It is tough enough in our economic world to just work your job. If you even have a job, you are very fortunate. For those that want to try and do even more with their lives, things can get that much tougher. Recently, I decided that I wanted to start a sideline business. I knew it would not be easy, however, I knew even more that I did not want to work for someone else any longer than I had to.
One of the first things I did was start to look to friends and family for personal loans because it was not going to be cheap to get the business up and running. As such, I made sure to compile an attractive business plan, and a simple executive outline so no one would be bored when reviewing my proposals.
After hitting up everyone I could think of, I decided the rest of my initial capital would need to be self funded. But I had no further money; what would I do. As I was lamenting my situation during lunch at my day job, a friend asked if I had looked into payday loans. Of course, I had not, but soon realized this might be just the push I needed to get over the hump.
Monday, June 15, 2009
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5 comments:
But I thought payday loans were only very short--only until your next payday. Can they really help you in the longer run? Or would it be better to get a small business loan? Have you checked with your bank?
I wish I had family to hit up just for a small bridge loan or two--instead of using my credit card for stuff like that. It's just tough right now with both college and daycare bills. I feel like I'm mortgaging my future.
What are the best companies to go to to get personal loans? Is it better to just go to your own bank? Is it better to borrow against life insurance? Or are there specials for approaching a new place/credit union?
How liberal are they at giving out personal loans? I've never gotten one. The last time I tried--thru Wells Fargo--all they did was use my home as equity and essentially just gave me a second mortgage!
I just have to hold out faith that when the economy turns around that my accounts will bounce back and my slow financial disintigration will reverse itself. I'm hoping I can sell my house for a decent price and get into something cheaper, which I can't do right now. In the meantime, thank goodness for personal loans.
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