Can I apply for two loans at once?

jamesd

steve1980 wrote: »

Why don't you try Zopa?

Two reasons not to bother with Zopa:

1. Zopa lending is only up to £15,000.
2. Zopa is currently quoting 8.4% for £15,000 borrowed over 5 years, 1.5% higher than the alternatives already mentioned. No harm to get a personal quote, though.

Declaration of interest: I have both a loan via Zopa and lending via Zopa, though at the moment I'm not actively making new loans.

lucylearner

Thank you, it is to set up a business. A business advisor said it was easier to get a personal loan than a business loan for this sum of money. If only I had money to start with - you really need it to make it! Sadly I don't already have a huge salary.

Tixy

If you don't have a huge salary then I think you'll find it almost impossible to get this level of funding on a personal loan (or 2). I'd have thought a business advisor who knew your personal situation would have known this.

I'd go for trying to obtain a business loan or business funding of some sort for this sort of level of debt. If you can convince a bank with your business plan and projections then you should stand a chance - as they'll be taking into account whether the projected profits from your business can afford to repay the debt rather than whether you can from your current salary.