Legal Question in Credit and Debt Law in New York

Bad credit person in need of a loan

Due to repossession of his car, my friend now has bad credit and owe ~$8,000. He has no money right now to pay it back. But he wants to take out a loan to start up a business (~$50,000). He basically has no collateral (doesn't own house nor car). What can he do to take out a loan? Thank you.


Asked on 4/11/00, 12:39 pm

1 Answer from Attorneys
Neil Ackerman Ackerman & Gallipoli, LLC

Re: Bad credit person in need of a loan

Hi.

Presuming your friend does have porr credit rating on this basis (might have other favorable things on credit report), he should not get lopan he's requesting without co-guarantee, or similar promise to pay his debt from 3rd party that credtor can count on.

It's really just that simple.

Good luck!

Neil Ackerman 516-228-8245

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Answered on 4/21/00, 5:25 pm


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