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6 Replies Latest reply: Jun 20, 2013 5:51 AM by lisa13us RSS

I need a small business loan for $5000, A.S.A.P

allnite5971 Newbie
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I started a sewer and drain cleaning business 7 months ago with no start up money. We have been struggling but making it, I purchased a piece of equipment that cost $5500, which a relative paid for it with a credit card. I want to pay this back in full, I have been paying her $300 monthly which is only paying the interest on the loan. I don't have a perfect credit score, my credit ratings are excellent though until I pay off my credit cards my score keeps dropping every month, it went from 620 to 550 in 6 months. My main concern now is to pay off my relative, she can co-sing for me to get a small biz loan though because of the loan to me, which is on her credit card, it has made her score drop to about 605. Doeas anyone know if or were I could apply for a loan and be approved under these circumstances. Please help, I need info asap.

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