How to Get a Business Loan without Collateral
How to Get a Business Loan without Collateral | I know what may be going into your mind right now, You might be doubting the possibility of getting a business loan without a collateral or possibly asking where one get the loan without collateral, but the good news is that it is possible, just read on as I enlighten you the more.
It’s actually very possible to get a business loan without collateral but have you ever considered a way to do that? The thing is almost all if not all banks and companies give loans with an interest rate and year of refund this is towards the development and advancement of the various projects they may be running within so don’t blame them but you could actually get a loan without collateral believe me. Now, take a deep breath as I shock you with these simple yet difficult ways to do so.
- 1) Did you know family members and friends can be a source of borrowing loan without collateral? Oh yea, they are the first people who would either encourage or discourage you when starting up a business. Why? Because they’re close to you. If they believe in you, they could easily lend you the money without collateral because you are family.
- 2) If you are a member of a committee, you could ask for money to start up a business. If you are an honest or a trustworthy person, they may consider lending you the money without requiring your children or parents as collateral.
- 3) You could lend loans from churches and refund as soon as possible as not to cause trouble for yourself.(you know what am talking about).
- 4) You could get loan from LAPO: all you need do is;
- – Fill the forms
- – Open an account with 10% of the money you intended getting as loan.
- – You’ll need two guarantors who will be visited by LAPO Liaison and who will be present on the day the loan is to be disbursed to you.
- – They will visit you to access the shop or how you used the money effectively for your business.
- – After all the processes, you will need to pay 10% and 0.5% for administrative and insurance premium respectively. Then they will train you for two days.
- 5) There are also online sites you could visit who could lend money to you but they do so on grounds that you are a regular subscriber. You could search online for sites like that, get loan from them virtually collateral free then return immediately after the stipulated time.