Last resort loan? Refused everywhere else.

bouncydog1

I fear you are heading for financial disaster. You say that your business "could be" a big seller - have you market tested to see if there is demand - if your business proposal stacks up then have you spoken to your bank about financing.

You need to sit down, take a breath, get all of your statements out and work out exactly how much you owe, interest rates etc. Write down all of your income and outgoings on a Statement of Affairs and post on the Debt Free Wannabee board.

You have not provided enough information for people to help you and there may be a way around dealing with the debt that you have.

Please don't go down the route of high interest loans - they are merely a stop gap where the borrower thinks they have breathing space - but unless you address all of the underlying reasons to establish why you are in the financial position that you currently are, things are only likely to deteriorate.

I do hope that your business works out, but remember the most successful businesses succeed because of the levels of planning that go into them before they are up and running, which includes looking at all scenarios including market research and financing.

odwyer1980

My business is selling ***** products for men, posted from in the UK. The problem is it has only just started. I'm one of the few sellers and have had buyers already. I've had buyers on the scale of 1 every other day, but all payments are being held by Paypal for now which is causing problems.

I am looking for a loan to get back into the green, but no one seems to be accepting when I apply. Quickquid refused me the other day as well.

Not sure what to do.

odwyer1980

But you are right, I am heading for financial disaster at this stage. Well, it feels like it.

Like I say, I am only just over all a some of my cards. £400 would be ideal to ease them until my business gets more sales.

RobertoMoir

_Andy_ wrote: »

I could win the EuroMillions this week.

But I thought it was MY turn to nearly win the EuroMillions jackpot this week? Hrmph, it's NEVER going to be my turn to nearly win at this rate!

StrawberryYogurt

I really do feel for you, because I soooo have been there! A few years back hubby and I were so desperate we paid the last of our money to a rip off firm that said they would guarantee us a loan etc.....we had 2 and a half weeks til payday and guess what? no loan Well and truly ripped off! But looking back, whilst we were fools for handing over a fee to get a loan, them ripping us off saved us even more heartache as we could NOT afford another loan...we were kidding ourselves. That was a TOUGH time and I would hate to see anyone else wonder into that area. We are only now just getting to grips with everything. With a long way to go.

My advice to you is go to the debt free wannabe board and fill out this: http://www.makesenseofcards.com/soacalc.html with complete honesty and copy and paste the results on to the board asking for help.
People WILL spend time helping you and find you a way forward. I know you have deadlines today, but these people will help you in regards what to say to contact the companies you owe now...help you to make headway with them without taking on more.

At present, you are just going to need loan after loan, thats not sustainable. Also with all these loans you are applying for and getting declined for, your credit checks are probably taking a battering and each one is recorded and a decline does you no favours for the next one you apply for, its a vicious circle.

Good luck with everything x

CHR15

I would have to join the others in wishing you all the best with your business but I can't help but wonder.....

If you are only selling one product every other day, how is having an Ebay shop going to increase sales?

You can list as many as you like as a private seller before taking the plunge.

The sceptic in me is of the opinion that none of these products actually works anyway (like age reducing creams and such).
Hopefully buyers will leave feedback as soon as the product arrives with shouts of quick delivery etc.. but it will only take a few to dispute the success of the product for your feedback to fall, and subsequently the buyers to dwindle.

odwyer1980

Can I post the link to the shop on here? I don't think I can as it would be seen as spamming or personal gain. I could show you or any potential lender that the buisness will be a top seller in 5/6 months, maybe less.

Anyway, my dad has bailed me out with the temporary loan. I feel so guilty right now. If Paypal never put a hold on the payments I received, I would never have had this problem. As I have a feedback score below 30, they do this. It's 100% though and the DSR's are all ok so far.

Thanks for all the help and info.

ILW

CHR15 wrote: »

I would have to join the others in wishing you all the best with your business but I can't help but wonder.....

If you are only selling one product every other day, how is having an Ebay shop going to increase sales?

You can list as many as you like as a private seller before taking the plunge.

The sceptic in me is of the opinion that none of these products actually works anyway (like age reducing creams and such).
Hopefully buyers will leave feedback as soon as the product arrives with shouts of quick delivery etc.. but it will only take a few to dispute the success of the product for your feedback to fall, and subsequently the buyers to dwindle.

Whether they work or not is somewhat irrelevent from a business point of view. Some people get so worked up about hair loss that they will spend fortunes on any snake oil that gives them hope. Don't get it myself.