Home – New Forums Money matters Business needs a cash injection – any advice on small biz loans?

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  • #972978
    Kate Quinn
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    Hi there,

    New to the forums but a long time lurker!

    It’s fairly easy to find small business loans on Google who lend against a vehicle and require no details to loan money (to to $9,000) with a next day turnaround.

    I’m wondering if anyone has done this? I know it’s probably not the wisest idea however for my circumstances it seems like one of few solutions. I would love to hear if anyone has used this kind of service and whether it was good, bad, a learning experience etc… :)

    Are there other, better ways to get short term small business finance?

    Many thanks!

    #1058890
    bluepenguin
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    I’d try a reputable bank or credit union first if I was you.

    I remember I was in the same boat as you, and I looked into getting a loan with GE money. The interest rate was above 20% which made it much more affordable to get a ridiculously expensive credit card (but i get a free toaster or ipod cover every few months, which makes me feel less guilty). If I was smart, and realised that the interest I pay is greater than the rewards I get, I’d get a no-frills, low rate credit card which would be far cheaper than most personal loans.

    I recently needed a small cash injection as I had a big bill I needed to pay in a hurry, so I called my bank’s business department to see if they could help. They were super understanding and issude me with a temporary overdraft which was active in about 12 hours and was a big help. (I paid it off 24 hours later)

    #1058891
    abacus
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    Do you currently have a credit card?? If so…look at the plethora of low intrest rate credit transfers around. Cheap $$ as long as you KNOW you can pay it back in the offer time (usually 6 months)

    #1058892
    Mortgage Expert
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    Hi,

    I realise it’s probably past its useful posting date for you but have you considered invoice lending or factoring? That may suit you depending on your client base. It’s not cheap finance but can be done quickly.

    If you have outstanding invoices to largish / reputable companies there are lenders who will advance you say 80% of the invoice amount upfront then pay you the balance of the invoice less their fee when the invoice is eventually paid (to them).

    Thanks,

    Marty

    #1058893
    aprbookkeeping
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    Hi

    Bankwest specialise in small business loans. I have a contact with them so if you want to provide your details I can get them to give you a call.

    Regards

    Sue
    [email protected]

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