Need £8000!

mrbrightside842

I'd go with the saving it up over a year option, if you could. Have you been offered a job in September, or are you hoping to come out of uni and go straight into work? If the latter, I wouldn't want to borrow £8k until I definitely had a job that paid more.

j_robi

thanks for the thoughts guys, I appreciate it. Sometimes you need to risk though- but for sure i see that the sensible thing would be to wait

'closed' - sent pm

Blitz01

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...?

Not on a salary of £500 per month they haven't.
I smell a troll now.

j_robi

sounds like the advisor was in the wrong then sadly. Thought I was onto a winner.
Anyone know other options? ie transfering money between cards etc?

Savvybunny2009

The good old fashion way of getting a job, saving your earnings, be your own investor. After all if you are looking at starting a business which you say you are taking a risk on, it is best to go in with your own money and lose it rather than losing someone elses money and paying interest. You have said that you should be earning a salary of 20k but should isn't any guarantee that you will, many people who are qualified for skills that are highly sought after find it hard to secure a stable job in todays market.

The problem you are going to have is unless you have demonstrated a responsible credit history over many years you are not going to get 8k unsecured, and there is not a person in the world that will lend you the money for a high risk investment without wanting a large chunk of the profit.

I do wish you the best but I think you may need to sit and do a thorough business plan, this should be thorough. You also need a very good understanding of business and money otherwise you will fall at the first hurdle.

dealer_wins

Why dont you go to the bank with your business plan and projections, and let a business adviser decide if its a business they would be happy to lend to.

Personal loans and credit cards are not really appropriate for business ventures, as it is a risk to the lender and YOU.

j_robi

thanks for the opinions.
dealer wins- what details would an advisor need?sounds like a good plan

somethingcorporate

A full business plan.

Marketing and sales strategy, market research, target market analysis, full cost model, recruitment plans, P&L for 3 years, cash flow projections for 3 years. All that jazz!

They can easily run to 100+ pages depending on the size / scope of the business. My first, which I drew up a few years ago now, ran to about 70 sides including all appendices. It was a very complex business with lots of facets so a much simpler one I am sure would suffice for a small business but it does need to be thorough and realistic.

j_robi

ok thanks. Small business on the side- no tick box option for that sadly!

Tixy

j_robi wrote: »

thanks for the opinions.
dealer wins- what details would an advisor need?sounds like a good plan

Take a look at the business link website, loads of help on there about how to write your business plan, what to include etc. Its a good free starting point for a small business.