Business Loan

[Anonymous]

Hey Gang, my fiance is currently in graduate school right now with about a year to go and when she graduates, she wants to open up her own business in her field. She would probably need a loan (maybe 20k) to get rolling. Currently, she work PT while in school and has an auto loan which should be paid off within the next couple months, a credit card with a limit of $2,300 and a small balance she pays off every month, then lastly, she just has some student loan accounts. So her credit profile is pretty small. My question is, should she try to get another credit card or two that she keeps low balances on just to beef up the credit profile for when she tries to go to the bank and get a small business loan or personal loan?

[Creditaddict]

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@Anonymous wrote:

Hey Gang, my fiance is currently in graduate school right now with about a year to go and when she graduates, she wants to open up her own business in her field. She would probably need a loan (maybe 20k) to get rolling. Currently, she work PT while in school and has an auto loan which should be paid off within the next couple months, a credit card with a limit of $2,300 and a small balance she pays off every month, then lastly, she just has some student loan accounts. So her credit profile is pretty small. My question is, should she try to get another credit card or two that she keeps low balances on just to beef up the credit profile for when she tries to go to the bank and get a small business loan or personal loan?

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YES, she needs to beef up her credit and I would suggest some cards that will likely blow her current card out of the water and grow quickly:

1. American Express blue, spg, everyday... she has a great chance of an approval and then many have success getting CLI at activation requesting 3x the initial approval.

2. Check cap1 pre-qual on their website... if she has an offer for Venture and QS, I would apply for both back to back.  You can many times get a CLI at 3 statements and then at 6 months, she could choose which one works for her and consolidate the 2 accounts to 1 with the total CL of both cards (QS no AF)

3. Chase - again check offers on website... if she has offer for CSP (that means she is good for ANY chase card and good for at least $5k CL (again I would get 2 cards of her choice back to back and later she can consolidate them if she doesn't want both.

[Creditaddict]

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@Anonymous wrote:

Small business owners need to know that there still are funding options available. There are options such as business cash advances, merchant cash advances, and also factoring your receivables.

Merchcash assists small business owners who are looking for flexible funding options primarily for working capital.

When I needed a business loan for my new business, I applied here Merchcash and was approved within 24 hours.

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those are old school TERRIBLE options that will get you sucked in and in a lot of trouble.

Kabbage and this Behalf is about is expensive as an option I would ever suggest to someone.

[Anonymous]

Hi alicesmith009,

What procedure is to be followed for getting business cash advance. Do you have any knowledge about such company? Please let me know at the earliest.

[lindsaydruart]

Business cash advances are like payday loans for businesses. If you can't see yourself with a payday loan personally, don't see yourself with a business cash advance. You are far better off leveraging business credit to a card that you can carry a balance on for a bit instead of paying DAILY for a business cash advance. Yes, they want you to pay EVERY DAY until you pay those advances off.

[Creditaddict]

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@Anonymous wrote:

Hi alicesmith009,

What procedure is to be followed for getting business cash advance. Do you have any knowledge about such company? Please let me know at the earliest.

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Kabbage is about the only one I would dream of taking.

[Anonymous]

Navy Federal offers secured and unsecured business loans, if you qualify I would check them out!

[Anonymous]

Would you tell me about the formalities to be followed for getting cash advance from Kabbage.

[Creditaddict]

What you mean? Once you have the line you just request the amount you want transferred into your checking

[Anonymous]

She will need to build biz credit for a biz loan with a EIN, 411 listings, biz address and phone and 8-10 tradelines

reporting to obtain $20k alone with a DnB PAYDEX 80.

Not with a SS# and the personal credit profile--they are 2 different animals.