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Question about bank loans

I know I just need to talk to my bank about this, but I've never gotten a loan before so I don't really know what to expect and I don't like going into situations not knowing what to expect. Anyway, my question--

I want a $1000 loan to cover expenses related to starting a home based business opportunity (like avon, mary kay, scentsy, etc, etc). Will a bank loan money for something like this? Will I need collateral? When I go to the bank who do I ask to speak with and what do I say?

Thanks ladies.

Answer Question
 
Anonymous

Asked by Anonymous at 11:15 AM on Jul. 27, 2010 in Just for Fun

Answers (5)
  • If you have good credit, you can most likely get a signature loan. (no collateral)
    Annette4

    Answer by Annette4 at 11:21 AM on Jul. 27, 2010

  • When you go in just tell the teller or the person at the help desk that you want a personal loan. They will then direct you to the person you need to speak too. If you need collateral will depend on your credit. Seeing it's a small amount, it most likely be best to get a personal loan. Being a secure or unsecured personal loan will depend on your credit history, score, and banking history.
    SAHMinIL2

    Answer by SAHMinIL2 at 11:22 AM on Jul. 27, 2010

  • I suppose they run a FICA check before giving you a loan. Banks and credit card companies have become really strict on whom they give out loans now.  GL

    musicmom08

    Answer by musicmom08 at 11:31 AM on Jul. 27, 2010

  • Ask to speak to a loan specialist. Explain the what you want and your reasoning for it. They will give you the run down of what they will need from you. I would almost advise calling and speaking with someone and making an appointment if you want the loan sooner. That way they can get your information over the phone, and explain to you what you will need to bring in. They might give you a answer over the phone what you would qualify for. That way you're prepared when you go into the bank.
    unicornangel

    Answer by unicornangel at 12:12 PM on Jul. 27, 2010

  • Not sure, here's a bump for you though
    Miss_Kay

    Answer by Miss_Kay at 3:20 PM on Jul. 27, 2010

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