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    Your family can do that for you. In today's world people are desperate for money and are resorting to greed that's why you cannot see establishments giving low interest rate. Everything is high specially for banks and loan sharks.


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    How much are you looking to obtain?


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    When dealing with obtaining a business loan there are many determining factors into what type of loan it is you seek, Advances are generally high interest rate, leases are somewhere in middle and the best rate you are going to get is if you already own property you can use as collateral in an Asset Based Loan. There are many other loans as well, it just depends on your situation.


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    I would say banks. Banks are easily regulated by the government on how much interest they can charge on their loans. At least for them you will be sure of the rate before going to them for the loan.


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    Bigger loans probably require a guarantor and for you to own a house as collateral if you don't keep up he repayments it could be repossessed. I tis difficult to get your hands on a big loans and you would probably need to get a small loan first and run the business for a year to prove your serious and then get a big loan. Look for advice on government websites, the money advice service is good. Martin Lewis's Money Saving Expert website is good for loans and they also have a forum.


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    #16
    Join Date
    Mar 2014
    Location
    Cornerstown
    Posts
    17
    Oh dear, this is difficult. I know banks are regulated and have a set minimum when it comes to interest rates and they're not "low" as in almost risk-free low. Other loaning firms require collateral so you should be ready to gamble and risk your assets.

    We need to know what you intend to do with the loan though, if you need more specific advice. If you are looking to take out a loan so you can start a business, you might want to try crowdsourcing or to look for angel investors. They'll help you get your business off the ground without burdening you with all the paperwork and requirements involved in acquiring a loan.


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    I once tried to get a loan from a bank and I was flabbergasted by the interest rates. There was no way I was going to survive those rates so I gave up. Then someone told be to ditch my bank for a credit union and after setting up a checking account with them, I realized you could also take out loans with them. CUs have some of the lowest interest rates I'd check out those if I were you.


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    I think your best bet is to do crowdfunding. You can set your fundraising goals and then don't ever have to pay the money back. Here is a list of top 10 crowd funding websites (not an affiliate link, just googled it).

    http://crowdfunding.com/

    Also, think about selling some stuff that you own. Once you start looking at your possessions as ways to make money you will be surprised at how easy it is to start getting cash in your life. Good luck.


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    hey,
    the best option is always the option where you dont have to pay back to much. if you have friends or family who could lend you something that would be ideal. the next option would obviously be a bank or an investor. depending on your credit score, you may have to go to an outsource lender. alot of them have extremely high rates, and they should definitely be a last source.


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    It is very difficult to get huge amount at lowest possible interest rates because obtaining the lowest possible interest rate requires lots of preparation and planning. One thing you can do is compare interest rates from all the banks and lenders and then you will might find one which is offering low interest rates as compare to others.


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