You Don’t Have Business Credit?
Currently applying for a business loan requires a bit of luck. If you have an exceptional credit record, you may still be turned down due to banks being more cautious of who they lend money too due to current turbulent financial situation. It is ironic however that the money they are lending comes from the customers themselves.
Bank executives have to suck in a little pride nowadays as they are having to admit that they were careless with their clients money. As a result many people are left with nothing due to the bad investments of the banks.
Bad lending and bad borrowers go hand in hand. One cannot exist without the other. However, one must recognize that all though there are checks and balances lenders cannot always prevent a bad loan as we see that people are acquiring large sums of money without having any clue as to how they will pay it back.
A large loan may seem tempting but may lead to a lot more headaches if you cannot pay the loan back. Before you know it, you’re credit score could be negative resulting in no more loans.
It is key that you borrow responsibly. Don’t go overboard with borrowing and only take what you will need. In current times speculation is frowned upon and you will need to monitor your spending habits closely. Make do with what you have.
Borrow sensibly and you can survive economic turmoil and look forward to better days ahead. This may seem like a boring concept but it is key to your success and your future.
You need to get out and get real business credit and stop using your personal credit cards as leverage. I can be the first to tell you that there is a lot of business credit available even in this awful economy. If you start leveraging your personal assets for your business though you could end up broke and homeless. Not to mention stressed out and separated from your family.
Build your Business Credit seperate from your personal credit. Come visit us to see why this is important.
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Tags: business, Business Loan, Credit, debt, entrepreneur, finance, Financing, Loans, Raising Money
