alternatives to business loans? wonga for business, capexpand, market invoice, borro

skyinsider

COOLTRIKERCHICK wrote: »

there is prob something in the VERY small print that whoever organises the loan is personally liable for the loan

When ever we have had loans for my ltd company i am a personal gaurentor for the loan. which I personally agree with, as why should the banks take all the risk in lending you the money, and you can walk away without paying back anything...

It isn't in the small print - it is in big print. They want personal debit card details of all directors.

I would really warn against using Wonga. Think about it - if you take the loan out for a year you need to add 25% to the price of all your stock - not good.

I would recommend going to your local credit union and taking out a personal loan, then loan the capital (in the form of a directors loan) to your company. You also have the option of looking for private investment. If you are looking to borrow £10k for stock buisiness must be pretty good. Why not look for someone to offer you a profit share loan - there are websites that help you look for these