Need £8000!

j_robi

I'm looking to start up a side business asap, but need £8000

I'm currently a student (ie earning less than £500 per month- but will have a job by the summer)- so don't think I can get a loan.
Currently with hsbc, but apr is not good on credit cards
Would be looking to pay off within 12 months

Have heard there are clever ways of doing it- ie loans/cretit cards/free transfers etc. Open to any suggestions

Thanks in advance

lisyloo

Have you had a credit card before?
How long does your credit history go back?

There are clever ways for people with a track record, a good credit rating and a good income.
You may well not qualify for one of those deals and very probably wouldn't qualify for a £8K limit (you might be looking at £500 limit of your first card).

Would your parents invest in your idea?

BugsyBrowne

j_robi wrote: »

I'm looking to start up a side business asap, but need £8000

I'm currently a student (ie earning less than £500 per month- but will have a job by the summer)- so don't think I can get a loan.
Currently with hsbc, but apr is not good on credit cards
Would be looking to pay off within 12 months

Have heard there are clever ways of doing it- ie loans/cretit cards/free transfers etc. Open to any suggestions

Thanks in advance

You want to borrow 8k on a 6k a year salary.

Jalapee

star-fire wrote: »

You want to borrow 8k on a 6k a year salary.

:rotfl::rotfl:

lisyloo

Well I don't think we should criticise anyone who wants to be enterprising.
Good for him for trying to do something with his life.
All businesses have to start somewhere and usually it's with borrowed money.

However I don't think he is going to find it off the shelf.
He has to convince someone to invest.

robi - try to convince me.
If I lend you £8K what return will you give me?
I am assuming absolutely no security so I'd want a BIG return on my money (several hundred precent at least) which could be acheived by a share in the business.
Go on practice your pitch on us.

j_robi

my parents sadly don't have any extra cash to help me out.

By September i should be on a 20k salary-so will be able to pay off within the 12 months.

Ideally a kind soul would invest in the idea, but then I'm banking on someones generosity. Unless it is done at a % whereby I will then reduce my profit margin.

I have had a credit card for years, and I'm pretty certain I have a fair limit on it ie over 8k- but with 19% apr!

Enfieldian

Dragons Den?

Blitz01

I a gave you £8K, what return could you guarantee me within 3 years?

danothy

Or you could save up £8,000 over the course of the year you are earning £20,000 ... would give you time to plan the business in a lot of detail too.

elvis86

j_robi wrote: »

my parents sadly don't have any extra cash to help me out.

By September i should be on a 20k salary-so will be able to pay off within the 12 months.

Ideally a kind soul would invest in the idea, but then I'm banking on someones generosity. Unless it is done at a % whereby I will then reduce my profit margin.

I have had a credit card for years, and I'm pretty certain I have a fair limit on it ie over 8k- but with 19% apr!

Is the business idea that you have (and would ideally like someone else to risk investing in) not brilliant enough to accept the hit of the 19% APR..?

Doooford

I'll drop a grand in the melting pot for 5%. Over to you Duncan...