Originally posted by allibaster
Originally posted by The_Warden
Originally posted by allibaster
It's hard to get a loan for businesses because most businesses fail. If you had cash and your neighbor wanted to borrow it to open a small business, would you hand it over easily?
If you can't get a loan, work hard and save up the cash required like my dad has done. He's paid cash for everything and never had to suck on anyone to get it.
People seem to think everything should be handed to them, including loans.
You dont understand what exactly I am saying. What I am saying is this. To be able to even apply for a small business loan, you need 2 years of profitable income as I stated, then after that, you better have some damn good credit to even get approved. My credit score is 800, and I cant get approved for a personal loan, I assume thats going to be the issue as well, even if I had 2 years of profitable income to be able to apply. Meanwhile, while the small businesses sit here and struggle to get started, and keep going, the government spends money at will across seas for stupid crap thats not needed, or ever going to get finished. My point I am trying to make is that we need to worry and help ourselves and forget about sending money overseas. Its kind of like all these ads on TV where you can "adopt a child" for a dollar a day. Screw that, all that crap goes overseas, lets help our homeless 1st before we start helping other countries poverty issues. Our government has their priorities so damn backwards, its no wonder we are on the verge of complete failure. Theres just a small amount of businesses that actually thrive in an economy like this, and I am lucky to have found that niche. Most are not that fortunate. And no, I have not had to suck on anyone to get where I am as you put it, but yes, a little help would have been nice to get to speed things up. Its not like I am signing up to get grants (free money). It would have been paid back. And when your out of work for 3 years because of medical issues, bills start piling up fast, birthdays, and christmases get smaller and the faster you get back on your feet, the faster the collectors are happy, and the faster your family gets happy. But your right, I guess I could have sat there and milked up some welfare while saving cash to start up my company, but I didnt think that was the right way to go
Do you know the statistics of the survival of small business? Banks don't want to throw their money away. It's a huge risk. I would expect the loan process to be tough.
I'm sure "Profitable Income" means you're not living off credit cards. Not much to ask. I have a credit score of 745 and was able to close on a $300k mortgage at 15 years fixed. My wife and I qualified for much much more. Granted, I have no credit card debt, no student loans, and a strong engineering job. Money is available if you are a strong worker and can prove it. You don't wake up in the morning and say, "I'm now going to work hard starting now." It take years to establish your reputation. I spent five years studying electrical engineer while maintaining one or two jobs. My wife has working hard her whole life to earn straight A's to be accepted to Pharmacy school where she studied 60+ hours a week. We both finished strong and are now enjoying our success. We've paid over $50,000 in taxes for 2008 which is really depressing knowing that money is going to the 14-child no-job mom, Iraq, and others who have no motive to support themselves.
Banks have been too lenient on loans, in general, in the past. That is a partial reason our country is in the problem it is in now. If the bank turned you down, they have good reason for one cause or another. Credit cards, debts-to-income ratio, or other.... You don't deserve a loan, you need to prove it or EARN it. People don't need to pray or wish, they need to think and work!
I agree that the US is spending way too much overseas with MY money! It's fucking frustrating. It's also frustrating to see that money go to people living off the system in our own country! The fact that so many people in this country expect money for nothing makes me wish for a new plague.
If you found your niche, great. That is what America is about. Take risks, work hard, and receive you reward. I'm a firm believer that if you work hard towards your goal, you will accomplish it. It may not happen fast, but it WILL happen!
Yeah, my biggest issue was the fact that I was out of work for so long with my injury, thus I had no income and lived off what I had saved, and even dipped into my 401k, thats the reason that I could not get a private loan even with a credit score of 800. I have never been without a job longer than a week prior, and at the time didnt have credit cards, as I had no need for them, Now I have a few floating around, but those are for business purchases only. Its frustrating for me because I have always been a hard worker, and paid my taxes, did all the proper things to be a good american.
I totally agree with banks being way too lenient with the loans, people making $7-$8hr should have never gotten $200k loans, just for example. And I honestly think our economy will only get worse before it gets better. And I am ok with that because with it getting worse, it only gets better for me. I feel sorry for everyone that is losing their houses and what not, but thats my main form of income right now.
