Self employed. Which loan to choose?
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stan
Apprentice
Joined: 05 Oct 2008
Posts: 3
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 Posted: 04/05/09 - 08:29 Post subject: |
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I started my own business two years ago. Now it's time to expand it and I need to borrow some money. I believe that I will make a profit in a short time. After some thinking I decided to take a loan. Since I'm self employed which loan to choose? How to provide a guarantee for my loan?
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marti
Apprentice
Joined: 12 Jun 2007
Posts: 3
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| Posted: 05/04/09 - 21:55 Post subject: |
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| Since you are self-employed you can borrow money by making a loan arrangement. Shop around to find the most suitable one because terms vary among lenders. It's always a good thing to use a finance broker. He or she could save you time and money. Make sure that you knw how your credit score looks like. Loan conditions should be well studied and you could try to negotiate in order to get better terms. It's a good thing that you can take even a secured loan if you have a property to offer as a guarantee. Since you run your own business make sure that your monthly income covers the debt. It would be inconvenient to break loan rules, and they are not very flexible. It would an advantage to offer a business to a lender to see because that would make his investment in you safer. But my advice is to try to borrow money from friends or family before you go to bank or any other financial institution. You would certainly get better conditions and you would probably have no inconvenience if something goes wrong. |
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