Many people with great business ideas, or have excessive debt can't get credit from traditional lenders need help. There is a way. Don't give up. You should have all of your pertinent facts documented for review on request a cosigner might want to see a business plan same as a traditional lender. For Personal and business loans you will need to explain your ability to pay. I have been in this position myself and have found a few safe alternatives. Here is one:
Step 1
Get a cosigner with good credit to make your loan. Lenders are crazy about cosigners. Get a cosigner with a credit score of 700 or more.
Step 2
Explain to the cosigner that they are responsible if you don't pay. Make the opportunity attractive to the cosigner by giving a percentage of the business deal, or a fee for their services.
Step 3
NEVER pay upfront fees. The fee is paid after you receive the loan by check or money transfer to your account. Pay the fee out of the loan funds you receive.
Step 4
People to approach: Family and friends who are encouraging and want you to succeed, Business associates they might own real estate which is great collateral for a loan, and want to be a part of this venture with you. Professional cosigners who make money cosigning for people like you. To find them advertise in your largest local paper, do a search online. Have available clearly defined information about your project, and be prepared to answer questions about repayment, and how the project will be able to pay off the loan. Work out your repayment time frame before contacting the co-signers you contact lender will want this information.
Step 5
Take a deep breath and get started. Good Luck to all of you Wealth Builders may your dreams come true.
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