To be eligible for these loans, you need to pledge some valuable asset as collateral. Once you have located the lenders, you must call each one of them to see if they can apply for small business loan work with your current credit situation. A. Start ups are more vulnerable and need more cash than established businesses. As long as your car currently books for over $10,000, using your car as collateral for the $10,000 loan is very possible. It is possible to apply for different kinds of useful government grants: home repair, school supplies, medical bills, public transportation, tutoring or teaching, general living expenses.
Thus, you can make extra payments each month and can get rid from being upside down. The longer you have been on the same job, the better. Every lenders criteria is going to be different, so if you get turned down at one, or offered a horrible rate, you can always look at other lenders. Secured loans are loans that are backed up by something of value, like a home or car. A guaranteed bad credit business loan too can help you get a loan at lower rate of interest. The second question you should ask yourself: Do you have enough capital or you need to obtain an additional financing for your project?