Personal or Business Loan

Anonymous · ‎03-11-2016

Hello, I am currently in college earning an Industrial Technology degree with a business minor. I have had a detailing business on the side for extra cash for a few months now. Well I am at the point where I am ready to take my mobile detailing unit full time while I am not in class. I need to find a loan around 7k to get the rest of my equipment and get my website/advertising full swing. I was wondering where the best place would be to get this loan, I also have my vehicle title worth atleast 7k for collateral. My business plan and everything is already lined up. Ive also thought about this deeply and I am passionate about it. I feel like this is the right path for me. Thanks for suggestions.

Edit: I do not have a steady income.

Anonymous · ‎03-11-2016

Is the business making any profit or is this going to be considered a Start-Up?

sccredit · ‎03-11-2016

@Anonymous wrote:
Is the business making any profit or is this going to be considered a Start-Up?

Also, what are your personal credit scores?

Anonymous · ‎03-12-2016

There are many small business lenders that provide loans to small businesses. But before applying for a loan, you need to make a good business plan. First of all, you need a good business plan that includes:

1. A detailed description of the product or service you’re offering

2. An explanation of how your product is unique in the market

3. A description of how your business is fulfilling a need

4. A list of tactics and objectives for the goals you’ve identified for your business

Creditaddict · ‎03-12-2016

@Anonymous wrote:
Hello, I am currently in college earning an Industrial Technology degree with a business minor. I have had a detailing business on the side for extra cash for a few months now. Well I am at the point where I am ready to take my mobile detailing unit full time while I am not in class. I need to find a loan around 7k to get the rest of my equipment and get my website/advertising full swing. I was wondering where the best place would be to get this loan, I also have my vehicle title worth atleast 7k for collateral. My business plan and everything is already lined up. Ive also thought about this deeply and I am passionate about it. I feel like this is the right path for me. Thanks for suggestions.

Edit: I do not have a steady income.

Might be easier and cheaper to just get a 0% personal credit card like Citi for 21 months or Chase for 15 months on Freedom or Slate and then when you have more consistent income from the business either pay the credit card off or refinance it using a loan once you can prove income better... the credit cards won't ask for income verification.

just list your business as employer, don't put self employed.

Anonymous · ‎03-20-2016

There are many merchants that are willing to extend credit almost immediately to small business owners. You should NOT need to take a hit on your personal credit, as it is irrelevant as long as youn have an EIN number. Most business credit loans will have a line for your personal SSN, but it isn't a requirement. I was able to secure around 50K in credit with my start up in about 6 months.

Creditaddict · ‎03-20-2016

Can you share who specifically and Amounts and terms?
Like cash advance loans or longer business loans?

Anonymous · ‎03-20-2016

Are you directing that question to me or someone else?

Creditaddict · ‎03-20-2016

Yes to you, sorry on cell so couldn't tag

Anonymous · ‎03-20-2016

No problem CreditAddict. I actually utilized a service that works with small businesses to build business credit. They provide a list of creditors and instruct you on how to build your business credit to 100, which is the highest possible with an EIN. My and my business partner's credit scores are crap, so this has worked well. A few of the creditors we started with we Quill and Staples. But the list is huge.