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    3 Replies Latest reply on Oct 15, 2010 5:44 AM by Marcellius03x

    $10000 loan

    downindebt Newbie
      Has anyone been successful in getting a $10000 loan with bad credit?
        • Re: $10000 loan
          Marcellius03x Wayfarer

          Hello DowninDebt

          Getting a loan in today's economy is hard period, and with bad credit nearly impossible, but DONT BE discouraged.

          If you could post what exactly you're trying to do, maybe I can offer some very good advice that would still allow you to see it done. Ten thousand dollars isn't much to raise so let's hear it.
            • Re: $10000 loan
              1organical Newbie
              I'm a business owner and am trying to get funding for business. I have everything in order to get started but I'm missing the main ingredient, the money to cover operational cost. My business is in courier and delivery services in a community network setting. Our specialty is to provide convenience in the community with shipping items locally for a fair price on the product being shipped. Local delivery anytime of the day 7days of the week 24hrs of the day. The biggest convenience is delivery the same day and within hrs time and sometimes even minutes depending on the time and the product. What I need to have is insurance and operation costs(expenses) covered so I can operate effectively. If you know about a source that money can be provided for that purpose it would be most high in value for me. Any information on government agencies, credit card companies or anything else greatly appreciated.

              Thanks.
                • Re: $10000 loan
                  Marcellius03x Wayfarer

                  Hello 1Organical

                   

                  I see you said that you have everything in order to get started. There are a few things that I would like to ask you before you start that service though. You don't have to reply back with the answers, but instead just reflect on them.

                   

                  1. Have you taken into account the risk at starting a service like that?

                   

                  a) Who offers the same service?

                  b) What is the price scale of your competition?

                  c) How much will it take to operate a 24/7 delivery service?

                  d) How much will it take to break even, and how long?

                  e) Who will be your main "clients"?

                   

                  2. Again, you said that you have everything setup in order to start. How is your business setup? Is it setup as a LLC, or SP, ect.? This is important because depending on the amount of risk, you would want to separate your personal credit from that company. Really, while conducting any form of business you want to separate your personal credit from business.

                   

                  3. Most importantly, who will be making these deliveries 24/7? If you don't have someone that you will bring on, you are going to have to look into that for sure.

                   

                  The most important thing that I can tell ppl when starting a company that offers a service is to GET A CONTRACT WITH A CLIENT FIRST. I make that a point every time I talk to people about a business that they would like to start and I can't stress it enough. Get that contract in your hands, and if you can't get a full contract, get an LOI (letter of intention). NEVER start a service business with 0 clients on board to begin with. Once you have a contract or LOI in hand, that will be your money, and your way to pay back the money that you borrow to start up.

                   

                  Thank you, and good luck to you and your venture.

                  REMEMBER: Get a contract, or LOI in hand first. Take that delivery service contract and borrow your money on that contract.