Any ideas for borrowing up to $25000 unsecured?

[Cali Coug]

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!

[Archaea]

Originally Posted by Cali Coug

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!

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.

[Cali Coug]

Originally Posted by Archaea

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.

Any idea on the term of such loans? Any suggestions on lenders with lower rates?

[Archaea]

Originally Posted by Cali Coug

Any idea on the term of such loans? Any suggestions on lenders with lower rates?

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.

[bYuPride]

Originally Posted by Cali Coug

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!

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. When going to speak to a business banker, make sure you ask them about origination fees, annual fees (either a flat yearly or a percentage of the line), it's nice to know if it's evergreen or not, etc. etc.

[bYuPride]

Originally Posted by Archaea

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.

Don't listen to Archaea ... if you are just starting up a business, you're not going to get 250k right off the bat. If you are a business 2 years or newer, the underwriters will look and at your personal credit and determine how much they will lend to you. The idea is that the business owner will exercise the same amount of responsibility with their business credit has they have with their personal.

[bYuPride]

Originally Posted by Cali Coug

Any idea on the term of such loans? Any suggestions on lenders with lower rates?

Generally 2-5 years. Wells Fargo business credit products are pretty competitive, but it's a good idea to look around.

[Jeff Lebowski]

$25K unsecured? Trivial, my friend.

And paying interest is for chumps.

http://www.cougarboard.com/noframes/...tml?id=1860360

[Tex]

Originally Posted by Jeff Lebowski

$25K unsecured? Trivial, my friend.

And paying interest is for chumps.

http://www.cougarboard.com/noframes/...tml?id=1860360

That's a really interesting method ... I'm gonna have to look into that. You say some guys have their entire mortgages being held this way?

[Cali Coug]

Originally Posted by Jeff Lebowski

$25K unsecured? Trivial, my friend.

And paying interest is for chumps.

http://www.cougarboard.com/noframes/...tml?id=1860360

I love it.