£2000 Loan

Amara

Hello!
I live in a rented property , but I bought a flat in May with cash. Flat is serviceable , but dated, so I started some renovation ,new kitchen, new flooring , decorating. I need another £2000 to finish project and rent flat out. I run a small business and my income is too low for a loan, OH just started a new job, so we can't apply together .
Any advice please?

John1993_2

Cutting back on all your expenses for a few months, saving up, and maybe taking on some evening work is probably your best option. You can get the jobs done as and when you can afford each piece.

Have you already been turned down for a loan, or do you just think it's not worth applying? If it's the latter, there's no harm in asking your own bank. For that sort of amount they may also offer you an overdraft.

dotdash79

Can you not get a credit card or over draft?

The interest on 2K will be as high as a credit card. You might get luck and get a 0% card on spending for 12 months

Tixy

Have you applied for a loan somewhere and been refused? Do you have any existing sources of credit (e.g. a credit card with unused limit). Have you tried applying for a card? or has OH (if they is willing to put the debt in their name)

Can you fund it over a longer period out of your income?
Can you rent the flat out as is for a while to generate some income even if at a rental figure, then update it when the tenancy ends?

Amara

Hello again, thanks for fast replies.
I have two credit cards £5400 balance on them, both on my name. OH hasn't got any. I asked my bank for card limit increase , but they refused.
I've already started renovation , so flat is a bit messy now. I regret starting now. I've should rented straight way and renovate later, but my circumstances were different .

pogg000

Did you go to your bank with a business plan?

Amara

pogg000 wrote: »

Did you go to your bank with a business plan?

No, I didn't . Maybe is a good idea. Thanks

Amara

Problem resolved itself. People I know needed accommodation quickly . They're moving in. We agreed they'll decorate in exchange of cheap rent. The biggest job, replacing kitchen , will be done later.