I was thinking about your situation; since you are a small business, you may want to look into whether GA has a state "micro-credit" program for small business loans. The maximum is $10,000.00, and it is intended for a business prupose, but the rates are very reasonable. Perhaps Google "microcredit" in GA, and explore. I know you need $15K, but perhaps this is a start.
Not to pile on, but on the other hand, loaning people money they can't pay back is exactly how you got into this mess in the first place. The bank is trying to make sure it will not be burnt. Do you have anything for security, the house, a nice car, one of your kidneys?
Yeah..Yeah..That's funny..and you're right. You must be a fan of stand up comedy...but don't you ever make a mistake less someone might judge you to be the dummy. I admit I made a real stupid mistake..I knew better. I'm just trying to get potential solutions to try and fix it at this point. There has been some good suggestions (thanks to everybody that has put in)...especially like the one just before your comment.
By the way...you said ;The bank is trying to make sure it will not be burnt.... " Who is really getting burnt, the dumb sap that makes a bad loan or runs up a high interest credit card balance? Or the banks and CC co. that make billions off of the dumb saps LOL. The banks and CC co's get burnt when they don't get paid their HIGH INTRERST payments..but who has the money in the end? Are you concerned about the banking welfare? Sounds like you work for a finance co?
Another suggestion... I suggest that you contact your local SCORE chapter to request some advice. I'm sure there is a lot more detail here in this situation, and sitting down with a professional counselor may help you. In case you aren't aware of SCORE (Service Corp of Retired Executives), they offer FREE advice to small businessess. The counselors are all highly experienced businesspeople with exceptional credentials. SCORE is part of the SBA program. SCORE counselors know ALL the bankers in your area; they may be able to review your problem in detail, and make some good suggestions as to alternative financing. They will be able to give you a good idea if you can qualify for an SBA loan as well. You can investigate it at www.score.org Again, these are incredible businesspeople, who can give exceptional advice for free! I am certain they can help with other business questions you have (i.e. changing businesses, etc.). It's great advice that's free, and they love to help people.
I heard that in the banking and credit card industry, the "deadbeats" they refer to are those who pay their cards off each month, don't carry a balance, and don't rack up any fees. Excuse me while I cry a river...
I do my best to brighten up your day. Good grief, I'm Dumb Bob, I don't claim some exception to stupidity. So I didn't help? My comment is still correct, I think. The bank doesn't want to get burned. My point about collateral wasn't humor. Do you have something you can use to get the loan? The trouble here is that 27% is a kick in the teeth. 24% is 2% each month. That's what people often consider their "min payment". If that is just keeping you even, you are right to worry.
When I said "not to pile on", I was serious. If you asked my opinion, I'd say that these high interest rates ultimately aren't in the interest of the back or the consumer. I think that we can look to this as a lot of what is driving the current problems in the banking industry. It's asking a lot to ask me to solve these things, after all, I'm just Dumb Bob.
