I need to borrow money with low interest rates - have bad credit, help!

Discussion in 'Borrow Money' started by JibberJabber27, Jul 11, 2016.

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  1. I Need to borrow money preferably with a low interest rate. I am finally ready to launch my new business but I need access to fund. I do need to borrow money but I have poor credit which means I'll probably be refused by the banks. I need 50o0 dollars to get my business off the ground so if you have any advice please share it. This forum has really helped me to get my finances in order and make money as well as save it. Now if I can get my business off the ground with the money I borrow I will have completely turned my finances around. Look forward to hearing from everyone.
    Sadia and Alistair like this.
  2. Alistair

    Alistair Newbie

    I know you said you have bad credit but I still think you need to get a copy of your credit file and then take action to repair your credit. You should do this because in the future when your business grows you will need access to more money to get the growth you need.

    Once you've taken action to repair your credit history you should create a business plan which is very thorough. I believe that if you go to the bank with a polished business plan and proof that your in the process of fixing your credit file you will get access to money. Lending is sometimes lent at the Bank Managers discretion so there is a good chance you could borrow money at low levels of interest. Check out the resource below on repairing credit score. Really Hope the business is a success :)

    Sadia likes this.
  3. Sadia

    Sadia Administrator

    Have you tried using a business crowd funding platform to raise the money. More and more entrepreneurs are turning to these peer to peer platforms to get the funding the need. Sometimes you might need to share equity but you should find peer to peer business loans.

    The video below explains the crowd funding process for small businesses and start-ups and all the platforms available. I would look into this option because you can raise money without having the greatest credit score. Good Luck.

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