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Building Business Credit Home>Do
I Need a Personal Guarantee? |
Do I Need A
Personal Guarantee?
There are
many different stories and myths regarding the
availability of large cash credit lines being
available without the use of a personal
guarantee. Instead of just telling you whether
these stories are true I want to take a minute
to ask you to ponder something.
Imagine for a second you were a crook, identity
thief, or some other unscrupulous individual.
We know you can buy an aged shelf corporation
We know you can build business credit on this
aged shelf corporation
We know it takes about 60 days to build business
credit
Knowing these facts do you think that an
unscrupulous individual wouldn't take FULL
advantage of this system, buy an aged
corporation, build business credit on the aged
corporation, then wait 60 days, get the hundreds
of thousands of dollars some claim are available
without a personal guarantee
If you were the lender would you be willing to
risk giving loans to those who have absolutely
no intention of paying and have no recourse to
get their money back?
That being said, unless you are a larger company
and/or can prove lots of company income and
assets you will ALWAYS have to provide a
personal guarantee for cash loans.
How then do companies claim that you can
get these loans without a personal guarantee?
1. Many companies will leave out the fact that
the loans you receive without a personal
guarantee are trade credit and not the desired
"cash" credit most clients are seeking
2. Some companies will provide lenders,
unbeknownst to you, fraudulent documentation to
show high assets and income in order to qualify
for these loans without a personal guarantee.
However, if there is EVER an issue you can rest
assured that as owner of the company that
committed the fraud you will have lots of
questions to answer and are risking JAIL
3. Some companies just plain LIE
Sometimes you just have to use common sense, We
do not mislead customers and just about ALL
lenders will require a personal guarantee. That
being said if you have credit issues we will
assist you in fixing it for free if you purchase
our business credit coaching program.
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