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How to get a business loan for people with bad credit?
The easiest way to get a business loan for people with bad credit is to take out a loan thru your 401k plan it’s called a ROB (ROLL OVER BUSINESS LOAN). If you don’t have a 401k or Roth, you may want to consider putting up some assets for a collateral loan. It’s a lot of lenders that will ignore your personal credit if you have an asset to borrow against. Those assets make be a piece of land, a car, or a family heirloom.
However, if you don’t have any assets to use as collateral, you make want to borrow the money from a family member of a friend or ask them if they would be willing go into business with you. You make want to also start putting a small portion of your paycheck aside to help you move toward you goal of saving up to start your business.
Now depending on what type of business you’re going into, you make be able to pick up a few clients and see if they will give you an advance toward future business.
Most don’t realize it really does not cost a lot to start a business the issue for most is finding the right customer for your product or service.
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