Finance Questions

Posts Tagged ‘secured’

Question: Secured inventory loan sources?

I'm looking to get a secured inventory loan. I own a small furniture store (in business 4 years, 9 months of that owned by me) that always has about 65K in inventory and I'm currently use my personal savings as working capital. I'd like to find a funding source of about 50K that is secured by my inventory to remove my personal assets/financing from the equation. All my searches for small business secured loans seem to end up leading to unsecured loans, which I do NOT want -- I don't want to personally guarantee the capital since I have all the inventory that should do that. Nor do I want a credit card advance deals. Any ideas?

Answer: At 9 months you will not get a loan that is not secured by your personal credit information. You can't secure a loan with INVENTORY that you can't sell for revenues. Go see an Atty about seperating your business from your personal assets. But forget the loan if your personal credit is shot.

Secured & Unsecured Business Loan, Business Finance, Payday Loans - Quick Approvals - Easy Pay

Question: I have horrible credit, but need a personal loan to get me back on track. Noone will finance me, any ideas?

I already picked up a second and third job, but getting a personal loan will help me consolidate these debts and make it easier to pay off. I have a motorcycle to put up for a secured loan but not sure of where to go even for that. My credit score is 510 and I need about a 5-7 k loan. Any help in where to go?????

Answer: Try the bank at which you have your checking account. The
rate will be very high for a personal loan, but they are the only ones who "know" you. And at that, your bank may not take the risk.

-MM

Personal Investment & Loan Tips : Short-Term Secured Loan Tips