I used a loan broker to do my financing. In particular, Unsecured Solutions. Now, they promised me a number between 25,000 and 75,000, towards the high end, and I`m banking on it. I consider my financing a success. The fee isn`t cheap. In my case there were two options - 995.00 straight up, or 12% once I get the loan. The latter is for credit scores above say 720 and I qualified, so that`s what I did. They wanted a 500.00 deposit, but waived it for me when I said it would mean getting back to them in a month. Fair enough. They only get their 12% if I get my 25-75,000. I only need 20,000 to physically start my company, so this is kosher. The excess is for security and for luxuries like more flavor-decorations and whatnot.
The perk of this is, I got a single credit check by Unsecured Solutions, and they use that to apply for up to 2,000 loans for me. If it took all 2,000 attempts for me to get a loan personally, I`d have negative credit I`m sure. When I get the actual cash, I`ll tell you how much, and I`ll be happy to report the specifics. That`s the information I initially came here for. I needed funding. I didn`t have much to offer. If I did, I wouldn`t need the funding. I wanted to know what people like me could do for funding. If Unsecured Solutions pulls through for me, I`ll fill you all in and all you entrepreneurs who can start for less than 100,000 might be in luck.
I`m nervous as hell, though. I hate contracts. I hate risk (ironic I know). I`m not a brave guy. But, nothing risked, nothing gained, so I`m happy to be the sacrificial lamb in a less talked about funding possibility. I hope it works. They get rated highly all over and have an A- BBB rating for fulfilling their word, and they have physical business locations in several states, having been around for years. I`m confident in the legitimacy of the company. I`ll keep you posted.
PS: Does anyone know why somebody seeing how creditworthy I am makes me less creditworthy? I agree 100% that missed/late payments should dock the score some. I agree that a long trackrecord of timely repaid loans should raise it. That`s credit after all. However, my trustworthiness doesn`t change based on strangers viewing the report. I`m trustworthy now. If my trustworthiness was 5 stars two seconds ago, and unknown to me, a lender just looked and saw how trustworthy I am, I`m not going to default on a payment out of spite. It`s the only part of the issue I don`t understand or agree with.
Making limitless possibilities much more limited.