What's your experience with business loans?

boatBurner

boatBurner

shutup, crime!
Feb 24, 2012
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I've toyed with the idea of a business loan, but the only help I really need is with automating business development. I don't need office space, supplies, transportation, or anything else that might have revokable value.

I just need to automate sales so I can focus on production.

The VA loan allows me some privileges, so I'm told, but I haven't done enough research to really know what. And I've always considered business loans a no-go unless you're investing into things like property.

What say you?
 


Have you looked into a line of credit?

I haven't used mine in a while but it's nice to have to yank out cash fast if you need it. Also I've used 0% CC in the past to buy sites and flip, etc...

When I was in high school I got a "Computer Loan" from my credit union and then cashed it and used that for some products I was importing from China.

You could always do a reverse car loan if you have one that's paid off, rates are super low still.

Or use your credit cards and cash-out if you can pay them back fast.

All of the above require far less work than a true business loan.
 
Most business loans will need to be backed with collateral. No collateral = no loan. If I were in your shoes I would try to suck of that big juicy .gov tit w/ the VA
 
Unless you have savings equal or more to the amount you are taking as credit, don't. A friend of mine had almost been on the streets because of the piling amount. If I were to go down that lane, i'd look to pay it off within a year or so.
 
Pussies recommending not to take a loan if I don't have that amount already? Or if I'm not 99% sure of the returns. Uhh

A risk is a risk, you're either taking it or not.
 
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