If you are just starting out, and need fast installment loans for 8000 dollars to fund a small business, a bank is often seen as a good choice when it comes to financing startups. Many people who are starting their own biz will require extra monies because paying for office space, equipment and salaries will take up a substantial amount of money. But because you have a bad credit history, most banks may not want to give you a large installment loan for setting up your business since to them, you simply lack the credibility to repay them on time.
Who Can Lend Me An Installment Loan With No Collateral
If that is the case, you may have to turn to alternate ways of getting the money needed. If you are not aware, there are actually business lenders and venture capitalists who can assist you. The problem with the latter is that with their investment into your company, you will no be able to dictate the direction of your business on your own terms and you are answerable to others.
So, you are not willing to do down that road, but who can be the last resort lender for you? You may have to go to those small direct installment loan lenders for a private loan with no collateral. These can be had for amounts up to 35k. While there is strict credit requirements, they will likely ask you to put down your assets or mortgage your house to them in exchange for a new business loan for startups.
Long Term Installment Loans
For a 8000 loan over 3 to 5 years, you may try to negotiate further with them and ask for easy credit requirements. Obviously you will have to bring something to the bargain table, like pledging collateral or equipment owned by your business. I value cash flow in such situations and prefer not to cut short the repayment period to less than 6 months or thereabout. Make your claims about the profitability of your business and you should be able to get approved.