Worth getting a loan to start out

comments (0) March 1st, 2011     

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Jadechrist Jadechrist, member
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I’ve always been into knitting and making crafts of all sorts, I have a friend who’s business savvy and also knows her way around the sewing machine, so together we thought we could start a small online store (via Amazon) to sell materials that we make. But we’ll need capital to buy better equipment and therefore produce better work.

We think a small loan from the bank is the quickest way to get that capital, the problem is that a bank would have to credit check both business partners and I happen to have poor credit history whilst hers is fine. Would this be a problem and would it raise the interest rate too high for us? I've seen loans for bad credit and the interest seems high. We want to take our time building things and don’t want the pressure of big repayments every month.  

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