templeofdoom1234: 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?
Answers and Views:
Answer by imisidro
I highly doubt you can do that
The banks will want to see that you have the 20-40% money when you apply. That means you should have gotten the personal loan PRIOR to applying for the business loan
The problem with that is that the banks do credit checks. They will see that you’ve gotten a loan for the same amount you’re saying as your contribution. And that could jeopardize your chances of getting the business loan
Save up. Or seek out loan from other sources, one that will not be tracked with a credit check — e.g. families and friends