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ebay seller- need loan- options
 

what options are out there for ebay sellers who needs 10-15k loans to purchase more inventory and consolidate debts.??
any advice appreciated

Re: ebay seller- need loan- options
 

Bank loan would be my first port of call.

Re: ebay seller- need loan- options
 

Honestly bank loans really should be your only avenue of interest for that amount. I would very wary asking for loans outside banks (i.e lenders like you see on t.v)

Be very very very careful. You could end up just paying interest instead of paying of the original debt. These companies are thriving because of it. Be wise and double, triple check everything before signing any documents!

Re: ebay seller- need loan- options
 

0% credit cards> bank loan> payday loans > loan sharks > rob a bank.

Re: ebay seller- need loan- options
 

Whatever else you do, AVOID kabbage.

Do not be tempted by them

I am not even going to give you a link because they are SO dangerous to your account.

:mad:

Re: ebay seller- need loan- options
 

all great advice but banks require ein# when applying and i have not set up tax withdrawings or registered my ebay account as an actual business.. since i am not charging taxes on items sold. plus i have had bad credit in the past and was in the rebuilding process.
2 CC's with small line of credit already maxed out and i already am linked to kabbage but built my self a nice little debt. now im trying to consolidate the debts ive accrued and move forward ..

Re: ebay seller- need loan- options
 

Outside the bank and credit card systems, the interest fees and usary fees are sickening...

Re: ebay seller- need loan- options
 

The way those companies thrive is basically off the interest they get people to pay. Its sad its even legal. When people need money, they will do out of character things. Quick money usually is never a good thing unless you know everything that comes along with it.

Re: ebay seller- need loan- options
 

There are so many 0% for 15 month credit cards with cash back options out there , I found some nice cards and credit lines with Chase Bank

Re: ebay seller- need loan- options
 

Given the fact that you said you had bad credit, I think the best way to proceed is to make your payments on your current debt on time for 6 months. Then, go to a credit union and apply for a consolidation loan.

The amount you are seeking is relatively large for an unsecured loan. Banks won't do it if you have bad credit and the lenders who MIGHT do it will charge a fortune in interest. 25%+ would not be unheard of. And that is IF they will make the loan. Some people assume they can get a loan from these high interest places only to be turned down. Of course, it all depends on how bad your bad credit really is.

The last thing you want is to take on more debt and just dig a deeper hole.

Re: ebay seller- need loan- options
 

Sorry didn't see bad credit part, ignore my other post

Re: ebay seller- need loan- options
 

Maybe consider getting financial guidance?
Most states should offer something.

Be careful of taxes then.

If taxes are needed, then the seller should ensure they are paid. Last thing you need is the IRS doing an audit on you.

I wish you well in your efforts.

:peace: