Setup Business in UAE Call/WhatsApp +971 (58) 583 1243

21 years old, 750+ credit but only 1 year of self employment job history. Can i get a loan anywhere?

y I am a young guy whos only ever had under the table work until last year when i started my own jewelry sales business. I am just about to file my taxes for the business this year so I will have my first year of income history, but i am assuming this is not enough for me to take out any reasonable scale loan to upsize my business. Can anyone give me some pointers on how I might access a loan sooner than later? My credit score works very highly in my advantage but unfortunately no lenders have approved me due to not having a verifiable employment history

| 👁 1023 | Posted November 24, 2018 | Share on Facebook | Twitter | Google+

| Modified: November 24, 2018 | Author:


bostonpersonals96 1 year ago

Still think ill need 2 years of verified self employment income for that though, correct?

bostonpersonals96 1 year ago

Yeah im not banking my future on being able to get a business loan it would just help me to grow my brand much faster

Strategy-Duh 1 year ago

Business loans without collateral can get very expensive. If you need a moderate amount of cash under 20k, your best bet is to apply for something like the chase slate credit card with 0 interest on purchases and/or no balance transfer fee for as many months as you can find. 12-24mo depending on the card type. You can defer it til later and pay it off as needed. it's generally much less expensive than a small business loan. if for some reason you aren't there yet, you can roll it over to another card for 3-5% balance transfer fee for another 12-18 months. Just make sure not to over leverage yourself

halloweenhombre 1 year ago

Be sure to have a plan B as banks in general do not look at retail businesses very favorably.

fend845 1 year ago

Banks require two years before they count business income, self employment, and commission

Post your Comments