Loan for Business

simon2010

emmm, thanks bank manager.

Again, another person presuming I have nothing.

I was merely asking where/ or recommend I could get a 6k business loan, not a lecture about my personal finance.

What would you say if I already had 14k, but needed the other 6k.

Please try and answer the question and not make judgements until you have facts.

TrueUnitedFan

Hi Simon, i don't think no one really knows the answer to this question other than your bank. If you have CCJ/s then it would be fair to say you have less than %2 chance of getting accepted for a loan of that amount with a mainstreet bank.

You do have 4 missed payments which may have diminished your chances of getting a loan because of that.

My best advice would to go for the loan, but not put in a business loan application, banks are hardly lending loans to business's and you would really need to come up with a worldclass and business plan to make the bank manager go :O ooohhooohoo to get that loan amount.

Best bet would be to go for a personal loan, and say reason for the loan, car purchase.

Emmzi

simon2010 wrote: »

Again, another person presuming I have nothing.

I was merely asking where/ or recommend I could get a 6k business loan, not a lecture about my personal finance.

What would you say if I already had 14k, but needed the other 6k.

Please try and answer the question and not make judgements until you have facts.

I think "I already have £14k" would be a pertinent fact to tell us at the start of the exercise.

I merely told you what I would have done, as the person with the access to the money you want. Getting arsey isn;t going to help your case!

Now. Show me the lecture I gave you! I cannot see it anywhere.

poppasmurf_bewdley

simon2010 wrote: »

Another pointless rant, that doesn't answer the question, just merely says that one should be coping on 2.5k per month without any knowledge of circumstances.

Don't know your circumstances?

I know you earn £2.5k a month, you have four late payments on your credit file, you use Payday Loan companies a lot, and you have no savings - if you had you wouldn't be using Payday Loan companies! Use of Payday Loans signifies nothing except sheer desperation and inability to go anywhere else.

With those circumstances alone I know you won't be getting a loan from anyone except Thug and Slug the local loan sharks.

Do please keep us informed of your progress through the financial maze you are trying to weave for yourself. I'm sure we'd all be interested to see how you get on - and who is right!

27col

That is a brilliantly insightful post, pop.

dealer_wins

Why do people post asking for help and advise, then attack every poster posting it.

If you know well enough to argue and refute everyone, then dont post in the first place innit.

DCFC79

What a delightful poster you are simon, why not be more polite.

Wutang_2

DCFC79 wrote: »

What a delightful poster you are simon, why not be more polite.

I like him, just wish I knew his circumstances.

paddyrg

If you have £14k, and the business 'needs' £20k, then can you just phase the investement? Or does the £20k all have to be upfront (eg franchise fee?). If the finance can't be phased, then cashflow will kill you anyway, but if ti can, you can also save more from your salary as you go along, THEN you can show the bank that you have x months positive trading history. Once they see you are profitable, they will feel much more relaxed about opening a line of credit.

Otherwise once you are up and trading, see if a business angel wants to come in for the balance.

Apples2

simon2010 wrote: »

What would you say if I already had 14k, but needed the other 6k.

Please try and answer the question and not make judgements until you have facts.

To save everyone going off on a tangent, could you confirm as fact, you have £14k already and just need another £6k?