Best way to get a loan of £20,000 with 0% interest (employed)

_Andy_

This thread is pure genius

geoffky

A nut job.....sit round all day dreaming of the latest get rich scheme,I have met so many like the op but they always fail due to little things like money..
I had one try to sell me this liquid that you put in your petrol tank and he told me it would double my mileage,,
I had another who went into a partnership with a guy backing racing tips(oh dear) i love the way they dream but they will never make it...
I hope the op proves me wrong but i very much doubt it...

MonkeyMad

wis wrote: »

It doesnt matter. Its nothing illegal. Its just a business opportunity and I had already stated earlier that "Thats what the loan is for - I will have an income stream. The first few months, £1100 can come out of the loan itself or from my salary (only first few months cos of my tiny salary). Then, it will be making enough money to pay the loan off".

Just take it that I am looking for a career change and from my spouse's perspective, I have a whole year before I start helping again. So for the year I can start something I had been wanting to do with my salary - Only I need more money now instead of 12months later.

With a guaranteed income stream from your 'opportunity' that will pay off a £20K loan within 18 months, I would have thought almost every bank in the country would have given you a business loan.....

heather_helo

Originally Posted by wis
As for paying the £1100 monthly, I can manage that. Thats what the loan is for - I will have an income stream. The first few months, £1100 can come out of the loan itself or from my salary (only first few months cos of my tiny salary). Then, it will be making enough money to pay the loan off. And if all else fails, they always have the option to forclose.

just a thought, if your a home-owner and you do forclose - wont your house be re-possessed by the lenders. genuine post or not - even though its an unsecured loan your after - u still have assets!!! dont think the wife will like loosing the house much!

Tixy

£20k unsecured loan - you'd need to be earning a minimum of £40k, more likely £50k (assuming no other debts). And even assuming you have a 'perfect' credit history you can expect to pay an APR of perhaps anything from 8% to 25% from a high street bank. Its totally irrelevant if you think you can afford repayments on your salary, you won't get the chance to try as no bank is going to lend to you unsecured - period.

If this is a business investment then I'd suggest you put together a robust business plan and financial projections and approach a business manager at your bank. If the business plan stacks up and the bank are persuaded that you will make sufficent money then £20k may not be too excessive, though they'll likely expect a personal guarantee from yourself as well. Again you'll be required to pay interest on the loan - what APR you might be offered would be dependant on the business plan, natue of the venture etc.

redpete

wis wrote: »

I thought since I was a homeowner that might play into the equation.

You and your partner are owners of half a house (assuming it is still worth around £300k).

As someone else pointed out, if the business is such a sure-fire winner go to a bank and present the business case for a business loan.

chalkie99

redpete wrote: »

You and your partner are owners of half a house (assuming it is still worth around £300k).

Think I read this a £150k mortgage which is half paid off. He has given no clue as to what the current house value is.

lionelator

Don't take the risk, borrowing heavily for a get rich quick scheme almost never works.
Dont ruin your life.

AHAR

oldhand wrote: »

....or the "mens appendage" stretcher for the movie roles............:cool:

I missed that one! Got a link?

blacksta wrote: »

He wants to feed 5 thousands with 5 loafs of bread and 2 pieces of fish.

To be fair, that has apparently been done before.

bouncydog1

OP - get a grip! You want to borrow £20k, without telling your wife, who for some reason is going to pay all the costs of the mortgage etc for the year you play at being an entrepreneur!

So your wife is not going to ask questions about what you are doing? When your scheme fails and your creditor (providing you can find one) takes you to court for non-payment and places a charge over your jointly owned asset, do you not think your wife might just go mad!

You have also not taken into account the fact that you wife might lose her job in the meantime - if she finds out what you are up to you might also find yourself a single person again!

You are living in cloud cuckoo land and seem to have been conned into a get rich quick scheme.

As others have said, if the scheme is so great, then you need to talk to your wife, get her on board and go talk to your bank with a properly drawn up business plan.