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If you are beginning your first business venture, you are probably wondering where you can get a business start up loan with bad credit. Unfortunately that is not an easy task in today’s rough-and-tumble economy, but there are a number of ways around the issue.
The best ways to get a business start up loan with bad credit will usually involve small lenders. You may be able to do this through a small bank or a credit union (these organizations tend to be much more friendly and accommodating to small businesses and also tend to offer low interest rates). You will, of course, need a very strong business proposal, and having a plan for ample amounts of collateral will be very helpful as well. P2P lending is also an excellent avenue to go through, as you will often find the most flexibility in the world of small venture capitalists. (Just be very sure that you are getting involved with the right sorts of people, as this type of action can get people with poor judges of character or fine print into trouble.)
However, the easiest way to get the financing you need is to avoid having to get a business start up loan with bad credit in the first place; in other words, you will want to simply try and fix your credit. While this may sound like a daunting task, in these troubled economic times it may be wiser to fix your credit and wait for more auspicious circumstances than to try hacking away at the troubled economy with a less-than-savory credit profile. Take a look at your credit profile and make sure that it is accurate. This will give you a blueprint for what you need to do to fix your profile, and it will let you know if you are suffering from some easily-correctable inaccuracies. After this, try consolidating your loans with the help of a non-profit debt counselor. Having a non-profit debt counselor is essential, as it help ensure that you will not have any complications or fall into any loopholes that the aggressively-soliciting, for-profit lending sharks will likely throw at you. Once you have consolidated, cut up your credit cards and pay off the remainder of your loans. This may take some time but it will be well worth it. When you finally have your debt taken care of, you can then proceed to get some new credit cards and start building credit in a safe and healthy way.
There are many ways to get financing even if your credit is sub-par. Knowing what all of your options are is key to executing this properly.