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When it comes to the initial stages of your start-up, the odds are youll need more money than you have sitting in your bank account. The question then becomes how do you go about procuring that money? The two options are debt financing and equity financing. Equity financing is a popular financing option among a lot of entrepreneurs, especially in start-up stages when the business is unproven. It may not be all its cracked up to be though when you consider the long term implications of financing your business by selling equity.

In case anyone reading this is new to the topic of financing, a quick definition of each is in order. Debt financing is pretty self-explanatory. You need money for your business, so you take on debt to get it. The most common method is through a loan. In equity financing, instead of taking on debt, you essentially sell part ownership of your business to an investor.

So why is equity financing so popular?

The main reason is that in a way it can be a bit of a get out of jail free card. If you take on debt to finance your business, and something goes wrong and the business goes belly up, youre still on the hook for the repayment of that debt. With equity financing, the investors take on that risk when they decide to put money into your company. If your company fails, its a loss the investor(s) share with you, and youre not obligated to repay them their investments.

Another reason is that the cost of borrowing is expensive, especially right now with banks being so reluctant to lend. If you are able to find a lender, which will be very difficult to begin with, the interest theyll demand will likely be significant.

Equity sounds like the way to go! Or is it?

Well as with a lot of things in business, particularly in entrepreneurship, the answer is it depends. I wont be so ignorant as to try and say one way or the other is the correct way to go, but I would like to advise that business owners seriously consider the DIS-advantages of equity financing before they decide to sell off ownership in their company.

Go to Part Two of Debt vs. Equity to examine why debt may be a much better option for you than equity.

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Since the beginning of payday lenders there has been quite a few payday loan consolidation companies jumping on the bandwagon. But not all consolidation companies operate the same way.

Payday loan consolidation works in essence by taking your total debt owed and coming up with an affordable monthly or bi weekly repayment schedule and will pay off your debt in that time frame agreed upon. Based on my research some companies treat payday loan consolidation like a debt settlement model. This means when you make your monthly or bi weekly payments the company may hold onto these payments for a period of 2 or 3 months then try to approach the payday lender to negotiate a pay off. This type of model is bad for two reasons:

1. These payday lenders are very aggressive in their collection efforts and if they dont hear from you (the client) in a reasonable time frame they will call your cell, home, your work and your references constantly.


2. Also this puts the payday lender in a defensive posture and will be less willing to work with your consolidation company to set up a re-payment structure.

Some companies will take your payments for the first few months and all that money you pay goes towards their fees first, then the lenders start to see the money. As well if you have storefront loans and they loaned you a certain sum of money why would they be willing to accept less from you? That doesnt make good business sense.

When you have numerous payday lenders it is important to keep them from constantly calling and harassing you when you are part of a program which is going to help you out of this type of debt. People are dealing with so much stress as it is and if it can be kept to a low level or eliminated completely that is the best.

Solid and professional payday loan companies are pro active and aggressive in their approach with the lenders. This means once the clients start to make their payments the company will have already negotiated a re-payment schedule with the payday lenders based upon the amount they will be receiving from the client. This will obviously make the lenders more likely work with the payday loan consolidation companies.

It is imperative that you perform thorough research when talking to payday loan consolidation companies this way you know you are getting the best value for your money.

There is no doubt that life without any access to loan sums is very difficult indeed. Dealing with the financial pressures of modern life means getting access to extra funds from time to time, and sometimes a large sum. But getting something like a $10,000 unsecured personal loan can be difficult.

The good news is that it is possible to get approval despite bad credit, as long as the set criteria are met and some careful attention is paid to some core aspects to the application process. For a start, there is little point in approaching traditional lenders if your credit score is very low, though having a working bank account and the addition of a cosigner can have huge benefits.

What is important to remember, however, is that a personal loan can be secured, even with very poor credit scores, if the right application is made to the right lender.

Search Amongst Alternative Lenders

Normally, the best place to go to get $10,000 unsecured personal loans is not to traditional lenders, like banks. The reason is simple: traditional lenders are extremely cautious and are more likely to turn down an application from a bad credit borrower. Alternative lenders, like online lenders, are much more open to these possibilities.

The great advantage of online lenders is that they are recognized experts in lending to bad credit borrowers, with packages that are designed to suit the needs of that niche market. So, interest rates are more competitive (though not always very low), and repayment schedules are more flexible. And because they address the needs of applicants with poor credit histories, approval despite bad credit is much more likely.

However, it is important to check out the reputation of any unfamiliar lender, so visit the Better Business Bureau website, or the Verify1st site, to check if there are any dubious connections with the lender before submitting a personal loan application.

Have an Active Bank Account

These days, we all have our bank account but for any loan application, it is necessary to prove to the lender that your own bank account is working. The reason is that, when getting a $10,000 unsecured personal loan, the lender wants to be able to send through the funds easily and be able to withdraw repayments with the minimum of fuss each month.

The great advantage with this system is that it becomes practically impossible for the borrower to forget to make the set repayment, with the sum simply taken out of their bank account on a pre-approved day. It makes approval despite bad credit easier as the risk of default is reduced so much.

Also, bank accounts provide lenders with a certain security, with the knowledge that a set income will be received each month. Without an active bank account, the lender can be suspicious of the reliability of income, thus impacting poorly on the chances of getting approval on the personal loan.

Consider Getting a Guarantor

The closest anyone can come to getting a guaranteed $10,000 unsecured personal loan, is to include a guarantor on the loan application, otherwise known as a cosigner. This individual basically offers a guarantee that the monthly repayments will be made, even if the borrower is unable to make them. And since this means the risk to the lender is reduced to practically nil, the interest charged is low and the debt becomes all the more affordable.

Getting approval despite bad credit is easy under these circumstances, but for a cosigner to be accepted, he or she must have an excellent credit history and have a large enough reliable income to cover the repayments if it should become necessary. Taking the time to find the right candidate can be worth the effort of course, with approval on the personal loan all but guaranteed.