Need £8000!

j_robi

thanks for all of the replies guys. HSBC have offered me a loan of up to 15k with 7.5% interest-sounds an okay deal...?

Tixy

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

What are you going to do with the £8k? Do you have a detailed business plan? financial projections for at least 3years. Plenty of start up businesses need a cash injection and a business plan is the way to get it. Your current salary won't come in to it as you'll be borrowing on the strength of your business plan.
Try checking out the business link website for some info and ideas.
As well as a bank you might want to consider places like the Prince's Trust (if you fit the age bracket they help), as well as possible finance they will help with things like writing your business plan.
There are also similar places that specifically help women set up in business, or even help people of a specific ethnic minority - do some research to see what might be available to you.

Dabooka

j_robi wrote: »

thanks for all of the replies guys. HSBC have offered me a loan of up to 15k with 7.5% interest-sounds an okay deal...?

On £500 / month? Or is that based on your expected earnings?

TBH mate, even on 20k a year (assumed of course) 8k is a lot to be paying off in a year. In know 20k sounds like a huge amount (it did for me when I got to that level of income!) but it's still way under the national average you know.

Is this business plan the source for your 20k income?

In answer to the question, that sounds liek a fab offer for an unsecured loan.

BugsyBrowne

j_robi wrote: »

thanks for all of the replies guys. HSBC have offered me a loan of up to 15k with 7.5% interest-sounds an okay deal...?

HSBC have offered you a 15k loan,on a 8k salary you are !!!!ing up a drainpipe mate!!

Or you were bored earlier and thought you would make conversation on a money forum about a load sh*t.

Go and take your bullsh*t somewhere else mate this is boring now!

j_robi

nice that you're so welcoming to the forum star-fire.
If only I was bored! If had nothing to do I can think of far better things to waste my time doing!

I'm only going on what HSBC told me earlier today- apparently it's a good credit history because I've been with them for 10 years...or was the guy misinforming me??

BugsyBrowne

j_robi wrote: »

nice that you're so welcoming to the forum star-fire.
If only I was bored! If had nothing to do I can think of far better things to waste my time doing!

I'm only going on what HSBC told me earlier today- apparently it's a good credit history because I've been with them for 10 years...or was the guy misinforming me??

I recon either the guy has not put your application through as yet and just told you what the options are.
Because I don't care if you have been at the bank since a baby you need to be earning more than £500 a month to be accepted for a 15k loan.

Tixy

7.5% is the representative rate HSBC give on loans of that size.
Did they actually say you would get a loan of that size? Unless they run a credit application and credit check then you won't know. And of the people who are accepted only 51% get that rate. Even if offered the loan (which seems unlikely if they know your current salary and haven't seen a business plan) the APR could be much much higher.

HSBC are my bankers and whilst talking to them the other say they mentioned personal loans up to £15k at 7.5%. But I know they wouldn't give me one based on my circumstances (despite earning many times what you earn). I think its just their sales patter rather than an actual indication that you would get such a loan.

j_robi

looks like they guy was having me on then. Probably best to go through the application and actually see what they can offer...

closed

What's the business, and what's the 8k for?

27col

Yeah!. Keep us posted as to what they actually offer.