asked for salary proof after being accepted for loan

dosser_2

Debt_Free_Chick wrote:

Business funding is based on the business plan, so the lender would take account of the projected turnover/profit although probably not 100% of what the business plan forecasts. You current income would not be a factor. I'm not aware of any lender that will give an unsecured personal loan for business use, however.

Yes - I'm self-employed, but I don't think that question was aimed at me.

BTW, this was the kind of information I was hoping to elicit when I asked what your objectives were. Whilst the replies you've had might be interesting, they will be of no relevance if you are trying to raise finance to fund a business development.

british banking does not have a history of dealing with young entrepreneurial go-getters{unlike the US}!
pen pushers authorised to greenlight loans are at the mercy of scoring methods based on situations a bank recognises-

radical/innovative ideas historically get rejected!
dyson{hoover} and branson are two classic examples!

accepting an innovative idea{which a lender may not be able to fathom entirely}, should also depend on whether the borrower possesses certain character traits seen in successful people!

its difficult to show an economically sound business plan{projected earnings}when the lender doesnt see the potential in your idea!

Debt_Free_Chick

dosser wrote:

british banking does not have a history of dealing with young entrepreneurial go-getters{unlike the US}!
pen pushers authorised to greenlight loans are at the mercy of scoring methods based on situations a bank recognises-

radical/innovative ideas historically get rejected!
dyson{hoover} and branson are two classic examples!

accepting an innovative idea{which a lender may not be able to fathom entirely}, should also depend on whether the borrower possesses certain character traits seen in successful people!

its difficult to show an economically sound business plan{projected earnings}when the lender doesnt see the potential in your idea!

You probably need a private equity finance house, rather than a traditional bank. The bank will have a tolerance for the level of risk it's prepared to take and the private equity folk will have an even higher tolerance ... on the assumption that higher risk has the potential for higher return.

Certainly, this has nothing to do with a personal loan and the need to prove one's income to finance the repayments. You're talking about, essentially, an investment in an entreprenuerial enterprise where repayment of the investment is financed from future profit streams ... very different to the proposition originally posed.

Mark7799

Dragon's Den ?

Debt_Free_Chick

Mark7799 wrote:

Dragon's Den ?

That kind of thing, but without all the playing to the cameras