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#1 |
Senior Member
Join Date: Dec 2005
Posts: 5,996
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I started a business and would be interested in borrowing up to $25000 for use in the business. I only want to do an unsecured loan, just in case!
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#2 |
Assistant to the Regional Manager
Join Date: Aug 2005
Location: The Orgasmatron
Posts: 24,338
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Go to bank. Not hard, you usually can get up to 250k unsecured, but even a guy with no credit can get 50K. Maybe you don't advise them it's for a speculative business venture, but perhaps to fix up house.
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#3 |
Senior Member
Join Date: Dec 2005
Posts: 5,996
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Any idea on the term of such loans? Any suggestions on lenders with lower rates?
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#4 |
Assistant to the Regional Manager
Join Date: Aug 2005
Location: The Orgasmatron
Posts: 24,338
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Unless you have mega wealth, go to a credit union or a local, smaller branch. Usually, unsecured lines of credit have rates tied to Prime, which prime is beyond me. Mine is one percent or three quarters of a percent over prime. It's below ten percent right now.
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Ἓν οἶδα ὅτι οὐδὲν οἶδα |
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#5 | |
Senior Member
Join Date: Jan 2006
Location: Salt Lake City
Posts: 1,058
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Do you want a loan or a line of credit?! Many business owners prefer the line of credit even though it has a slightly higher interest rate than a loan because credit needs always arise in a growing business... or a sinking business can use the funds too. ![]()
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#6 | |
Senior Member
Join Date: Jan 2006
Location: Salt Lake City
Posts: 1,058
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Get your BYU license plates http://dmv.utah.gov/licensecollegiate.html#byu You do not have to wait for your current registration to expire. Get your freakin' plates on your vehicle and be TRUE BLUE!!!!!! "I'm on my beater bike" Translation: I had this baby custom-made in Tuscany using titanium blessed by the Pope. I took it to a wind tunnel and it disappeared. It weighs less than a fart and costs more than a divorce. |
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#7 |
Senior Member
Join Date: Jan 2006
Location: Salt Lake City
Posts: 1,058
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Generally 2-5 years. Wells Fargo business credit products are pretty competitive, but it's a good idea to look around.
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Get your BYU license plates http://dmv.utah.gov/licensecollegiate.html#byu You do not have to wait for your current registration to expire. Get your freakin' plates on your vehicle and be TRUE BLUE!!!!!! "I'm on my beater bike" Translation: I had this baby custom-made in Tuscany using titanium blessed by the Pope. I took it to a wind tunnel and it disappeared. It weighs less than a fart and costs more than a divorce. |
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#8 |
Charon
Join Date: Jan 2006
Location: In the heart of darkness (Provo)
Posts: 9,564
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$25K unsecured? Trivial, my friend.
And paying interest is for chumps. http://www.cougarboard.com/noframes/...tml?id=1860360
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"... the arc of the universe is long but it bends toward justice." Martin Luther King, Jr. |
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#9 | |
Senior Member
Join Date: Dec 2006
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#10 | |
Senior Member
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