need a $12,000 loan

[azboy1985]

Hey guys,

I'm new to this site and looking for advice... I'm looking to get a $12,000 loan whether it be a personal loan or a business loan with a decent fixed interest rate that has affordable monthly payments for my start-up music video/commercial production company. Although we've been doing music videos and commercials for a year now, it's still in its infant stages as me and a couple other guys are doing this part-time. I need the money for video & computer equipment... Anyone have any suggestions? Any help would be much appreciated.

[zoobie]

Hi! Welcome to YE!

Sorry, don't have idea but if you'll stick around, someone might help you.

Good luck with things!

[stand856]

visit prosper.com

[jasaunders]

I have a prosper group, small business helpers, that could help you get funded. 3 year fixed, unsecured loan, rates would be about 10% on up depending on your credit.
PM me if interested.

[radreality]

you probably wouldnt' be able to get an actual business loan for that low of an amount, you are more likely to get a line of credit if you are able to get approved for anything.

There are so many variables for you either being able to get something or not and what you could get or not.


______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

[azboy1985]

you probably wouldnt' be able to get an actual business loan for that low of an amount, you are more likely to get a line of credit if you are able to get approved for anything.

There are so many variables for you either being able to get something or not and what you could get or not.

Yeah Actually I just got a business line of credit through wells fargo where the interest rate is prime + 7.75

I'm just trying to decide if that's the best thing to do... My monthly payments will be around 134 a month, but I'll probably pay around 234 just to get ahead... Is this the best case I'm going to get?

[jasaunders]

Depends on your credit. Prime + 7.75 is pretty high, especially if it is backed by the SBA, which I assume it is.

[azboy1985]

I just talked to my business banker at wells fargo... He said that if I make payments of 236 a month, I will be able to pay it off, roughly in about 3 years and also after 6 months, my interest rate drops 3 to 5 percent... Any thoughts?

[jasaunders]

Your banker is lying to you then, or your information is off.
$12,000 at 16% for 3 years, would be monthly payments over $400.

[azboy1985]

yeah, that's kind of fishy... even with an interest that drops to 11%, if I have payments 236, I'm lookin at 4 yrs...

[radreality]

that percentage actually sounds pretty realistic. People will always say "oh you could do better than that" but realistically are they actually getting a better rate with your same situation? no.

Thats probably the best option for you. If you can make money from it and pay it off, then great. If you can't, then you just should find a better way to do it. There's always more than one way to do something.


______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

[Paint and Air Sportz]

you probably wouldnt' be able to get an actual business loan for that low of an amount, you are more likely to get a line of credit if you are able to get approved for anything.

There are so many variables for you either being able to get something or not and what you could get or not.

Its called a micro loan, just go to your bank, and speak with the loan officer.

[Young Spark]

I would recommend what Josh said... try Prosper... although I am not big on them (mainly because I didn't get qualified when I put in for a loan ) --- but I heard some good words about them. On your bank's response... I can't really comment on that neither since I want to say they banker is lying to you, but then again, all banks are different so I'll stay neutral.

[silversurfer]

Well... Have you talked to your credit card company about what you could get from them? At one point I had a relative in his 20s who had $50k in credit through three cards. Luckily he didn't USE that credit, but it was there. That could give you a fallback amount if all else fails.

[azboy1985]

I also considered that, but my business banker didn't recommend that as the 12,000 dollars would show up on my personal credit, where as a business line of credit only shows under the company itself and doesn't reflect any of your own.