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Getting a Non Secured Loan

Valued Member

Getting a Non Secured Loan

Hello,

 

Have any of you got a non secured loan? If so how did the process go? how long did it take you to find one and who did you do your loan with. It seems at my age of 23 with little to no start up capital and limited credit history I would probably need a secured loan for sure. But how do I dive deeper get a bigger loan and make it non secured. I'm not here to scam the system I would just like to have my personal assets safe just in case. I will be giving it my all. 

 

Thanks guys and gals. 


Starting Score: 651
Current Score: 730
Goal Score: 800

Credit Cards and Credit Limits: Barclay 7250, AMEX 2000, Discover 6250, Cap OnePlat 3000, BestBuy 3000, Chase 3500, Paypal 4300, Walmart 1000, BOA 2000, Kohls 800, Target RED 500, Les Schwab 500, TOTAL 34900 OldestAc1.8 years
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Regular Contributor

Re: Getting a Non Secured Loan

RED,

 

Similar to my response to your other post, there are very few if any unsecured financing programs available for businesses. There are programs out there that do not utilize equipment as the collateral (such as with equipment leasing and finance programs), however, they generally will involve a "blanket lien" being placed on your business that liens up all of your business assets including chattel real (that is, your contracts), inventory, and accounts receivable.

 

In either case, you will need to act as a personal guarantor on the loan meaning that it will not initially be placed on your personal credit (thereby affecting your debt-to-income ratio) but in the event of default, they can place the negative information on your personal credit.

 

There are "corporate only" finance transactions that do not require PGs (personal guarantors), however, the company has to have a fairly large number of employees and diversity of ownership (that is, multiple owners) to qualify.


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
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