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gr8lyendowed
gr8lyendowed asked in Business & FinanceCredit · 4 years ago

i need a business startup loan?

i want to start a business, i have a personal credit score of 743, i have recently been laid off seasonally so my income is low, would that be a factor if im using personal credit? i do not want to hurt my score by being denied, and i dont want to be approved for too small of a loan, i need around 50,000

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  • n2mama
    Lv 7
    4 years ago

    Any time you are looking to get a loan your income would be a factor, regardless of the type of loan. That you only work seasonally will count against you as well, as lending institutions want to see long term established employment as part of the way to show that you will be able to repay the loan. You would need to have a business plan and potentially collateral in addition to the credit score, employment history, etc. to have a chance at securing the loan. I do not think your chances are very good.

  • Rinkydink
    Lv 7
    4 years ago

    Visit a bank with your business plan. Being unemployed and looking for 50G I don't doubt you'll be denied but go and hear it from a banker.

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