Can I get a business loan with no assets & bad credit?

[ludufuro]

My credit score is pretty low due due to settling with credit cards, and student loans.
I have no assets either, but I'd like to get a loan to start up my business.
I do have a business plan . I am an african american woman. What options are available to me? I'd like to get this loan asap.

[disneysteve]

My credit score is pretty low due due to settling with credit cards, and student loans.
I have no assets either, but I'd like to get a loan to start up my business.

So you have defaulted on credit cards and student loans and have no money but you think someone should lend you money to start a business. Why would any lender in their right mind do that? And why would you want to take on new debt when you haven't been able to pay your past debts and you have no savings? This sounds like a disaster waiting to happen.

I'd suggest getting a job, living well below your means, paying off any remaining debt, building up a solid emergency fund and additional savings and then reconsider launching your business. Do it on a very limited basis, part-time, while still working your regular job. Once you get the part-time income up close to what your job is paying, you can quit and do the start-up full time.

[Sinbad43]

You might be able to get a loan. That said, most businesses fail. As an idea, maybe you could start a low cost business online as a starting point. Of course, starting a successful website is also very hard.

Good luck.

[hamchan]

Some people wind up starting businesses because they can't find a job. Depending on how much you need and what it is you want to do, crowdfunding might work out better for you.

Oh, and FWIW, generally if someone has settled old debts they no longer owe on them, but yes it will ding your credit pretty hard.

[jaynorth]

Instead of starting a business, you should look for a job. So, that you can pay the debts of the credit card. It would be better if you earn some money and settle all your difficulties and then go for starting a new business.

[KTP]

Post seems a bit trolling but will wait and see if OP ever comes back.

[Gailete]

Wonder what type of business they are thinking of starting? If at all possible se should be starting a business that she bootstraps herself up to making an income. In other words start very small and an income goes back into the business, which grows the business a bit so more income can be made and eventually you get to the part that you are actually making enough to keep the business going and you have enough to live on (especially if you keep to a frugal lifestyle). Owning your own business is hard work and you have to wear many different hats and be willing, depending on how much you want to make, to give up sleep, family time, holidays, etc. to get the business going.

You will probably need to get a job beforehand while prepping for the business so you can save towards it while keeping your personal financial life under control. I realize that some don't think they have an obligation to do so (and law doesn't require it), but even following a bankruptcy you can continue to pay back your debtors. I knew a man that did that. It took him something like 20-30 years but it was a personal goal of his to pay back every cent that he owed.

Seems like their are many stories of people that have lost everything and suddenly they end up with an idea for a business and soon they are practically making money in their basement, it seems like they are bringing in so much. But we rarely hear the whole story as to what they did nor do we hear about the many more failures that just lost even more money trying to start their own business.

[agarlits]

My credit score is pretty low due due to settling with credit cards, and student loans.
I have no assets either, but I'd like to get a loan to start up my business.
I do have a business plan . I am an african american woman. What options are available to me? I'd like to get this loan asap.

I've seen this situation before. I'm going to post a link to a professional friend of mine's website, he is about to publish a book this coming summer over just this type of situation. He's a great guy and he actually likes hearing from and giving advise to people in your situation. I hope this helps.

http://onemillioninthebank.com/need-money-business-idea/

[Gailete]

I certainly hope those two identical posts will be deleted and if not, don't respond to them!!!

[Williamschmit]

Why would any loan provider in their right thoughts do that? And why would you want to take on new debts when you have not been able to pay your previous financial obligations and you have no savings? This appears to be like a catastrophe patiently waiting to occur.

[fifocoralsea]

Campbell

My vote goes to choosing a job too first then going for starting a business
God bless you

[Williamschmit]

Why would any loan provider in their right thoughts do that? And why would you want to take on new debts when you have not been able to pay your previous financial obligations and you have no savings? This appears to be like a catastrophe patiently waiting to occur.

Well I think you may definitely get the best results from any of the business if you might have the potential and you are providing the best out of your selves.

[Gailete]

I doubt that the original poster cares at all what we think. She hasn't been back here at least to post since 2-4-14 when then she was asking IF she should pay off her student loans. It is always strange that someone posts and then doesn't seem to care or check if anyone answers them, at least it seems that way. There are so many good ideas from posters here that could truly help people get a different grasp of their situation and ideas for working it out. Help like this wasn't available when I was young, but then student loans were pretty much unheard of and college kids didn't have credit cards either. If they needed money in college, they did what I did, picked up odd jobs, typed term papers for the guys that couldn't type, etc. My senior year in college I three official college jobs and at least three different sources of making money and by graduation day after 4 years of work, I graduated without a penny owing. When I got home from college I had $60 in my pocket and had to find a job ASAP as I knew my family wasn't going to put up with me living there until I found the 'perfect on". I got to stay until I found the first one offered and made arrangements for a place to stay (room and board with old family friends for $90/month). Things have obviously changed. I can't imagine leaving college with so much owing before you even have a job.

[bjl584]

I doubt that the original poster cares at all what we think. She hasn't been back here at least to post since 2-4-14 when then she was asking IF she should pay off her student loans. It is always strange that someone posts and then doesn't seem to care or check if anyone answers them, at least it seems that way.

A lot of the time if people don't get the answer that they want to hear or the answer that reaffirms their ideas, then they never come back.

[Gailete]

A lot of the time if people don't get the answer that they want to hear or the answer that reaffirms their ideas, then they never come back

It is sad too, since for questions like this one, they really need advice but unless everyone tells them 'go for it' they won't listen. Those telling them to go for it either don't have a clue about the persons finances or they don't understand either.

I know many new businesses take buckets of money, but others can be built on a shoestring and it is exciting to see your company grow from an embryo into a successful business (although always with goals to get bigger and better).