Question : Can you get a personal loan to use as your personal contribution on a business loan?
I want to get a personal loan as my 20-40% contribution on a business loan. Can I do that?
- asked by templeofdoom1234
All Answers:
Answer #1
I highly doubt you can do thatThe banks will wantto see that you have the 20-40% money when youapply. That means you should have gotten thepersonal loan PRIOR to applying for the businessloanThe problem with that is that the banks docredit checks. They will see that you've gotten aloan for the same amount you're saying as yourcontribution. And that could jeopardize yourchances of getting the business loanSave up. Orseek out loan from other sources, one that willnot be tracked with a credit check -- e.g.families and friends
- answered by imisidro
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