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| *Loan,banking and credit>>>bank loan |
Loans and banks. I need one, what can i expect? |
Greetings to all you answer people! I have had a one man shop for the last 2 years that is going well enough, but needs a extra shot of money in the arm to take it to that next step. I have no friends or family that can give me the amount i need. So the bank seems the best and only option unless i am to drag along. What could i expect from a bank? Is 10K outlandish? what would monthly payments be on something like that? im lost, but totally interested. help me out, good karma, if i make it in life i will find you and repay you. if i fail, you better cook me dinner! best to all! You should check and see if you can join any credit unions in your area. If you can join one- if you own a car, they will usually let you take a loan out against the car. This is called a secured loan. You can get an interest rate somewhere around 7-8%. The credit union is a good place to go, as they will likely offer much better rates than a commercial bank. If you stretch the payments over 48 months, for 10K, you are probably look at something not a whole lot over $200 a month, which isnt bad. I hope you've got a good business that will get me rich someday, good luck to you! Oh, and $10K isnt outlandish at all, its actually pretty small. Source(s): If you dont have a car to loan against, you might need to go to a commercial bank, and take out an unsecured loan (higher rate) or a small business loan. If you own a house, you could consider opening up a home equity line of credit, which would make the loan tax deductible. The risk on the HELOC is that if your business doesnt make it and you cant make the payments, then you could lose your house. You dont have that risk with the other loan types. 10K should probably be doable in any of these types, as long as you have good credit, and a good income flow. |
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