Need Unsecured loan advice

Hack · #1 (**permalink**) 04-10-2009, 03:51 PM

Would like some advice regarding possible unsecured loan products to cover a personal/business gap.

In ’07 and ’08 borrowed from credit lines and low interest CCs to finance a business project. The project was due to deliver early this year, allowing me to pay back most of the loans fairly quickly, however now it has been postponed to summer. This leaves me looking for a loan in the 13k region to cover the gap.

Because ’07 and ‘08 were spent working on the project, personal income for those years was low, around 35k p.y., currently leaving me with a high debt to income ratio with both lines and revolving credit.

I’d like to apply using my business (22 years in business, no negatives, Experian rated Medium Risk), except I already have multiple loans including an SBA. Until recently, my company has primarily been a personal services corp., so track record in trade lines is light.

I could also apply for a loan using my personal credit (710 FICO, no lates, bankruptcies, tax issues), but am concerned the credit debt to income will scare lenders away and the inquiry will ding my score.

Unfortunately, I can no longer re-access my lines due to Amex and GE discontinuing these products (as I’m sure many are aware!).

Would appreciate it if anyone has suggestions that might work with these circumstances . Bank loan? C.C.? Online product? Personal or business? Obviously the rate will be higher but given the short term I’m willing to accept the hit if not too big.

Thanks gurus

RobertD · #2 (**permalink**) 04-13-2009, 07:18 PM

Personally 35 years in business, I have always preferred dealing with a bank, if you have a good relationship with one talk to to them first. Second choice is any bank that is in solid shape at present, the boring guys still lend money.

Hack · #3 (**permalink**) 04-16-2009, 01:39 PM

The "boring" banks are leery when most recent income doesn't jibe with debt. Am considering using ibank services. Does anyone have experience?
Thanks

Maria · #4 (**permalink**) 05-12-2009, 11:01 AM

I would suggest

tradelines · #5 (**permalink**) 05-21-2009, 03:07 PM

Current situation may not allow for any more loans. But your business history may give you some edge.

Give us a call. Maybe we can help.

Quote:

Originally Posted by Hack

Would like some advice regarding possible unsecured loan products to cover a personal/business gap.

In ’07 and ’08 borrowed from credit lines and low interest CCs to finance a business project. The project was due to deliver early this year, allowing me to pay back most of the loans fairly quickly, however now it has been postponed to summer. This leaves me looking for a loan in the 13k region to cover the gap.

Because ’07 and ‘08 were spent working on the project, personal income for those years was low, around 35k p.y., currently leaving me with a high debt to income ratio with both lines and revolving credit.

I’d like to apply using my business (22 years in business, no negatives, Experian rated Medium Risk), except I already have multiple loans including an SBA. Until recently, my company has primarily been a personal services corp., so track record in trade lines is light.

I could also apply for a loan using my personal credit (710 FICO, no lates, bankruptcies, tax issues), but am concerned the credit debt to income will scare lenders away and the inquiry will ding my score.

Unfortunately, I can no longer re-access my lines due to Amex and GE discontinuing these products (as I’m sure many are aware!).

Would appreciate it if anyone has suggestions that might work with these circumstances . Bank loan? C.C.? Online product? Personal or business? Obviously the rate will be higher but given the short term I’m willing to accept the hit if not too big.

Thanks gurus

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