Can I still get an unsecured loan in the United States?
November 7, 2008 5:07 AM Subscribe
I need a personal loan of 10k to buy a business. I have good credit and employment history. With the current credit crunch in the United States, are there any banks still giving unsecured loans?
I'm an American citizen but currently living in Prague, where I work full time as a bar manager. I also run an internet business that is registered in the US and is almost 3 years old now. My credit score is 746 on Experian and 760 on Transunion.
I want to buy a bar here in Prague but I am short 10k. It is impossible to get any kind of loan in the Czech Republic without a longer banking history here and some type of collateral.
What should I be looking for? A business line of credit based on the fact that my online business has been running for almost 3 years? Are unsecured personal loans or lines of credit even possible anymore? Citibank and Bank of America still advertise them, but I don't want to waste a credit inquiry on something that is a longshot.
I'm an American citizen but currently living in Prague, where I work full time as a bar manager. I also run an internet business that is registered in the US and is almost 3 years old now. My credit score is 746 on Experian and 760 on Transunion.
I want to buy a bar here in Prague but I am short 10k. It is impossible to get any kind of loan in the Czech Republic without a longer banking history here and some type of collateral.
What should I be looking for? A business line of credit based on the fact that my online business has been running for almost 3 years? Are unsecured personal loans or lines of credit even possible anymore? Citibank and Bank of America still advertise them, but I don't want to waste a credit inquiry on something that is a longshot.
You might try FirstAgain. However, I don't know: (1) if being outside the US would be a problem or (2) how much they've been lending recently.
10k isn't huge.... perhaps consider giving a friend or relative the opportunity to co-invest?
posted by blue mustard at 7:38 AM on November 7, 2008
10k isn't huge.... perhaps consider giving a friend or relative the opportunity to co-invest?
posted by blue mustard at 7:38 AM on November 7, 2008
Response by poster: I still have a US home address and business and personal checking accounts in the US, so there shouldn't be a problem with applying to a US bank.
I already have the full purchase price for the bar. The 10k is for unexpectedly large deposits with the landlord and a lot of paperwork/licensing. In other words, I need the cash fast because we are closing on the sale next week.
Thanks for all the answers so far.
posted by Ariadne at 8:02 AM on November 7, 2008
I already have the full purchase price for the bar. The 10k is for unexpectedly large deposits with the landlord and a lot of paperwork/licensing. In other words, I need the cash fast because we are closing on the sale next week.
Thanks for all the answers so far.
posted by Ariadne at 8:02 AM on November 7, 2008
If you have good credit, sure you can get an unsecured loan. BofA sends me offers all the time.
posted by kindall at 10:09 AM on November 7, 2008
posted by kindall at 10:09 AM on November 7, 2008
I don't know if this is different in Prague, but I would think not - I would say look into a local bank.
A local banker will know the area where you want to open the bar, your likely clientèle (is it in a university neighborhood, business district, etc.), and you'll get the chance to actually talk with this person and make a good impression that you'll be successful.
Plus, a smaller local bank *might* be more likely to have avoided the subprime mess (that is, if you had one of those in Prague, maybe you didn't) and have some money and the willingness to loan it out.
posted by altcountryman at 4:44 PM on November 7, 2008
A local banker will know the area where you want to open the bar, your likely clientèle (is it in a university neighborhood, business district, etc.), and you'll get the chance to actually talk with this person and make a good impression that you'll be successful.
Plus, a smaller local bank *might* be more likely to have avoided the subprime mess (that is, if you had one of those in Prague, maybe you didn't) and have some money and the willingness to loan it out.
posted by altcountryman at 4:44 PM on November 7, 2008
Sorry, somehow I missed where you said you won't be able to get credit at a local Prague bank. Well, my thoughts on a smaller bank having avoided some of the current issues may still apply, just not the "local-ness" aspect.
posted by altcountryman at 4:47 PM on November 7, 2008
posted by altcountryman at 4:47 PM on November 7, 2008
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posted by baggers at 5:45 AM on November 7, 2008