Friday, September 14, 2007

Where can i go to get a business loan to start up a business if i have bad credit?

Where can i go to get a business loan to start up a business if i have bad credit?

The Answer : With bad credit, banks will hardly lend to you. Small Business Administration, which provides government guaranteed loans through their lending partners (mostly banks) will also not lend to you.Your best bet would be to look for loans via family and friends. If not, check out peer to peer lending sites such as Prosper.com http://www.prosper.com - you may be able to find lenders who are willing to take a chance with someone who has bad credit (be prepared to pay the price though in terms of high interest rates)

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