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Anonymous
ANSWERS: 5
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Not necesarily. It will help to give a list of assets that the bank can take away from you if you default.
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If you are incorporated, then go through the corp and try to avoid personal assets for a business loan. Use your inventory or business plan as an asset. If it's a small bank, try a profit-share as an asset. Totally avoid personal assets. What if the business goes south? Then you're unemployed and the bank has your house.
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No. However, you should have some assets besides your good name. Make a listing of the things you own, their real value and what you owe, if anything. If you have a good work history and references, those will be a help also.
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No, but it would be in your best interest to have some kind of assets that you can put of as collateral. With collateral such as a house, the bank has something they can take from you if you default on the loan. You can most likely still get what's called an "unsecured loan" without it, meaning a loan without collateral involved, but the interest rate will be significantly higher because the bank is taking more of a risk lending you the money with just a promissory note saying you promise to pay the money back. Also, it's important that your credit is good. That is probably the most important factor when applying for any kind of loan other than a credit card.
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