Where can I get a loan or line of credit?

Full Member
srg-wholesale
Posts: 32
Joined: 19 Jun 09
Karma: 
8 Oct 09 05:09:23 am
Hi. I have been a member of SaleHoo for a few months now and i have found some great suppliers. The question I want to ask is if anyone knows where I can get a loan or line of credit or some sort of financing. The problem is I have bad credit I want to get this business up and running right . I was on ebay for a while and I made quite a bit of money putting all the money Ii could into the business but still came up short of a success due to issues with PayPal because i was dropshipping products. I have started a website and Ii am trying to move away from dropshipping and buy wholesale. But I need start up money which I can't seem to find. I am wondering if anyone has gone through what I have and been able to get a loan or line of credit with bad credit. My financal situation is pretty bad and I really want this to work. I will do whatever I can to make this business a success including going even further into debt than I already am. Any suggestions would be great.

Site Admin
fudjj
Posts: 5907
Joined: 27 Jul 07
Karma: 
8 Oct 09 05:47:50 am
Not an easy situation you find yourself in srg, bad credit rating won't have financial institutions lining up to throw money at you unfortunately.

I have no idea just how bad you rating is, but maybe you should start by taking measures to clear that up before trying to launch your business full time. That would give you a chance to clear your debt, then establish a business plan that you could then in turn use to establish a line of credit to get you going in the right direction.

The big risk here is getting in even deeper with a loan from someone willing to give it to you in your current situation. You will find some places willing to loan where bad credit is involved, but you will usually find that these types of loans come with very hight interest, and can just dig you into a deeper hole where you risk even more.

I know it's frustrating, but I would suggest going back to square one at this point, clear up your outstanding debt, then look at establishing a business plan to move froward.

Good luck with it.


Mark (fudjj)

Community Manager
SaleHoo.com

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Site Admin
richelle_salehoo
Posts: 5224
Joined: 20 Oct 08
Karma: 
8 Oct 09 10:15:38 am
Hi srg-wholesale,

I would agree there with fudjj and definitely would NOT suggest that you even think of venturing further into debt because if you do you really won't get to where you want to be.

The really good financial institutions have this way of digging up your secrets so if you say you've got bad credit history they'll be the first to know about it. Also the persons or other places where you could actually get a loan would have interest rates that would be just too high.

Focus on clearing up your old debts and just keep it small for now, when the time is right and all is in the right place, I'm pretty sure your business will get big, may be even bigger than you plan it to be.

By the way, I saw this and thought it might be an interesting read:

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All the best to you! Cheers :)


Richelle

Customer Support Manager
SaleHoo Group Limited
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