I just recently open a Boost mobile store and accessories. I used my own money to start because I have a bad credit. Is there any loan company that will let me borrow money to increase my inventory. I have retirement and currently working for college.
Answers
Manuel, please be careful when securing loans. Bad credit will increase the amount of interest that you have to pay back. I agree with Joe's post,
Find out what all 3 credit agencies say about you, then decide next steps. Additional questions I have are:
How long will the $5-7,000 last? Is that for a year's inventory?
What will you do once that $ is gone? Do you have a business plan including expected budget needs?
I would be cautious about using retirement (i.e. good $ after bad). What are you studying in college? It is aligned with your store?
Keep me posted on your progress. Cheryl
Maneal:
Bad credit can kill a project especially with a start up. You talk with many banks and perhaps look for an SBA Loan which would be guaranteed by the government. However their requirement will pretty much mirror other banks. You do have the advantage of being a veteran which will certainly enhance your proposal. After all the the government is assuming the risk for the money. Also, check your credit scores. You have three of them and anyone of them could be in error. If you find one that is, get it corrected and you will have creditability to the banks. Also, do you have an up-dated business plan for the next three years. As a former business owner, you have to SELL the package. Any score below 700 is what one would call marginal.
Good Luck.
Joe Floyd
Veteran
USAF
My monthly income around 4800 dollars not including the income of the store. I just need $5,000 to $ 7,000 dollars to buy more phone inventory.
I think 570 to 600.
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