Got Bad Credit and Want a Business Loan?

In this day and age, more and more people are seeking the autonomy of owning their own businesses. However, in doing so, the difficult problem of raising capital to finance such a venture inevitably faces every would-be entrepreneur. The first thing that most future business owners often consider –and it’s not a bad idea, to take out a business loan –and yet you’ve got bad credit. Not to worry. In owning any business, the first characteristic that you absolutely must embody is discipline. Without this self-control and restraint –the two wicked, odious step-brothers of discipline, a business –any business, will fail. Which brings us back to having bad credit and wanting a business loan. Getting a loan –often particularly a business loan, involves exercising the strong, self-restraining part of everyone of us that makes for great business tycoons the likes of Donald Trump and Bill “Say-no-more” Gates. What does this mean, you ask? First, before you do anything else, do two things: 1. Talk to everyone you know or meet about your business plans in relation to getting a business loan. Chances are, at least one person –even if it’s the homeless guy on the corner, has some experience in having bad credit while wanting a business loan. Gain from their words of wisdom so that you too, won’t later be panhandling for that valued quarter. Step 2. Get a credit check. Many people don’t realize that bad credit simply dissolves away after 7 years (though now there’s a push to make it every 10 years). Fewer people –among those who do know this first fact, realize that often, if you owe money to a debtor, this person or company will sell this debt (yes, you read right, your debt can be sold to another company). If you have bad credit and want a business loan you want to know what, if any bad credit you truly have (some of it may have already cleared up through the passage of time). You have to write to three –yes, that’s right, three separate companies (their names and addresses are readily available online). The reason for this is that each company will have different information on you and so while one of your credit reports may be spotless, a second report may reflect a less than admirable credit payment history. With said credit history in hand reflecting good or bad credit, and business loan still in mind, you can begin your march towards discipline by no longer adding to this list of non-payment or mistaken non-payment. (If you do indeed have bad credit and still want a business loan and have found errors on your credit report, they should be reported immediately to the credit reporting agency in question. A contested credit rating can no longer be reported and so is as good as having good credit once again.) So, to sum up, this is your target: You feel you have bad credit and want a business loan. You will become better at handling money (ie. Gain discipline). You will learn all that you can about credit from those around you (and the internet, of course –as you’re searching now, is another great source). And finally, the might Credit Check. With these three steps –despite bad credit, a business loan will be in the bag. Good luck!

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