Getting a loan

[Cards21]

Where would be the best place to get a loan with not so great credit?

[Talk2BigSteve]

Your Mama.

Steve

[BreakfastBurrito]

Gamblor

[BradleyT]

Is it for a car, house, or hookers?

[swede123]

Getting a loan for hookers is some serious dedication.

Swede

[utmt40]

If you dont have great credit then def. dont go to a bank, they are credit based lenders. Go to one of those payday loan places or title loan places. Try to have some kind of collateral via: car title or something, maybe a co-signer too. Good luck.

[UCF THAYER]

Stay away from Louie.

[James Boston]

[ QUOTE ]
If you dont have great credit then def. dont go to a bank, they are credit based lenders. Go to one of those payday loan places or title loan places. Try to have some kind of collateral via: car title or something, maybe a co-signer too.

[/ QUOTE ]

While the abouve is comletely true, I would advise against it. Most of these institutions border on predatory lending. You will be getting charged insane interest, so only go that route if you absolutely need the money ASAP, and know that you will be able to pay it back relatively quickly.

[NoChance]

Already mentioned above, but you will probably need to have your parents co-sign for your first loan if you have no established credit. To establish credit, apply for a credit card and make sure to use it accasionally but pay it off in full each month. Discover Card used to target the college aged group back when I was going to school. I'm not sure if it's still the same.

[jackdaniels]

[ QUOTE ]
Gamblor

[/ QUOTE ]

This first made me laugh. Then it made me sad.

Did he resolve that issue or is that $$ gone the way of the dodo?

[Gamblor]

I've accepted it as a lesson learned.

Interesting tho, Adam kicked Jimmy out of the partnership in their little club so apparently nobody trusts Jimmy.

Maybe I'll see what develops there.

[cbfair]

[ QUOTE ]
Is it for a car, house, or hookers?

[/ QUOTE ]

No advice is relevant if this question goes unanswered.

[OtisTheMarsupial]

I'm tempted to say it doesn't really matter because they will just sell your loan off to someone else anyway...

But you should answer the question:
what do you need the money for? Car, house, education, living expenses, poker...?

[Cards21]

It is to buy a business.

[nothumb]

[ QUOTE ]
Gamblor

[/ QUOTE ]

NH

NT

[cbfair]

[ QUOTE ]
It is to buy a business.

[/ QUOTE ]

Oh, I'm no pro but I think I have some clue. You'll need to speak with an investment banker to get specific advice.

If this is an established business, then your personal credit will not matter nearly as much as the financial health and future prospects of the business combined with your professional background and business plan to grow the business over the next five or more years.

The business as it stands today has a specific valuation; the bankers will review that valuation and consider your plans to assess whether the business is worth the loan amount you are asking.

Your business plan will need to be quite detailed and should include information on marketing, administration, key staff, product development, competition etc. There are a ton of resources available for business planning.

My .02 - if you do the work on the front-side and present all the current financial info plus your 5 year plan and a banker won't back you... Run, don't walk away from this opportunity. Run far, far away.

cbf

[TStoneMBD]

very good advice on all accounts

[Lawrence Ng]

[ QUOTE ]
or hookers?

[/ QUOTE ]

Please, relaxation therapist...

Lawrence