Answers
I need to learn where and how to get a business unsecured line of credit.
it's called a credit card. Until your business grows, YOUR credit is the same as the businesses.
Gain access to $20000 to $150000 in unsecured loans or lines of credit with no documentation or collateral required. Visit UnsecuredloanServices ...
What are the exact steps I need to take in order to obtain such a big line of credit without being denied and where can I apply ?
With the tight credit markets these days, unless you have a successful business that's been in operation for a minimum of five years and you can show the lender your books, along with proof that the business is growing and you need the capital for expansion, your chances are absolutely zero. Even with all of this, your chances in the current credit climate are iffy. People are nervous.
The LLC and I are both in New Jersey. I know a judgment is eventually put on my credit, but what does that allow the bank/creditor to "do" to me personally?
Take possession or put a lien against everything you own until the debt is paid off, they can even garnish your wages. Plus you won't be elligible for any new credit until the judgement is taken off your credit report.
I need website links to lenders who process fast, unsecured by property, and that do not need personal credit report to process financing for a business acquisition- utilizing paydex score only within the United States
For small business loans / personal loans you may try following P2P - Peer to Peer (or Person to Person) sites:
They are simple and many individuals will loan you money at an interest rate you can afford.
To know more visit the link below:
http://en.wikipedia.org/wiki/Person-to-p erson_lending
Following is the list of Site / Organizations where you can
seek your money need.
1. you can seek money from
www.Propsper.com.
2. http://www.virginmoneyus.com/PersonalLoa ns/tabid/54/Default.aspx
3. http://www.lendingclub.com/
4. http://www.zopa.com/
5. https://www.fygo.com/
6. Coming soon:
http://www.loanio.com/
Please note that you should provide a good, honest and detailed reasoning about Why you need money and how and when will you replay it.
Finally here is a nice article with some reviews.
http://reviews.cnet.com/4520-3000_7-6530 959-1.html
Good Luck.
-N
I have a small business and need to establish a paydex score, I'm looking for some companies that will provide either trade line or unsecured lines. There are companies that are charging fees to help find companies, but I was hoping to find some help here.
The suppliers with whom you have been dealing should be your first approach. If you have been buying from vendors in the past and paying by check or credit card, and established yourself as a steady customer who pays reliably, you can now ask those vendors to set you up as a trade account. They may set a limit on the amount you can charge in any month, and of course you still have to pay your account regularly and on time.
Suppliers don't want to lose a good customer, and once they know you, they should be willing to deal with you on the usual terms they extend to other customers. Trade accounts are free credit and you should take advantage of them.
Rewards of a Line of Credit | Business To Business Resources
My family has operated numerous small businesses over the last thirty years. To start with, we were lucky enough to get a traditional loan to initially set up the various businesses we have owned. These loans required weeks of effort, and each time we had to put up our home and vehicles as collateral. Over time, this has caused extensive stress for our family. Until recently, we did not know that there was an easier way to borrow money. Throughout the years, we had many different businesses, but many of these were in the same market. In other words, we operated many motels over the last thirty years. With these businesses, we used the same limited liability corporation.
Because the business stayed the same, we could have been approved for a small business line of credit . For the previous fifteen years, we have had the same business, and five years ago we finally got an unsecured business credit line. This has made the past five years extremely easy for us. Similar to any business, we face ups and downs. During the slower periods, if our sales decrease more than usual and it is difficult to compensate our suppliers, we have a secondary source of monetary resources. We can use the line to receive funds from the bank. We can directly use these funds to pay our supplier. Once business turns around, we can repay the borrowed amount to the bank.
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