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The task of raising money for a business is not as difficult as most people seem to think. This is especially true when you have an idea that can make you and your backers rich. Actually, there’s more money available for new business ventures than there are good business ideas.

A very important rule of the game to learn: Any time you want to raise money, your first move should be to put together a proper prospectus.

This prospectus should include a resume of your background, your education, training, experience and any other personal qualities that might be counted as an asset to your potential success. It’s also a good idea to list the various loans you’ve had in the past, what they were for, and your history in paying them off.

You’ll have to explain in detail how the money you want is going to be used. If it’s for an existing business, you’ll need a profit and loss record for at least the preceding six months, and a plan showing how this additional money will produce greater profits. If it’s a new business, you’ll have to show your proposed business plan, your marketing research and projected costs, as well as anticipated income figures, with a summary for
each year, over at least a three year period.

It’ll be advantageous to you to base your cost estimates high, and your income projections on minimal returns. This will enable you to “ride through” those extreme “ups and downs” inherent in any beginning business. You should also describe what makes your
business unique how it differs form your competition and the opportunities for expansion or secondary products.

This prospectus will have to state precisely what you’re offering the investor in  return for the use of his money. He’ll want to know the percentage of interest you’re willing to pay, and whether monthly, quarterly or on an annual basis. Are you offering a certain percentage of the profits? A percentage of the business? A seat on your board of directories?

An investor uses his money to make more money. He wants to make as much as he can, regardless whether it’s short term or long term deal. In order to attract him, interest him, and persuade him to “put up” the money you need, you’ll not only have to offer him an opportunity for big profits, but you’ll have to spell it out in detail, and further, back up your claims with proof from your marketing research.

Venture investors are usually quite familiar with “high risk” proposals, yet they all want to minimize that risk as much as possible. Therefore, your prospectus should include a listing of your business and personal assets with documentation usually copies of your tax returns for the past three years or more. Your prospective investor may not know anything about you or your business, but if he wants to know, he can pick up his telephone
and know everything there is to know within 24 hours. The point here is, don’t ever try to “con” a potential investor. Be honest with him. Lay all the facts on the table for him. In most cases, if you’ve got a good idea and you’ve done your homework properly, and “interested investor” will understand your position and offer more help than you dared to ask.

When you have your prospectus prepared, know how much money you want, exactly how it will be used, and how you intend to repay it, you’re ready to start looking for investors.

As simple as it seems, one of the easiest ways of raising money is by advertising in a newspaper or a national publication featuring such ads. Your ad should state the amount of money you want always ask for more money than you have room for negotiating. Your ad should also state the type of business involved ( to separate the curious from the truly interested), and the kind of return you’re promising on the investment.

Take a page from the party plan merchandisers. Set up a party and invite your friends over. Explain your business plan, the profit potential, and how much you need. Give them each a copy of your prospectus and ask that they pledge a thousand dollars as a non-participating partner in your business. Check with the current tax regulations. You may be allowed up to 25 partners in Sub Chapter S enterprises, opening the door for anyone to gather a group of friends around himself with something to offer them in return for their assistance in capitalizing his business.

You can also issue and sell up to $300,000 worth of stock in your company without going through the Federal Trade Commission. You’ll need the help of an attorney to do this, however, and of course a good tax accountant as well wouldn’t hurt.

It’s always a good idea to have an attorney and an accountant help you make up your business prospectus. As you explain your plan to them, and ask for their advice, casually ask them if they’d mind letting you know of, or steer your way any potential investors they might happen to meet. Do the same with your banker. Give him  a copy of your prospectus and ask him if he’d look it over and offer any suggestions for improving it, and of course, let you know of any potential investors. In either case, it’s always a good idea to let them know you’re willing to pay a “finder’s fee” if you can be directed to the right investor.

Professional people such as doctors and dentists are known to have a tendency to join occupational investment groups.  The next time you talk with your doctor or dentist, give him a prospectus and explain your plan. He may want to invest on his own or perhaps set up an appointment for you to talk with the manager of his investment group. Either way, you win because when you’re looking for money, it’s essential that you get the word out as many potential investors as possible.

Don’t overlook the possibilities of the Small Business Investment Companies in your area. Look them up in your telephone book under “Investment Services.” These companies exist for the sole purpose of lending money to businesses which they feel have a good chance of making money. In many instances, they trade their help for a small interest in your company.

Many states have Business Development Commissions whose goal is to assist in the establishment and growth of new businesses. Not only do they offer favorable taxes and business expertise, most also offer money or facilities to help a new business get started. Your Chamber of Commerce is the place to check for further information of this idea.

Industrial banks are usually much more amenable to making business loans than regular banks, so be sure to check out these institutions in your area. insurance companies are prime sources of long term business capital, but each company varies its policies regarding the type of business it will consider. Check your local agent for the name and address of the person to contact. It’s also quite possible to get the directories of another company to invest in your business. Look for a company that can benefit from your product or service. Also, be sure to check at your public library for available foundation grants. These can be the final answer to all your money needs if your business is perceived to be related to the objectives and activities of the foundation.

Finally, there’s the Money broker or Finder. These are the people who take your prospectus and circulate it with various known lenders or investors. They always require an up-front or retainer fee, and there’s no way they can guarantee to get you the loan or the money you want.

There are many very good money brokers, and there are some that are not so good. They all take a percentage of the gross amount that’s finally procured for your needs. The important thing is to check them out fully; find out about the successful loans or investment plans they’re arranged, and what kind of investor contacts they have all of this before you put up any front money or pay any retainer fees.

There are many ways to raise money from staging garage sales to selling stocks. Don’t make the mistake of thinking that the only place you can find the money you need is through the bank or finance company.

Start thinking about the idea of inviting investors to share in your business as silent partners. Think about the idea of obtaining financing for a primary business by arranging financing for another business that will support the start-up, establishment and developing of the primary business. Consider the feasibility of merging with a company that’s already organized, and with facilities that are compatible or related to your needs. Give some thought to the possibilities of getting the people supplying your production equipment to co-sign the loan you need for start-up capital.

Remember, there are thousands upon thousands of ways to obtain business start-up capital. This is truly the age of creative financing.

Disregard the stories you hear of “tight money,” and start making phone calls, talking to people, and making appointments to discuss your plans with the people who have money invest. There’s more money now than there’s ever been for a new business investment. The problem is that most beginning “business builders” don’t know what to believe or which way to turn for help. They tend to believe the stories of “tight money,” and they set aside their plans for a business of their own until a time when start-up money might be easier to find.

The truth is this: Now is the time to make your move. Now is the time to act. the person with a truly viable business plan, and determination to succeed, will make use of every possible idea that can be imagined. And the ideas I’ve suggested here should serve as just a few of the unlimited sources of monetary help available and waiting for you!

Almost everyone needs or wants more money coming in, and with this desire most would like to start some sort of extra income producing project. The trouble is, not many of these people seem able to fit “a second job” into their time schedules.

It’s true that most people are busy, but extra time for some sort of home-based extra income producing project can almost always be found. It may mean giving up or changing a few of your favorite pastimes such as having a couple of beers with the guys or watching TV but if you score big with your extra income project, you will have all the time you want for doing whatever you what to do.

Efficient time management boils down to planning what you’re going to do, and then doing it without backtracking. Start by  making a list of the things you want to do tomorrow, each evening before you go to bed. Schedule your trips to the store or wherever to coincide with the other things you have to do, and with your trips to or from work. Organize your trips to take care of as many things as possible  while you’re out of the house. take stock of the time you spend on the telephone and eliminate all that isn’t necessary.

Whatever chores you have to do at home, set aside a specific time to do them, and a specific amount of time to devote to them. For instances, just one hour a day devoted to yard work would probably make your property the envy of all your neighbors. Don’t
try to do a week’s work in one big flurry. Whether it’s painting your house, fixing leaky faucets, or mowing your lawn and trimming your shrubs, do a part of it, or one particular job each day, and you’ll be amazed at your progress.

Take care of all your mail the day, you receive it. Don’t let those bills and letters pile up on you. If you’re unable to pay a bill immediately, file it in a special place that’s visible, and note on the envelope the date you intend to pay it. Answer your letters the same day you get them.

Once you start listing and planning what to do, and then carry out your plans, you’ll find plenty of “extra time” for handling virtually any kind of home-based income producing project. People in general may not like routines or schedules, but without some sort of plan as to what is supposed to be done, the world would be mired in mass confusion. Laws, ordinances and regulations are for the purpose of guiding people. We live according to an accepted plan or way of life, and the better we can organize  ourselves, the more productive and happy we become.

The secret of all financially successful people is simply that they are organized and do not waste time. Think about it. Review your own activities, and then see if you can’t find a couple of extra hours in each day for more constructive accomplishments.
When you begin planning, and then when you really become involved in an extra income producing endeavor, you should work it exactly as you have organized your regular day to day activities on a time basis. Do what has to be done immediately. Don’t try to get
done in a hour something that’s realistically going to take a week. Plan out on paper what you have to do what you want to do and when you are going to do it. Then get right on each project without procrastination.

Finally, and above all else, when you’re organizing your time and your business, be sure to set aside some time for relaxation. Be sure to schedule time when you and your spouse can be together. You must not involve yourself to an extent that you exclude other
people particularly your loved ones from your life.

Taking stock of the time you waste each day, and from there, reorganizing your activities is what it’s all about. It’s a matter of becoming more efficient in the use of your time. It’s
really easy to do, and you will not only accomplish a lot more, you will also find greater fulfillment in your life.

Once upon a time, there used to be a credit card. And to own that credit card, you were required to pay an annual fee. You had to pay transaction fee to use it and finance charges when borrowing from it. But now, no more! For the times we are living in is credit cards galore. Credit card companies are falling over each other to get the mighty customer. He is being tempted with no annual fee credit cards; no interest credit cards and cash back credit cards.

At first glance, of course, it is very easy to be tempted by all these offers and needless to say, quite confusing at times. One doesn’t know whether to choose between a reward card, or a 0% interest rate card or a no annual fee credit card. The best method of knowing what kind of card you should go for would be to analyse your spending and payment habits and then judge for yourself whether a no annual fee credit card or a no interest card is best for you.

You have to realise that credit card companies are here to make money which they generally do through charging annual fee and finance charges. So if they are offering you a no annual fee credit card, they are going to earn somewhere else. And this is where the interest rate comes in, for in most cases, the interest rate on credit cards with no annual fees is considerably more than that on credit cards that have a nominal annual fee.

Even in the case of no annual fee credit cards with very low introductory rates , one has to be careful , for the high rate of interest may catch you unawares in case are lax. So if you are one of those people who carry some balance on their credit cards, a no annual fee credit card may prove to be costly in the long run. A low interest credit card is much better than a no annual fee credit card for you. On the other hand, a credit card with no annual fees is perfect for people who pay off their balances on time.

Another important point to keep in mind is that a no annual fee credit card does not mean that there are going to be “no fees” on your card. For even though you are spared from paying a nominal annual fee ranging from $50-$100, you still have to make many other payments on your no annual fee credit card. You are required to pay service or finance charges on the amount of balance that you carry on your card. The finance charges on a no annual fee credit card are higher when compared to other cards. If your credit card with no annual fee also offers you rewards or cash back options, then this rate will shoot up further. You are also not spared from paying late fee or a fee for over exceeding your credit limit in the case of a no annual fee credit card. As long as you read the fine print on your application, and abide by it too, a credit card with no annual fees is a good option for you.

With the average American household credit card debt rising to almost $10,000, credit card debt consolidation is big business today. The popularity of credit card debt consolidation is evident by the numerous methods as well as the large number of firms providing credit card debt consolidation services. However, all credit card debt consolidation methods work differently, and depending upon your own financial situation and the amount of your debt, you should choose the credit card debt consolidation method that works optimally for you.

There are numerous credit card debt consolidation options available for the average debtor. If you are not already neck-deep into debt, then the best method for paying it off is to consolidate using credit cards. Credit card companies offer many different options for people who use this method of credit card debt consolidation. Many companies offer a 0% APR balance transfer card in case you want to consolidate your debt with credit cards. In this case the outstanding balance from the card with a high interest rate will be transferred to the new card with an introductory 0% interest rate.

The advantage of using this kind of credit card debt consolidation method is that you end up saving the sky high interest that you were paying on your earlier credit card. This way, whatever you spend on paying off your credit card balance goes directly towards reducing your principal instead of being wasted on interest payments. However, this method of credit card debt consolidation works only for people who are regular and disciplined about paying off their credit card balance on time.

One thing that you need to keep in mind is that, no matter what, you are consolidating with a credit card! So, in case you delay your monthly payments, you will have to pay back your balance with a much higher rate of interest than what you were probably paying on your earlier credit card. While generally credit card debt consolidation schemes start with a 0% APR, the rate of interest shoots up steeply once the introductory period is over and you may end up paying more than you would have originally. If you want to become debt free this way, then remember that strict discipline and thoughtful planning are the cornerstones of credit card debt consolidation through balance transfers.

In case you feel you are not disciplined enough to always pay off the balance on your new card on time, then consolidation through credit card may not be the best option for you. In such cases, you should try exploring credit card consolidate credit debt loans. You can write off your entire credit card debt using the payment from a credit card debt consolidation loan. And the best part is that these loans are available at a much lower interest rate than what your average credit card company charges.

Credit cards today have become a double-edged sword, on the on hand allowing you the convenience to for example shop online and on the other hand providing you with the opportunity to run up so much debt that you are struggling simply to meet your interest payments each month. Like everything else however a low interest credit card is merely a tool and the secret lies in how you use that tool.

Most people today have a credit card and indeed many people have several credit cards and have also accumulated more debt on their cards than they would like to admit. Knowing this the fiercely competitive credit card companies now offer a range of low interest credit cards to tempt us further and many people are enticed by the multi-million dollar advertising which accompanies these card offers. But should you be tempted?

The first thing you will find is that low interest credit cards are not being made available to everyone and generally speaking will only be issued to people with a reasonable good credit history and credit score. Whether or not you will qualify depends on your own personal circumstances and the particular lender whose card you are considering and the only real way to know is to actually apply for a card and see what happens. However, even if you are accepted there are a number of things you need to watch out for.

Although your new card may offer you a lower rate of interest on any balance transferred to the card it is very rare for a lender to actually offer to reduce the principle sum which is transferred and so your new card will still leave you with the same amount of debt that you had on the day you acquired it.

So, now you have your original debt but, instead of paying it off at 12% you are paying it off at only 9%. Sounds great doesn’t it? Well, if you are struggling to meet your payments today it can certainly be helpful in the short term but in the longer term it could well cost you a lot more. The problem here is simply that when you swap your card for a lower interest card you also tend to extend your repayment horizon and a debt which you were originally on target to pay off at 12% over two years now becomes a debt that you will pay off at 9% over three years. When you compound up your interest payments on a monthly basis you will invariably find that by the time you have finished you will actually end up paying back more rather than less money to the lender.

If you are struggling to meet your monthly payments on your credit cards then it can certainly be a good idea to transfer your balance onto a card with a lower interest rate. However, the secret is to remember that your monthly repayments represent both interest on your borrowings and repayment of the principle borrowed. Reducing your monthly payments is fine but, if you are going to do this, then you also need to make sure that part of the money you are saving each month is not simply spent but used to pay down the principle on your card so that you are not simply extending the life of your debt.

Credit card debt is a complex subject and one which runs a lot of people into trouble these days. Remember that a low interest credit card is not in itself the answer to the problem of settling credit card debt but is just one of the many tools available to you.

Most people today run their lives to a certain extent on credit and there can be very few of us who do not have debts of one sort or another. Unfortunately, there are also an increasing number of people who have taken on more debt than they can handle and know that they are in trouble.

Despite this fact however all too often these people find it difficult to face up to their debt problem and simply bury their head in the sand and hope that the problem will go away. It doesn’t of course and, in most cases, it simply gets worse. So, how should you deal with what you know is a growing debt problem?

The first thing that you have to do is to assess just how big the problem is. For example, if you are paying $300 every month simply in interest charges to service your debt and have a monthly net income of $3,000 then you are paying out 10% of your income and getting nothing in return for it. True, you were able to buy some things earlier than would have been possible if you had not bought them on credit but nonetheless the price which you are now paying for that privilege is 10% of your monthly income. So, is it worth it?

The problem here is that the $300 you are paying every month is simply the cost of interest on your loans and does not represent the repayment of the loans themselves. In other words, if you can afford to pay back say $400 each month then at least a quarter of this payment is going to repay the loans but, if $300 is as much as you can afford then you can go on paying this forever and your loans will never be cleared.

At this point you need a plan which is going to allow you to use whatever money you have available each month to not simply meet the interest payments required on your loans but to start bringing down the actual loans themselves as quickly as possible. Two common approaches here are either to start with your smallest debt and work your way up to your largest debt or start with your largest debt and work your way down to your smallest debt. There are advantages and disadvantages to both methods but, whichever, you choose the secret is to concentrate on one debt at a time and work your way steadily through the list until they are all paid off.

While you are clearing your debt of course the other thing which you need to do, and something which most people find to be very difficult, is to stop borrowing. If you are struggling now then there is little point in putting together a plan to clear your debts and then simply going on adding to the problem. Of course you do not need to clear your debt completely before you start taking on further credit, but you do need to get it down to a level which you can manage comfortably and with money to spare each month before adding to your financial commitments.

Facing up to a problem of debt is not always easy but you will find that life becomes far more difficult if wait until the debt collection letters start arriving in your mailbox. Many millions of people today are in a similar situation and help is available if you need it. All you need to do is take the first step and ask for it.

Personal loans are a great way to generate the revenue you need for a variety of needs. Such loans can be secured by banks, loan companies, private investors, and online lenders. It is important that you are aware of personal loan scams and how to avoid them. This type of scam was ranked #5 in the United States for the year 2000. On average, each person scammed lost $464. As a result, the Federal government has been working hard to educate the public about such scams.

The advanced fee personal loan scam is the most common method of taking your money and running. Most victims of such a scam never report it to the authorities because they are embarrassed that they feel for such a ruse. Victims also feel angry. They obviously needed money or they wouldn’t have applied for a loan in the first place. They now have less money than they did to begin with. Those who do report the scam are often frustrated because the perpetrators are very seldom caught and brought to justice. It is very important that you do report any such instant of advanced fee personal loan scam. If you don’t, you are further enabling the predator to do it to others.

Advanced fee personal loan scams work on those who are desperate for a loan, over trusting, uneducated, and who have bad credit. More than half of advanced fee personal loan victims are under the age of 30. The lender tells the applicant that they guarantee they can work with their situation, but that there is a loan processing fee involved. This can be a fee hundred dollars or more. With the technology available now, it is not uncommon for the operators of these scams to have websites and even 800 numbers for you to call. They will send you letters that look so official, you won’t give them a second thought.

The stories of those victimized by such advanced fee personal loan scams will break your heart. One woman had been laid off and was about to be evicted. She found another job and applied for a personal loan to get caught up on the rent. She paid the lender almost her entire first paycheck for so called processing fees on this loan they guaranteed she was eligible for. She was understandably upset when she was evicted as well as found out the lender had taken off with her hard earned money.

To protect yourself from falling victim to advanced personal fee loan scams, be careful who you attempt to borrow from. Make sure they are a reputable company. If they are an online business, check them with the Better Business Bureau. Make sure you enter there business name exactly as they list it. A well known practice of this scam is to use a name very similar to an actual reputable lending institution that applicants may be familiar with the name of.

For those of you with bad credit or no credit, don’t believe something that sounds too good to be true, it likely is as the saying goes. You may have to pay a higher interest rate if you have bad credit or no credit, but you should never have to pay any fees up front to apply for a loan or to have it processed. Some personal loan scams will call the fees you pay the first month payment or a high risk deposit. Applicants need to be aware that no such things exist. As a matter of fact, any lender must allow you to have access to the funds for minimum of seven days before they can collect a first payment. You can check the legitimacy of any fees charged by a financial institution with the Federal Trade Commission. If you are facing financial difficulties, look for advice from a reputable non-profit credit counseling service rather than a lender.

Personal loans are a great way to get money quickly for most anything you need it for, even a well deserved vacation. These loans are generally easy to obtain and require a minimum of verification including residence, income, and employment. However, personal loans also come with a higher interest rate than most other loans out there. In many causes you will be required to put up some asset you have collateral on your loan.

An alternative to applying for a personal loan is to apply for a home equity loan. This type of loan is only available to those who are buying or have paid off their home. You are borrowing money against the equity you have built up in your home. This loan method will likely allow you to borrow more money than a personal loan based on the dollar amount of equity you have in your home. Equity loans are available at a much lower rate than personal loans. The price for that comes with your home being attached to the loan.

For most people, it really isn’t a big deal because they already have a mortgage to pay each month. Adding on a longer term to repay that loan doesn’t bother them at all. However, if you don’t repay the funds, you may end up losing your home so make sure you take out home equity loans responsibly. In many cases, the interest portion of a home equity loan can be deducted on your Federal income tax. This is not possible with personal loans.

In making the choice between a personal loan and a home equity loan, there are many things you will want to consider. First, decide exactly what the loan is to be used for and the dollar amount you need. Most personal loans won’t exceed $15,000 so if you need more than that you will have to secure more than one personal loan or look at the home equity loan option. Next, take a realistic look at your credit. Personal loans are easier to get with poor credit than home equity loans are.

As will any loan, take the time to research your options and know what is available and the total cost of that loan to you. The best way to do is by taking a look at the Annual Percentage Rate, known as APR. It is required of lenders to show not only the loan interest rate associated with APR, but all the fees of the loan. This means everything you will be charged for in the loan you choose will be listed and itemized for you to review.

This is a great method for comparing different types of loans. For example, home equity loans generally have lower interest rates so you would assume that is a better option than a personal loan. However, the additional fees required to secure that home equity loan may cost you more than the additional interest you will pay over the life of the personal loan.

Personal loans are a great method of getting the money you need quickly and efficiently. However, they may not always be the best loan for your particular situation. It is important that you discuss your loan options with the lender you intend to use. It is also important that you conduct your own research on various types of loans you may be eligible for. This will assist you in making informed decisions while ensuring you get the best loan available.

Are you thinking of getting on the pre-paid bandwagon? Choosing a particular enrolment method can be very important in determining the benefits, costs and conditions of coverage of your legal plan.

A voluntary enrolment refers to a membership of a legal plan where people “voluntarily” subscribe to a pre-paid legal service in response to a direct email offer, during an employer’s open enrolment period or during individual sales representations. In this arrangement, you pay the prepaid charge, get the standard discounts open to all other members of the plan and get the coverage as per the terms and conditions of the plan.

In a group plan, all members are automatically included in the plan because of their status as a group. For instance, many employees enjoy a 100% participation in legal plans sponsored by their employers. They do not have to pay any pre-paid charge or premium, as legal coverage in the work place is now regarded as an employee fringe-benefit. Some universities also provide legal coverage for their students, financing the plans from their general tuition fees.

Personal loans are easy to obtain. They can be used for a variety of financial needs. However, the worse your credit is the harder time you will have getting a personal loan with decent rates. There are two types of personal loans, secured and unsecured. Unsecured personal loans mean no collateral is needed to secure the loan. If you have bad credit, you will only be approved for a secured loan because you are considered high risk. The forms of collateral accepted include vehicles, property, and other tangible items. The collateral has to have a value sufficient to cover the balance due on the loan.

There are many reasons people have bad credit. It can be that they have been reckless with their money and finances. For most people this isn’t the case. Back credit can be the result of a death in the family resulting in loss of income. Layoffs or getting fired from a job often come without warning. Medical emergencies also lead to bad credit as can divorce. Regardless of the reason a person has bad credit; they are still going to need to apply for a personal loan at one point or another.

There are many lenders out there that understand bad credit can happen to good, responsible people. Therefore, they may be willing to give you the chance to prove you will be responsible again and repay the personal loan. You will likely have a high interest rate associated with your personal loan, and that can leave a bitter taste in your mouth. Take it in stride and look at the positive side of things. Getting a personal loan at any interest rate can help you rebuild your credit. Make sure you pay the payments on time. To save on the interest you pay, consider sending extra payments whenever you can.

Be cautious when applying for a personal loan online. There are scam artists out there who prey on those in need of a personal loan, especially if they have bad credit. Never agree to pay any processing fees or other types of payments. It is against the law under the Federal Trade Commission for any lender of personal loan funds to ask for processing fees. Many individuals with bad credit are sucked into these scams because they need the loan so bad. It is important to check out the lender with the Better Business Bureau. If you are suspicious of anything, do not move forward with the loan process.

Don’t forget to check with the smaller lending companies. Most large lenders are very impersonal and base your eligibility on a computer generated decision. Smaller lending companies are more likely to take the reasons for your bad credit into consideration along with other factors. If you can establish that you are responsible and that you have income sufficient to repay the loan, then this may be the opportunity you have been hoping for.

Personal loans can be a godsend, especially if you have poor credit. Make sure to take your time before committing to any personal loan offered. Be prepared to provide collateral and to pay a high interest rate as a penalty for your poor credit. Try to view the circumstances as an opportunity rather than as a punishment.