $10,000 loan and I got approved with a 40% interest rate. 650 is low.
    40% interest?? Might as well use a credit card and save some % off...

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    Quote Originally Posted by HumaneHosting View Post
    40% interest?? Might as well use a credit card and save some % off...
    Didn't take it. Instead I max out my credit cards and spend money from my current job. It's all good, my credit limit is low enough where I can afford to pay it off with my current income.

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    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?
    Much better chance with personal investors, especially if they're stoned!

    But seriously, depends on the investor. If you can convince someone to invest then go for it. Get 5 or 6 people at $ 10,000 each. I doubt any institutional investors will bite, but you may find some locals that will. Just start pitching to family and friends, see what happens.

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    Quote Originally Posted by Owen View Post
    I have a 740 credit score and I just applied for a $10,000 loan and I got approved with a 40% interest rate.
    40%, wow, isn't that usury in most states?

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