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How to Get Quality Business Loans if You Don’t Have Good Credit?

The businesses sometimes achieve a point where they are supposed to take some loans in order to continue their process. The banks are always ready to provide loans to the businesses because they know that businesses can easily return the loan. But sometimes, the businesses cannot generate enough profit that they can pay back the loan. This is what puts a bad impact on their credit score and as a result, they face a lot of trouble in getting more loans.

Now, the problem is that the business is struggling with several financial issues and you are unable to take any loans so that you can deal with these issues. In this situation, most of the banks won’t approve your loan and some of them would only agree to approve your request if you agree upon paying higher interest rates.

Some businessmen make the mistake and agree to these terms and conditions. But these businessmen do not understand that they are getting into deeper traps. If they could not pay the loan in the future, the bank would take their business from them and take the money out of it. So, if you want to protect your business, you should not agree upon paying higher interest rates. Now, the problem is that how would you get the quality loan in order to protect your business?

Well, we are going to solve this problem as we have helped many businesses in overcoming these issues.

Offer a valuable asset

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If you have a valuable asset such as home or gold, you can use that asset to offer a mortgage. If you have any of such assets, you’d be able to get approval from different banks for the business loan. But before moving further, you should keep in mind that you’d lose these assets if you couldn’t pay off the loan in the meantime. Therefore, you should carefully see the circumstances that whether there are any solid signs of progress in the future or not.

If there aren’t any solid symptoms of growth, you should try to rely on your current stuff and try to manage everything on your own.

Guarantor loans

The guarantor loans can also be a solution for you if you are facing trouble in getting the quality business loan. The guarantor would take the responsibility of paying off the debt on your behalf if you failed to keep up the promise. Finding a guarantor may be difficult in this situation but you can make a deal with the guarantor that may satisfy them that you’d definitely pay off the loan otherwise, they’d have the right to take that money from you.

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More Stories By James Brumley

James Brumley is a freelance writer and registered investment advisor. He began his career as a broker with a major Wall Street firm, where fundamentals and long-term holding periods were core strategies. After that, he switched gears completely, becoming an analyst at a short-term trading newsletter that focused on technical analysis. He now manages client money using the best of both philosophies. His company, Bluegrass Portfolio Management, offers investors an opportunity to reap superior returns with minimized risk.