Any way for me to get a loan w/o established credt?

icollecticollect subscriber Posts: 12
edited March 2008 in Business Planning
Is there any way I would be able to get a loan locally with out any credit being 18 years old, if it were for a loan under 20k? I know what I will be doing and working on a business plan. I will be starting online selling Diecast and spread out to other Hobbies. Thanks

Comments

  • burtonridrburtonridr subscriber Posts: 2
    With a well written logical business plan you should be able to get a loan. You must realize however that without a track record or anything it will be hard to get investors to loan you the money. You may be able to do it easier by putting up some kind of collateral, like a car or home or anything else of value.
    If you havent read the book rich dad poor dad, I would highly recommend it. Read the whole series, pay attention to OPM (other peoples money). There are always people with money looking to invest it in a business, you just have to prove to them that your business will make money.
    Even before you start writing your business plan, start listening for people that have money and want to invest money. Meet their friends, build trust and a relationship. Then when the time comes prove to them that you have a business that is going to help them make money.
  • icollecticollect subscriber Posts: 12
    I have found a member of Digital Point forums who is willing to help. He is interested in partnering up.
    Any advice on my first loan, anything to watch for legal wise anything I need to be aware of? Should I get a lawyer to look it over if there is a contract? Are there any lawyers online or are members at Sun that could help at little or no cost?
    Thanksicollect3/15/2008 6:53 PM
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