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NEED A LOAN FAST!

Member

NEED A LOAN FAST!

OK guys, I'm getting a bit anxious and panicking! I am the owner of a Home Healthcare agency. Just past my one year in business. My first year was a blast, but now I have hit a slow patch. I went from grossing 15-20k a month to just 3k. How?? well in my business, unfortunately people die. That's how we loose clients, and obviously profits. My company has significant overhead that is needed to remain operational so this would be a working capital loan/LOC. My business took a hit Jan - March, we just became partners with a hospital who will be funnelling referrals (which is huge!) but it will take some time (2-3mo) and we'll be back to doing good but I'm not sure we can make it with all the business and personal expenses! My personal credit has taken a hit as of late due to a bogus medical bill. My EQ & TU are around 630, while EX is at 730. I need about 15-20K to keep us afloat and also step up our marketing efforts. Does anyone have any ideas? I've tried Streetshares and Ondeck, both misleading companies as I met their posted minimum requirements yet they didn't help me for frivolous reasons. I tried NFCU (who pulls TU) and I was turned down but the agent said he would try to push it through (that was last week, im expecting the worse, but I love NFCU!) 

 

Guy's my business deserves to be open. We help elderly, and disabled adults with a focus on veterans as my father who was in Iraq was the first person I took care of and encouraged me to start this business. I also do charity work for those who cant afford our services. I pay out of pocket to my workers. That will most-likely be the first thing I'll have to cut until we can recover. If anyone has any ideas please post or PM me. Thank you!

13 REPLIES
Established Contributor

Re: NEED A LOAN FAST!

Do you just need cash or do you need cards to pay bills with?

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board
Member

Re: NEED A LOAN FAST!

Line of credit seems most ideal. I can take what I need. Pay on it for a couple of months till I bounce back and then pay it in full.
Established Contributor

Re: NEED A LOAN FAST!

Maybe a SoFi loan

Established Contributor

Re: NEED A LOAN FAST!

LOC products tend to be harder to get unless you've been in business longer. I usually see around 2yr requirements.

 

Maybe a personal loan could cover your short term needs? The interest rate might be high but if you only need it for a couple months it could be the way to go. Traditional business lending seems to take longer in my experience. 

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board
Established Contributor

Re: NEED A LOAN FAST!

I've used these guys in the past: https://www.headwaycapital.com/

 

It looks like they only require one year in business and 50K revenue. The rate won't be very good but the turn around time was fast. I think it took about 24 hrs and one phone call with one of their reps to understand my needs.

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board
Member

Re: NEED A LOAN FAST!

Matt do they require a hard pull?
Regular Contributor

Re: NEED A LOAN FAST!

You can try with merchant capital and bluevine too. But both require you weekly payments though
New Visitor

Re: NEED A LOAN FAST!

Here's my list. I have been in business for 5 years.

 

They mean business:

 

 

Tigerlyfe Capital Solutions --

 

 
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Irish80
MyFICO Moderator 
 
Member

Re: NEED A LOAN FAST!

 

I have 8K with Bluevine but the weekly payments are ridiculous! I would only use them in a rock bottom situation. Im trying to avoid any other company with weekly repay requirements.

 

Bill2018

 

Thank you for sharing. I will take a look at all these companies and see if any can help me!

 

On another note, has anyone dealt with premiummerchantfunding.com? They have decent reviews but there is just a bad vibe im getting from them when I speak to their reps!