Forums: Discussions for entrepreneurs and small business.

We have a great business plan and are looking for funding for a start-up. We have identified the ideal location which is available now so time is of the essence. We spoke to The Business FInance Store today. Does anyone have experience with them? We need about 100k for the start-up. I can qualify for a personal loan which will get us that amount or we can get a business loan, at lower rates, but not for the full amount. The contact there cautioned us against using both a business loan and a personal loan - inferring the combination may create credit issues. These are unsecured loans. When I spoke to banks they want collaterlized loans and we don't have enough to qualify. Any advise or feedbak is appreciated.

I wouldn't worry too much about the "credit issues" that they warned you about.  My guess is that they are referring to the fact that you will get 2 hard inquiries against your credit score which will slightly lower your score.  These inquiries may cause a very short term hit to your credit score of about 10-20 points, but in the long term it may actually help your credit because you will have 2 established lines that have been paid back.  

You may want to go with 1 to keep things simple, but if the interest rate difference is a lot, then you will want to go with the lower rate for as much of the loan as possible.

Hope that helps.  Keep me posted on how it goes.  

The Money Track
Independent Financial Advice & Personal Financial Planning

If you need to get a full amount of money then it’s better for you to take out a personal loan. An interest rate is a bit high but you will get as much money as you need for a startup and there will be no need to wait. Otherwise you can try to apply to different banks and different institutions, I am sure they will offer you at least several different options so maybe among them there will be the one which really suits you. Also you can try to look for investor who will like your project and will be ready to lend you money. There are different options, long term personal loans and payday loans in 1 hour but in case you have serious doubts then it’s better to apply to a financial advisor and ask to help you to chose the right option.

I recently used a service where they don’t charge you an application fee, success fee or origination fee to help you get a loan for up to $50,000 and grants of up to $250,000 and their services are 100% free.

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 I just followed the suggested requirements and things have gone well for me.

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and good luck finding the funding you require.

Banks don't fund startup businesses. If you can get a business loan then by all means, if not take what you can get.  It does not matter the interest rate or fees - what matters is what you do with the money.  Can you earn more in revenue from using those funds then those funds costs?  You need money and it should not matter if it is personal or business - just use it properly to grow your business.

As far a credit issue, if you account for it properly on your books, you will have no problems plus for any business loan, they will rtequire that you personally guarantee it - thus, they make it a perosnal issue.

Apply for Cheap Loans in the USA through 2013 at snug-loans.com and even consumers with bad credit history can have these cheap payday loan with no hidden charges. snug-loans are approved cheap loans with in 1 hour. It can directly deposited in your account.

It's your personal business right? So i think you should apply for a personal loan. If this is a sharing business then business loan is better.

Those people who acquire or are in favor of small amount for a short period of time then these fast business loans would be much suitable. Such loans are termed as payday loans and majority of such lenders would not need any kind of credit check.

If you check out our website at verifico.com we have service providers that offer personal  and business loans for over 100k.

Any types of loan taken is a very tedious work. But there are some organizations are also available which can provide you personal loan on single call yes on a single call. Like CashLenderNow, you need to make a call and you will get your cash loan.