The right way to do it

I’ve been spinning my wheels for ages trying to figure out how to actually land a loan. I’ve practically hammered every major bank from Chase to Wells Fargo, hitting them up via email and showing up in person just to get nowhere. Look, I run my own small business, and my credit isn't blocked or anything, but I am sitting on a debt of about 100 $0.00. It’s a bit of a messy situation because I ended up taking over the reins of the business from my ex-husband. Things are finally starting to look up, though—the business is actually gaining traction and I can really see a future here. The catch is, I’m a single parent and I don't own any property or real estate, plus my personal income from last year was basically peanuts. I’m wondering if there’s some other way to scrape together a loan or find some kind of financing? Also, does anyone know if things like promissory notes could actually work for this kind of thing?
thanks

What kind of loan are we talking about here?
If you're looking at this for business purposes, you might want to dig for some info over at: http://www.bloomberg.com/

I’m honestly just scouring the market for any kind of loan at this point, though I’m starting to think my only real shot is some kind of general-purpose personal loan... basically, I just need enough cash to dig myself out from under all these existing debts before they bury me...

Look, if you’ve actually got a business worth its salt with some real staying power, finding a partner willing to inject some serious capital shouldn't be such an uphill battle. It's really just a matter of proving the concept is solid enough to make them want in.

I can always find someone willing to partner up, but let’s be real—hardly anyone is jumping on board when they see the mountain of debt I'm starting with. Maybe it's just a lack of common sense on their part?!

The easiest move would be to just extend the debt—maybe work out an installment plan with them if we need to include interest.

You mentioned your ex, but what’s the deal with your current husband?😉

My debts aren't all piled up in one single bucket, so trying to map out the whole mess is a massive headache.👎 👎 Let's just be real here, I was desperate for some quick cash.

Anyone else got some fresh ideas to throw my way?

Look, I think you need professional financial advice rather than whatever we offer here on this forum. But since it’s the middle of the night and I’m feeling generous, here is my take: perhaps you should seek out a bank willing to approve a loan if you can provide a co-signer or a guarantor, especially since the Federal Reserve maintains enough flexibility to allow for such arrangements. Alternatively, could you negotiate a debt settlement or some form of barter to offset what you owe? A third option would be to identify additional streams of income to help you start digging your way out of this hole.
Some savings and loan associations offer bridge financing—they approve the credit as soon as you initiate a housing savings plan—provided it is designated for legitimate residential purposes. This category includes everything from home renovations to furnishing the space, ranging from construction materials to decor. Perhaps there is a way to structure your estimated costs or invoices to justify the loan requirements under those terms.
I have nothing more to add. Good luck.

Thanks for the heads-up... things are getting way more complicated than I originally thought, but I gotta say, you’ve given me a solid starting point to work with. A few ideas are already starting to rattle around in my brain, and they're definitely not just half-baked thoughts. Of course, I don't just live on this forum; I'm grinding much harder on other projects out in the real world... having this place around is like having a little consultant in my pocket that actually helps keep me on track.🙂

If anyone’s got some solid advice or a killer suggestion for me... feel free to slide into my DMs instead of blowing up the thread... hope everyone's doing alright out there...

Thanks for all the advice, everyone...

You aren't going to find much practical advice here regarding such specific issues—you might have better luck finding some actual insight over at http://www.imamnovac.com/forum/

Thanks for the tip... I'll definitely give it a shot...

steelpuma57 said:I’ve been spinning my wheels for ages trying to figure out how to actually land a loan. I’ve practically hammered every major bank from Chase to Wells Fargo, hitting them up via email and showing up in person just to get nowhere. Look, I run my own small business, and my credit isn't blocked or anything, but I am sitting on a debt of about 100 $0.00. It’s a bit of a messy situation because I ended up taking over the reins of the business from my ex-husband. Things are finally starting to look up, though—the business is actually gaining traction and I can really see a future here. The catch is, I’m a single parent and I don't own any property or real estate, plus my personal income from last year was basically peanuts. I’m wondering if there’s some other way to scrape together a loan or find some kind of financing? Also, does anyone know if things like promissory notes could actually work for this kind of thing?
thanks

Kind of jumping in late here, but..
Maybe it’d help—just to get better info—to be a bit more specific about the business side? Like, even if $33333 isn't a massive amount of cash, it's still roughly what a lot of people make in a year after taxes, so it's way more than just minimum wage.
If we're talking about loans, unless it's family (and even then, maybe?), you really gotta look at whether someone can actually pay it back with interest.
Since you mentioned income was super low last year, I don't really see how anyone could swing a monthly payment, even if a bank or someone actually approved the loan—unless they're betting big that your business is gonna blow up soon. Plus, any lender would see this as a huge risk, so the interest rates would probably be crazy high to cover that.

Not trying to be a buzzkill, just think we gotta stay realistic.

Good luck!

It’s been about six weeks since you posted. Any luck saving up or paying down those debts in the meantime? I think that's a pretty big piece of the puzzle if we're going to follow this story through...

Charles Ramos7 said:It’s been about six weeks since you posted. Any luck saving up or paying down those debts in the meantime? I think that's a pretty big piece of the puzzle if we're going to follow this story through...

Ugh, don't even get me started—you basically just asked the exact question that's been keeping me up at night lately. I've been going full beast mode on my savings this past month, so I managed to knock out a debt of about $1500... and come the first of the month, I'm planning to drop another 4,000 bucks. Then on New Year's Day, I'll probably toss another 4,000 at it... and after that, who knows, life happens. But look, the real headache I'm dealing with is that I'm seriously tempted to just take out one big consolidation loan from somewhere like Chase or Wells Fargo to wipe the slate clean. If I could just settle everything at once, I could finally breathe easy, just make one monthly payment, and maybe even tuck a little bit aside to invest back into my small business... instead of this chaotic mess where my debts are scattered all over the place like spilled Legos.

steelpuma57 said:Ugh, don't even get me started—you basically just asked the exact question that's been keeping me up at night lately. I've been going full beast mode on my savings this past month, so I managed to knock out a debt of about $1500... and come the first of the month, I'm planning to drop another 4,000 bucks. Then on New Year's Day, I'll probably toss another 4,000 at it... and after that, who knows, life happens. But look, the real headache I'm dealing with is that I'm seriously tempted to just take out one big consolidation loan from somewhere like Chase or Wells Fargo to wipe the slate clean. If I could just settle everything at once, I could finally breathe easy, just make one monthly payment, and maybe even tuck a little bit aside to invest back into my small business... instead of this chaotic mess where my debts are scattered all over the place like spilled Legos.

That sounds like a solid plan! 👍 Have you thought about asking family—parents or siblings—to act as co-signers to help you out?

hm... I don't really have any siblings to lean on... and my parents? They don't even have a clue what I'm going through... bringing it up would just stir the pot and create more drama than anyone can handle right now... I actually thought about opening up to them, but honestly, I just decided against it.

...hey...so I'm making some slow, agonizing progress...I managed to scrape together a bit of cash and threw it into some investments...even had to lean a little harder on my credit cards to make it happen...but things are finally starting to look up, slowly but surely...honestly though, I’m itching for a way to speed this whole process up...if anyone out there actually knows a shortcut or a faster way to get ahead, please, hit me up with some advice...