Bank Personal Loans

Question by VMI: Small loans (under 00) for purchase of items in my business. Possible?
I have an online business and I want to offer a buyer the possibility of applying for a small loan (under $ 1000) so that he/she can purchase the item from my store.
I do not want to deal with the loan process.
Is this possible? What companies offer these types of loans?
I’m in Puerto Rico.

Thanks.

Best answer:

Answer by Spock (rhp)
you are far, far better off accepting credit cards than dealing with loan companies.

first, the loan company would have only the same rights to collect, and would be subject to the same defenses, as you would have.

Plus, they’d have to check the credit of each borrower separately — which is expensive. the credit costs for loans of the size you describe are so high that there are very few lenders in the business at all — and almost none of them will do business through the internet because of the fraud factor.

thus, you’re likely to find that there are no such lenders at any interest rate, or at any interest rate your clients can afford.

see your regular business bank about accepting credit cards.

Know better? Leave your own answer in the comments!

Related posts:

1. Q&A: Dismissed out chap 13 2 years ago have to small loans can i purchase a home?
2. I am a small business owner, trying to figure out a small business group backed by government to give loans?
3. Can small business investment loans be solely based on the business plan rather than my poor credit?
4. Can small business investment loans be solely based on the business plan rather than my poor credit?
5. Can small business investment loans be solely based on the business plan rather than my poor credit?