I need a loan but I have bad credit.
In this point of my life, having around $20,000 in debt, being held back from starting my business and my life for many reasons. I know there's many options for loans for people with bad credit, especially on the internet but I don't know where to turn and who to trust. I know from experience that I can cut my debt to the area of 8-10, thousand so that would be how much I need.
Best Answer
4085 points
EthanR answered one year ago …
Joe, you could try www.prosper.com, a web site where people loan money to each other. But having reluctantly said that, I am going to offer you a tough love alternative. Nobody ever became wealthy by carrying debt on their shoulders, except perhaps for debts on mortgages or businesses. If the debt that you have now is consumer debt (car loan, credit cards, etc), I would do everything possible to get rid of that debt FIRST, before you attempt to go into business. A high percentages of businesses fail in the first year, often to do lack of capital or high debts. It's like coming into the game in the 9th inning, two outs, and two strikes on the batter. Not really stacking the odds in your favor.
So my suggestion is to try to reduce your debt way down before you start a new business. This could be done by working an extra job, by selling stuff on ebay, etc. I would recommend to you that you go to www.daveramsey.com and also read some of his books, like "The Total Money Makeover", or "Financial Peace Revisited".
Whichever road you take, best of luck to you, and I hope you get your problems resolved.
Answers
107 points
dale answered one year ago …
I receive weekly emails for free government grants which are promptly trashed.
However, you may want to try GOVERNMENT GRANT SOLUTIONS.
This could prove to be a better option than obtaining a loan, just check it out thoroughly.
