My mom just opened her own woodworks business and wants to apply for a car/ truck loan. She wants to apply for it using her small business credit, not her personal credit.
How does one apply for a car loan using new company credit?
The only way your mother can apply for a loan in her business name is if she obtained a EIN (Tax I.D) number from the IRS.
http://www.irs.gov/businesses/small/arti...
Its free to get one, however when it comes to Tax time she will need to file additional forms. If your mother has employees she will have to obtain a EIN number anyways for tax filling.
Hope this helps!!!
Monday, August 3, 2009
What type of bankruptcy qualifies for student loan cancellation?
Also, where do I apply to teach to a low income school to have my student loan debt cancelled?
What type of bankruptcy qualifies for student loan cancellation?
You can not get student loans discharged in bankruptcy.
Depending on your federal loan type Perkins loans can be discharged more easily than Stafford, but even Stafford can now be discharged. To apply for this benefit, you must contact the holder of your current loan and complete their paperwork.
See the tables on page 34 and 35 of the attached book for the terms and conditions of having your loan discharged for teaching, working in head-start, law enforcement, and early intervention services for the disabled.
To see if your school is considered a low income school go to
http://FederalStudentAid.ed.gov
Reply:It's very difficult to do. Read more here http://www.ed.gov/offices/OSFAP/DCS/loan...
Effective October 8, 1998, your obligation to repay Title IV, HEA student loan and grant liabilities can no longer be canceled (discharged) due to bankruptcy, unless you can successfully prove that repayment of the debt would cause "undue hardship" as defined by case law in your jurisdiction.
Reply:You can't cancel a student loan debt on any of the bankruptcy chapters. You must pay!!! If you can't pay right away. You can file for a in-school deferment or an economic hardship. If your student loan goes into default. It will ruin your credit and you will be unable to buy a house in the future.
Reply:If you have a federal loan, I don't think you can get rid of it. A friend of mine and her husband filed for bankruptcy and he had a student loan that they said couldn't be taken off, he has to pay it back.
azalea tree
What type of bankruptcy qualifies for student loan cancellation?
You can not get student loans discharged in bankruptcy.
Depending on your federal loan type Perkins loans can be discharged more easily than Stafford, but even Stafford can now be discharged. To apply for this benefit, you must contact the holder of your current loan and complete their paperwork.
See the tables on page 34 and 35 of the attached book for the terms and conditions of having your loan discharged for teaching, working in head-start, law enforcement, and early intervention services for the disabled.
To see if your school is considered a low income school go to
http://FederalStudentAid.ed.gov
Reply:It's very difficult to do. Read more here http://www.ed.gov/offices/OSFAP/DCS/loan...
Effective October 8, 1998, your obligation to repay Title IV, HEA student loan and grant liabilities can no longer be canceled (discharged) due to bankruptcy, unless you can successfully prove that repayment of the debt would cause "undue hardship" as defined by case law in your jurisdiction.
Reply:You can't cancel a student loan debt on any of the bankruptcy chapters. You must pay!!! If you can't pay right away. You can file for a in-school deferment or an economic hardship. If your student loan goes into default. It will ruin your credit and you will be unable to buy a house in the future.
Reply:If you have a federal loan, I don't think you can get rid of it. A friend of mine and her husband filed for bankruptcy and he had a student loan that they said couldn't be taken off, he has to pay it back.
azalea tree
Where is a safe place to go online to find an unsecured personal loan for?
debt consolidation and/or to pay off all debts?
I am limited with SSDI and a very part-time job. I am $6000 in the hole and the hole keeps getting deeper. I want and can pay for one monthly payment to one loan office and have the loan to pay off all my debts and to start fresh. I don't have anyone to co-sign with me. Does anyone have any suggestions of who I can contact for financial help??!! and it being safe and secure. Payday loans charge over 100% interest. THanks!
Where is a safe place to go online to find an unsecured personal loan for?
I would not trust anyone on line in this business. These companies are making millions by screwing over the most vulnerable in our society, who happen to be the least able to afford it.
My suggestion would be to go and join a credit union (like a bank) and start having your SSDI checks deposited there, then apply to them for your unsecured personal loan. The fees and interest rates will be real good for you.
Reply:It is good for being client of some bank. They are to you knowing. Credit Score is not all they look at, must meet minimum debt service ratios, and yes they look your job.
I found interesting information about your answer: the best Loans for people with Bad Credit %26amp; options here. http://all-debt-consolidation-loan.blogs...
Reply:Go to a local bank or credit union.
Go see a local not-for-profit credit counseling agency. Look in your phonebook or even call your local social services for a reputable one.
And does it matter that you're on the dole and have a part time job. Not really. You're in debt and you want out.
I am limited with SSDI and a very part-time job. I am $6000 in the hole and the hole keeps getting deeper. I want and can pay for one monthly payment to one loan office and have the loan to pay off all my debts and to start fresh. I don't have anyone to co-sign with me. Does anyone have any suggestions of who I can contact for financial help??!! and it being safe and secure. Payday loans charge over 100% interest. THanks!
Where is a safe place to go online to find an unsecured personal loan for?
I would not trust anyone on line in this business. These companies are making millions by screwing over the most vulnerable in our society, who happen to be the least able to afford it.
My suggestion would be to go and join a credit union (like a bank) and start having your SSDI checks deposited there, then apply to them for your unsecured personal loan. The fees and interest rates will be real good for you.
Reply:It is good for being client of some bank. They are to you knowing. Credit Score is not all they look at, must meet minimum debt service ratios, and yes they look your job.
I found interesting information about your answer: the best Loans for people with Bad Credit %26amp; options here. http://all-debt-consolidation-loan.blogs...
Reply:Go to a local bank or credit union.
Go see a local not-for-profit credit counseling agency. Look in your phonebook or even call your local social services for a reputable one.
And does it matter that you're on the dole and have a part time job. Not really. You're in debt and you want out.
Is it possible to get a home loan from an overseas bank for a property in the US?
For instance, if a bank in Japan has 30 year fixed rates at 2.5% could we apply for that loan on a property here in the US?
Is it possible to get a home loan from an overseas bank for a property in the US?
No, that bank can not enforce their banking laws and contracts here. You need a US loan. The bank in Japan will tell you this also. They may make an exception if you have collateral that exists in Japan to hold against the note.
Is it possible to get a home loan from an overseas bank for a property in the US?
No, that bank can not enforce their banking laws and contracts here. You need a US loan. The bank in Japan will tell you this also. They may make an exception if you have collateral that exists in Japan to hold against the note.
What can a loan officer at Downey Savings and Loan expect to make?
I have an interview with Downey Savings and Loan tomorrow, but it is 80 miles form my home. Can anyone tell me what type of money I can expect to make? I do not want to travel that far for less than $60k.
What can a loan officer at Downey Savings and Loan expect to make?
It is tough to calculate right now. You can ask what their people there are making this month and they will tell you. It is a challenging market for loans right now.
What can a loan officer at Downey Savings and Loan expect to make?
It is tough to calculate right now. You can ask what their people there are making this month and they will tell you. It is a challenging market for loans right now.
What is the most important factor in getting a business loan?
I am in the process of writing out my business plan for a start up company, of course I have very little capital and am considering a business loan. What would you say is the most important factor in getting a small business loan of say $15,000. I have no previous financial statements for the business, and I will be putting in $2500 of my own money.
What is the most important factor in getting a business loan?
Financial institutions look for a couple main things when approving a loan:
How will your company repay the debt? Include any projections, rental income, etc that will be used to repay the bank.
Collateral - what will you be securing the loan with? property, assets, etc.
Your money - on average, banks will want you to put down 15%-20% of the loan amount into the company of your own money, especially if you're buying a building.
Personal credit - you'll need to personally guaranty the loan if you're a 20% or greater owner - make sure you're credit report is excellent
Experience - banks can be somewhat leery lending to a new company. This is because so many new companies fail. Make sure to include all experience you have in your field. If you'll have any partners, etc make sure to include their biographies/experience as well.
Reply:it depends on the kind of business. if it's a sole proprietorship (i.e., John Smith D/B/A Any Business) then you'll need to provide a finanical summary, and your personal credit history will be considered. partnerships are much the same. LLC's (limited liability companies) are slightly different...and corporations are way different. I'm guessing you've got a dba or partnership, in which case, your personal history will be considered along with your business's credit history.
Reply:Important Factors: Is your business idea sellable to the public?
What kind of competition do you have as far as is this already available?
What is the proposed location?
What kind of labor costs are you expecting?
What are the projected revenues?
What are the projected operating costs?
What kind of experience do you have personally in running this kind of operation?
There are numerous factors. If you only have a few of the angles covered, you will not get it. You have to know every aspect of your business idea. $15,000 without knowing your idea, seems very low. Banks love to lend just enough to get someone started only to foreclose on them months later. If you are preparing for day one on, you should have all operating expenses already sitting in the bank for the first 6 - 8 months. This covers all taxes, labor, rent or mortgage, utility bills, shipping and receiving, insurance, office supplies, ect. All I can say is do your homework in full. Know where every penny is going to be spent. Know your profit margin. Plan for the unexpected. Do not expect things to go right. The main thing is to beleive in yourself and beleive in your business venture. Just a hint of unsurity will send you away with nothing.
I spent 4 years with my project and have obtained over 4 million in financing from Investors with poor credit history and no money. You have to beleive in yourself and your idea. Without confidence you have nothing to offer and they will not invest in you reguardless of your past history.
Reply:The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money %26amp; finance – see below for both.
Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:
* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success %26amp; happiness in all your ventures!
Reply:If you are going to apply for only $15,000, some banks extend what they call "small business lines of credit" often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000.
For example, Wachovia's has various business lines of credits http://www.wachovia.com/small_biz/page/0... Their business line of credit can even be approved overnight,
However, if you're applying for a loan and if it is a big amount, banks and even the SBA may consider other factors aside from your business credit:
- A business plan explaining what the business is
- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program http://www.sba.gov/financing/sbaloan/mic... and you can find SBA Accredited Microloan Providers here http://www.powerhomebiz.com/vol145/micro...
Reply:Write an informative, concise business plan. Highlight why there is a need for your business, why you can attract business and how you will repay the loan.
Reply:Most likely your credit history.
Reply:Assets
Reply:Your overal plan for the company and your credit.
lily
What is the most important factor in getting a business loan?
Financial institutions look for a couple main things when approving a loan:
How will your company repay the debt? Include any projections, rental income, etc that will be used to repay the bank.
Collateral - what will you be securing the loan with? property, assets, etc.
Your money - on average, banks will want you to put down 15%-20% of the loan amount into the company of your own money, especially if you're buying a building.
Personal credit - you'll need to personally guaranty the loan if you're a 20% or greater owner - make sure you're credit report is excellent
Experience - banks can be somewhat leery lending to a new company. This is because so many new companies fail. Make sure to include all experience you have in your field. If you'll have any partners, etc make sure to include their biographies/experience as well.
Reply:it depends on the kind of business. if it's a sole proprietorship (i.e., John Smith D/B/A Any Business) then you'll need to provide a finanical summary, and your personal credit history will be considered. partnerships are much the same. LLC's (limited liability companies) are slightly different...and corporations are way different. I'm guessing you've got a dba or partnership, in which case, your personal history will be considered along with your business's credit history.
Reply:Important Factors: Is your business idea sellable to the public?
What kind of competition do you have as far as is this already available?
What is the proposed location?
What kind of labor costs are you expecting?
What are the projected revenues?
What are the projected operating costs?
What kind of experience do you have personally in running this kind of operation?
There are numerous factors. If you only have a few of the angles covered, you will not get it. You have to know every aspect of your business idea. $15,000 without knowing your idea, seems very low. Banks love to lend just enough to get someone started only to foreclose on them months later. If you are preparing for day one on, you should have all operating expenses already sitting in the bank for the first 6 - 8 months. This covers all taxes, labor, rent or mortgage, utility bills, shipping and receiving, insurance, office supplies, ect. All I can say is do your homework in full. Know where every penny is going to be spent. Know your profit margin. Plan for the unexpected. Do not expect things to go right. The main thing is to beleive in yourself and beleive in your business venture. Just a hint of unsurity will send you away with nothing.
I spent 4 years with my project and have obtained over 4 million in financing from Investors with poor credit history and no money. You have to beleive in yourself and your idea. Without confidence you have nothing to offer and they will not invest in you reguardless of your past history.
Reply:The business of lending is a dense one and should be researched properly. To get started, I suggest contacting the Small Business Administration (SBA). Entrepreneur also offers a great site dedicated to money %26amp; finance – see below for both.
Research, research, research – this cannot be stressed enough. Read as much as you can about the process. Here are some book titles that are relevant:
* How to Get a Small Business Loan: A Banker Shows You Exactly What to Do to Get a Loan (Small Business Series, No 1) by Bryan E. Milling
* The SBA Loan Book: Get A Small Business Loan--even With Poor Credit, Weak Collateral, And No Experience by Charles H. Green
* The Insider's Guide to Small Business Loans by Dan M. Koehler
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success %26amp; happiness in all your ventures!
Reply:If you are going to apply for only $15,000, some banks extend what they call "small business lines of credit" often through credit cards. Those are easier to get and can be based on your credit history alone. They typically are up to $100,000.
For example, Wachovia's has various business lines of credits http://www.wachovia.com/small_biz/page/0... Their business line of credit can even be approved overnight,
However, if you're applying for a loan and if it is a big amount, banks and even the SBA may consider other factors aside from your business credit:
- A business plan explaining what the business is
- Your background and experience in the business -- in my experience, this is KEY in the eyes of the bank because they want to make sure that you know what you are doing and that you can make the business work. If you don't have any experience with the business, have someone on board that knows the business to give banks assurance that someone will guide you
- Your credit factors because it shows your dependability and how well you handle credit. They will do a credit check on you and poor credit history may be frowned upon, or even reason for the disapproval of your loan application
- Your collateral. Banks, even SBA guaranteed loans, want the borrower to show collateral. They want to be guaranteed that somewhere somehow they can get payment from you
- Condition or terms of loans. Banks would want to know three important things: "How much money are you requesting? What will it be used for? and For how long will it be needed?" Banks oftentimes prefer to approve loans for items that can be identified, has lasting value, and can be repossessed and sold if things fail.
Aside from banks I suggest you consider microloan providers. They typically fund up to $30K Read about the SBA Microloan Program http://www.sba.gov/financing/sbaloan/mic... and you can find SBA Accredited Microloan Providers here http://www.powerhomebiz.com/vol145/micro...
Reply:Write an informative, concise business plan. Highlight why there is a need for your business, why you can attract business and how you will repay the loan.
Reply:Most likely your credit history.
Reply:Assets
Reply:Your overal plan for the company and your credit.
lily
What is the best way to handle an unconsolidated private educational loan with outrageous variable interest?
My friend and I are destitute and have nothing but a life of debt peonage ahead of us. I have a worthless Master's degree from an uppity pretentious school. My consolidated federal loan will be over $300/month for 30 years at 5.3% fixed. The pigs who so "generously" gave me the private loan without which going to University of CHicago would have been impossible have risen the interest rate to over 8% and it goes up from here every 3 months with no way to lock it in. The feds will not let us consolidate private loans into our consolidated fed loans. I just got a 6 month deferment on the private loan but, considering the interest, should I be saving money rather than throwing it at this outrageous loan like I'm trying to put out a fire?
What is the best way to handle an unconsolidated private educational loan with outrageous variable interest?
Don't just stop making payments--it will ruin your credit and you won't ever be able to get something better.
In the short term, suck it up and pay the bill even though it appears to be going down a rat hole.
I'm assuming you have a job since you are making payments with something. Work hard, live frugally until you can get some kind of debt-consolidation loan at a fixed rate.
If you are having trouble making ends meet, here are some pointers.
First, list all your bills/debts on a sheet of paper.
Second, list all your income for a month/pay period/whatever.
Find a way to increase your income or reduce your expenses until they match.
Take the shortest term debt or cheapest one and double the principle payments on it until it is paid off.
Then take the amount of those payments and add them to the next shortest/cheapest debt. After awhile, you will have paid things down and you will be able to refinance/consolidate if you still feel it is necessary.
Also, if you get any kind of "windfall", a bonus, tax refund, etc. apply that to your bills as well instead of spending it.
Most of these kinds of problems can be resolved in a couple of years of discipline and hard work. You may feel like the light at the end of the tunnel is just a freight train, but it can and will get better.
What is the best way to handle an unconsolidated private educational loan with outrageous variable interest?
Don't just stop making payments--it will ruin your credit and you won't ever be able to get something better.
In the short term, suck it up and pay the bill even though it appears to be going down a rat hole.
I'm assuming you have a job since you are making payments with something. Work hard, live frugally until you can get some kind of debt-consolidation loan at a fixed rate.
If you are having trouble making ends meet, here are some pointers.
First, list all your bills/debts on a sheet of paper.
Second, list all your income for a month/pay period/whatever.
Find a way to increase your income or reduce your expenses until they match.
Take the shortest term debt or cheapest one and double the principle payments on it until it is paid off.
Then take the amount of those payments and add them to the next shortest/cheapest debt. After awhile, you will have paid things down and you will be able to refinance/consolidate if you still feel it is necessary.
Also, if you get any kind of "windfall", a bonus, tax refund, etc. apply that to your bills as well instead of spending it.
Most of these kinds of problems can be resolved in a couple of years of discipline and hard work. You may feel like the light at the end of the tunnel is just a freight train, but it can and will get better.
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