Is it possible to get a small business loan with bad credit history?
Check out my full guide on how to raise money:
https://www.udemy.com/10-fundraising-strategies-to-raise-money-for-your-business/?couponCode=ten_youtubeFor more business help like this tutorial on whether it is possible to get a small business loan with bad credit history, try my business apps:
http://www.problemio.comIn this tutorial, I answer a common question that I get on my apps of whether it is possible to get a small business loan if you have a bad credit history, and does bad personal credit history hurt the chances of getting a business loan.
The truth is that if you have not started a business, you will be unlikely to get a business loan. So you will need to take a personal loan. And if you take a personal loan that you will want to put towards your business, then the lender will take a look at your personal credit history. So your personal credit history does have an effect on whether you will be able to get a loan towards your business.
But there are a few options for you to get a business loan even if you have a bad credit history. The first option is to begin working on your business and to grow your business. Strong business fundamentals and growth can convince some lenders to lend money to your business. The other option is to try to get microloans for your business. My favorite microloan company is Lendio.
To see if you are eligible for a loan with Lendio, try this link:
https://www.lendio.com/sign_up/affiliate?affId=93697065The business apps I created are available on Android's GooglePlay, the App Store from iOS, and the Kindle app store. Here is the links to all the apps:
http://www.problemio.com and here are the specific apps:
Here is the Android business plan app:
https://play.google.com/store/apps/details?id=business.premiumiOS business plan app:
https://itunes.apple.com/us/app/business-plan-and-coach/id554845193And here is our 4-app business starting course on the Kindle:
http://glowingstart.com/best-amazon-kindle-business-apps/And here is our 4-app business starting course on the NOOK:
http://glowingstart.com/best-nook-business-apps/Many people on my apps ask whether they can be eligible for a business loan if they have bad credit history. Unfortunately, even if you have good credit history, it isn't always simple to get a big loan. Banks do not give loans to companies which have not started. There are many interesting micro-loan sites such as
http://www.lendio.com or
http://www.prosper.com but those sites do tend to focus on the credit history of the individual.
Also, there is the question of whether you should get a loan to fund your business at all. It is very risky. So be very cautious. And to answer the questions is it is possible to get a business loan with bad credit history, it is very difficult and at times not possible.
What I find is that often, when people already have a bad credit history, and try to get a business loan, then it is a bad sign because the bad credit history is the proof that this person has historically not handled loans well. So it is almost good that this person can't get another business loan because they might end up shooting themselves in the foot with it.
If you find that you have bad personal credit history and are looking for a business loan, it may be because you already took out a loan before, and could not pay it back. So consider other ways to raise money other than getting a business loan. You can try to get an investment, donations, grants, or do creative things to raise money. I have videos on those fundraising techniques. So just keep in mind that if you have bad credit history, while it may be possible to get a business loan, getting a business loan with bad credit history is likely not a great option overall.
Please check out my business books. Here is my book on starting a business:
http://www.amazon.com/Get-Business-Ideas-Start-ebook/dp/B00HZUVAUMBook with fundraising strategies to raise money with loans, grants, donations and many other strategies that are creative and resourceful:
http://www.amazon.com/10-Fundraising-Ideas-Strategies-strategies-ebook/dp/B00KADT0Q2/Marketing strategies book:
http://www.amazon.com/Marketing-Strategies-People-Problemio-business-ebook/dp/B00IG83T7E/Fundraising course on how to raise money:
https://www.youtube.com/watch?v=EwT3oXlCRdAFundraising strategies book:
https://www.youtube.com/watch?v=wczuIohbG7kHow to get business loans:
https://www.youtube.com/watch?v=PH7Q2nuYZ1oHow to get donations:
https://www.youtube.com/watch?v=PH7Q2nuYZ1oFundraising playlist:
https://www.youtube.com/watch?v=0lGgUtF4JjU&list=PLAgq5S6WQmzEwjeXkE0oRNf0_aRhexdF7How to start a business with no money:
https://www.youtube.com/watch?v=8gTZknxNoZgBusiness plan course:
https://www.youtube.com/watch?v=i19XAhb0-BMIs Donald Trump bankrupt?
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