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Great Credit Score Where do I go for a loan? PLEASE HELP!!!!


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I Have a friend who started a business and has been funding it with his credit cards. He has about 100k in debt. All of the fico scores are in the 720-730 range no collections, baddies nothing, just a high utilization. All mnimum payments have been made so never late. I recommended he take a business loan or a personal loan to lower the interest rates that range from 15 - 30 %. He does not have equity in his house for a home equity loan.

Anyone have any recommendations on credit unions or banks that have the best interest rates for someone with perfect credit just trying to consolidate? Any help would be greatly appreciated.

Thanks!!!

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why not do a 125% equity loan. Even if you don't have equity u can get an extra 25% over the homes value. Will have a fixed rate and term definitely should save money on int. rates compared to credit cards. I think that's a good option and he might be able to write off some interest on his taxes. If not MBNA has a 7.99 fixed rate cc thats good.

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As I said before, AMEX has a line of business that provides funding for small businesses. It may be at a higher rate than a 125% home equity loan, but you are not going to lose your house if the business fails.

Take it from someone who has been there. You need to have an exit plan when you start any business. When starting up, it is much better to use unsecured debt and pay a little additional interest (within reason) than debt secured by your home.

It sounds like your friend is undercapitalized and that is the single biggest reason businesses fail. In a failure or insolvency situation, unsecured debt is much easier to deal with than secured debt.

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