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| *Loan,banking and credit>>>credit line |
What is line of credit? i need about 50k for 7-eleven franchise. i have perfect credit score and no debt,? |
and have 50k money in the bank. my credit cards limit 50k . i called my bank and asked for loan. they say that i can borrow money from line of credit for 7.5 APR. i need about 100k for initial requirements for buying a 7-Eleven Franchise. thanks for any input. thanks again. It sounds like the bank is offering you a Home Equity Line of Credit (HELOC) because an interest rate of 7.5% is too low for an unsecured line of credit. You need to know for sure, because if it IS an HELOC, you are putting up your home as collateral for the loan. If you can't pay the loan, the bank can foreclose on your home. I assume you have plenty of money in savings to carry you through the rough spots of starting a business, because it is a concern that you want to borrow the entire $100K to get started. Have you figured out what borrowing $50K on credit cards is going to cost you? It won't be cheap. Would it make more sense to use some of your savings for the initial costs, THEN use the credit cards if you need to? A line of credit means: "a pre-established loan authorization with a specified borrowing limit extended by a lending institution to an individual or business based on creditworthiness" Not only will you need start-up capital, but you should have a minimum amount of funds for running the business for an amount of time before you realize any profits. I am a registered and certified money lender. I give out loans to assist people/firms who need to update their financial status all over the world and i render out my loans with a very low interest rate with a long repayment duration, if you are in need of a loan, contact me via this mailing address: kennedylenders1@yahoo.com Hello, I a Mr Terry Ballack.I am a consutant to cole investment company.The leading company in giving out of loans at a very low interest rate of 3%.We give out loans from the range of $3,000 to 10 million dollars.Do you need a loan?Are you financially down?Do you want to pay your bills which is giving you burden?We offer all kind of loans.If you are interested in our services and you know really inside you that you fall into the category of people who need loan.Contact me today for more information via email at terryballack@myway.com |
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