Do you think i could get a business loan at 16?
Craig Gee asked:
I am only 16 but i am planning on going into Business With my dad, however because he went bankrupt a few years ago he cant get a Business loan. Would it be poss able for me to get one at such a young age without any qualifications. If it helps i live in the UK and im looking for roughly 30 grand.
His bankrubsy was nothing to do with buisness, it was things going on in his private life.
I am only 16 but i am planning on going into Business With my dad, however because he went bankrupt a few years ago he cant get a Business loan. Would it be poss able for me to get one at such a young age without any qualifications. If it helps i live in the UK and im looking for roughly 30 grand.
His bankrubsy was nothing to do with buisness, it was things going on in his private life.
17 Responses to “Do you think i could get a business loan at 16?”
30 grand a HIGHLY doubt it good luck
Absolutely not.
no, you need collateral
yes. you should be able to. idk. 30 grand is a lot though.
No, or at least not very easily..
and i wouldnt recommend it anyway, credit crunch and all!
yes you should along if you have a i.d and with a grown up
Oh. Jeez. 16 is young. Probably not. Would you loan 30 grand to a teen who’s influential adults (parents) filed for bankrupcy??? Hell no!
A minor cannot legally sign for anything. Therefore, no loan.
no - not really - first mistake you are making is picking a partner who already filed for bankruptcy.
Unless you have some sort of credit history (which you probably don’t), then you cannont get a loan of that size.
- the smart way for young adults to build good credit is to get a credit card and only make VERY small payments with it (like ones you would have cash for) and then paying it off immediately.
Good Luck
I’m afriad not. Not only are you underage but you have no assets to wager for the loan. Try your mother if you can. Also you can get a loan like that with bad credit and bankruptcy in your history as long as you have collateral to put up. If you have a house and are willing to risk it do that. If none of that applies to you they do have things called investors if you know any rich people.
not when you’re 16, wait 2 years, and yes
Unless you are a very good talker ,and know someone at a bank, NO.
Hello Sir,
The answer is probably no due to several factors.
1)
The credit crisis, which would only make a difficult situation more difficult
2)
Your age and your credit history, considering your age you probably have no credit history. It may even be difficult for you to get a credit ard with more than a $500 limit but it’s a start
No, especially if you think “bankrubsy” is a word.
First ask yourself “why did my dad go bankrupt in the past, and why should i hold $30,000 on my shoulders?” If you can answer this without a worry, and have a complete 10-year plan, beautifully written proposal, and know that you’re very likely not going to see a single dime of profit for at least the next 2-years, then perhaps you should consider it.
I started my first business at 15, but I used a “proxy” to create it. Legally you have to be 18, but with a proxy you can be whatever age you want. However the liability rests on the shoulders of that person owning the company, and by legal standards, you need to be at least 3 people of legal age (18) to start a business. It doesn’t matter if it’s an LLC, LLP, LTD, a Corporation of any kind.
It’s possible that you can get a loan, however without business credit, you will have to put a lot as collateral. Being 16, you probably don’t have enough to use as collateral unless your dad signs his property to you. It’s a big mess, I suggest not to get into it, but that’s not the question that I’m suppose to answer.
tl;tr: Yes you can, but RTFA to learn more.
No. Actually i know you can’t