£5000+ loan for 20 year old? Good credit history

[Deleted User]

Every time you apply for a loan you're making a mark on your credit report. Every time you apply for a loan, after having already applied for a loan, you appear more desperate. Every loan you try and take now stacks up and makes you even more appealing. You're, quite literally, trying to dig yourself out of a hole, because every spade-full takes you deeper into the unloanable hole. You're fortunate you're not in need of this money to live!

There are a lot of bad things when it comes to your ability to get credit, pay day loans and cash advances are some of the worst. They make you look erratic, unreliable and desperate. At this point I very much doubt you will be able to get any credit whatsoever against you personally, because if pay day loan companies are rejecting you... things are not good. Pay day loan companies will loan to drug addicts with no job.

I believe that it takes 6 months for previous searches to drop off of your credit report, so at this point you've got at least 6 months of being unloanable.

JoeBloggs1 wrote: »

My biggest issue was with CAP (those card readers for internet banking, I'm currently going for a missold complaint, as I clearly stated multiple times that a program of mine needs to login to my account to check incoming payments, but for business banking, they seem really stubborn on that issue (I don't need to do anything too strange, just check the statement)

Speak to your bank about merchant services, there's no reason you should be using a bank account in this manner, the majority of merchant services (eg: barclays) provide an API that allows you to do what you need to do.

Mara_uk7 wrote: »

Will you all stop feeding this troll !

A while back I made a post on this forum from a new account about a situation I was in, which was absolutely one hundred percent real, albeit unlikely, and the response I had was "you're a troll!", "why is everyone feeding the troll?", "stop lying!". Fortunately for me someone suspended disbelief and gave some advice that really helped, but it was almost drowned out by the shouts of troll.

There's really no need to waste time labelling the OP a troll, if the situation sounds too absurd for you or is "obviously" a troll just don't reply, because maybe just maybe he's looking for genuine advice... it's not worth wasting peoples time.

There are people in strange situations that seem unlikely or even impossible, but are entirely true.

JoeBloggs1

dealer_wins wrote: »

Making 6-7 figures but needs a £5K loan?

More money spent, more money earned.

Mara_uk7 wrote: »

Will you all stop feeding this troll !

I've already posted loan application screenshots, I think applying for loans would probably be taking trolling a little far...

citricsquid wrote: »

Every time you apply for a loan you're making a mark on your credit report. Every time you apply for a loan, after having already applied for a loan, you appear more desperate. Every loan you try and take now stacks up and makes you even more appealing. You're, quite literally, trying to dig yourself out of a hole, because every spade-full takes you deeper into the unloanable hole. You're fortunate you're not in need of this money to live!

Fair points, I'm avoiding going overboard on the loan applications, so have only applied for 1 loan outside of my bank (I'll send a C&D to the credit agencies and get that taken off, however it's my only credit check on my record at the moment, my bank doesn't seem to do them for loan applications)

citricsquid wrote: »

There are a lot of bad things when it comes to your ability to get credit, pay day loans and cash advances are some of the worst. They make you look erratic, unreliable and desperate. At this point I very much doubt you will be able to get any credit whatsoever against you personally, because if pay day loan companies are rejecting you... things are not good. Pay day loan companies will loan to drug addicts with no job.

Fair enough. I haven't been rejected by payday loan companies, I haven't tried, because a £500 loan wouldn't make enough to be worth being put on their mailing/phone lists! If they were willing to lend 5-10k, it'd be a different story, but otherwise, there's no point.

citricsquid wrote: »

I believe that it takes 6 months for previous searches to drop off of your credit report, so at this point you've got at least 6 months of being unloanable.

People don't realise how effective a cease and desist is for credit searches. I've done it before, just send an email requesting that they cease and desist from publishing those claims unless they can provide evidence that I authorised the searches. Obviously, they can't be bothered and get rid of them promptly. As it stands though, I only have 1 credit search on my record, so I don't think that should be a big deal, especially with all balances paid off in full and a decent amount of credit for my age allocated to me.

citricsquid wrote: »

Speak to your bank about merchant services, there's no reason you should be using a bank account in this manner, the majority of merchant services (eg: barclays) provide an API that allows you to do what you need to do.

That's an excellent idea, although, since cashflow is very very important to my business, aren't I right in saying that most banks will be paying me NET 90 on that? Payments are via bank transfer. An API would make things a hell of a lot easier, currently I'm having to screenscrape, which causes problems.

citricsquid wrote: »

A while back I made a post on this forum from a new account about a situation I was in, which was absolutely one hundred percent real, albeit unlikely, and the response I had was "you're a troll!", "why is everyone feeding the troll?", "stop lying!". Fortunately for me someone suspended disbelief and gave some advice that really helped, but it was almost drowned out by the shouts of troll.

There's really no need to waste time labelling the OP a troll, if the situation sounds too absurd for you or is "obviously" a troll just don't reply, because maybe just maybe he's looking for genuine advice... it's not worth wasting peoples time.

There are people in strange situations that seem unlikely or even impossible, but are entirely true.

Thank you very very much. I've posted loan application screenshots, I'd post my drivers license (with certain identifiable info blacked out of course) if I thought it'd shut them up, but some people will always be stuck in their beliefs, no matter how much evidence you show them otherwise.

Thanks again for the help

EDIT: I just spoke to a lawyer friend who's starting a payment processing business - apparently on merchant services, what can be done is factoring, where they hold the money for say 30 days, but loan you it in the meantime. I'll ask my bank if that's possible.

John1993_2

JoeBloggs1 wrote: »

Ah, ok, makes sense

RE the bank, yeah, I have attempted, but the choice of banks is really limited here in the UK.

At this point it's hard not to think that you are pulling our legs. London's still the world's centre for banking and financial services. You've probably got more choice here than anywhere else in the world.

CKhalvashi

JoeBloggs1 wrote: »

I'm reluctant to involve outside partners and investors - I've tried going down that route before, and whenever I have, they've either left me doing all the work while they collect their profits, or the opposite, invested the money, and then massively reduced my control and ability to direct the business myself (which is a natural consequence of partners imo, and I really despise giving up control). Also, there's not much others could bring to the table to make it worthwhile, other than money, and that's not worth giving up equity for.

Well, which do you want?

I've made a considerable amount of money in taking small businesses in administration (30% are profitable, and that's what I've looked for) then expanding them (we're talking 7 figures over 10 years), and I'm concerned, with no knowledge of what you're doing, that these sorts if figures will put you next.

£300k is not a great amount of profit in company terms, and my office costs around that each month to run.

I think, you need to sit down with someone, with your business plan (preferably someone in a bank), and see what they can do. I'm skeptical, they may not be, once it is divulged to them.

CK

worried48

JoeBloggs1 wrote: »

My biggest issue was with CAP (those card readers for internet banking, I'm currently going for a missold complaint, as I clearly stated multiple times that a program of mine needs to login to my account to check incoming payments, but for business banking, they seem really stubborn on that issue (I don't need to do anything too strange, just check the statement)

I don't understand what you mean here. We have a Lloyds business account, we can move money in and out instantly, we log in using a card reader, it all works perfectly well, and when we need to talk to someone we can usually do so fariyl quickly.

worried48

citricsquid wrote: »

A while back I made a post on this forum from a new account about a situation I was in, which was absolutely one hundred percent real, albeit unlikely, and the response I had was "you're a troll!", "why is everyone feeding the troll?", "stop lying!". Fortunately for me someone suspended disbelief and gave some advice that really helped, but it was almost drowned out by the shouts of troll.

Yes that's true, I had the same thing here myself at one stage.

JoeBloggs1

John1993 wrote: »

At this point it's hard not to think that you are pulling our legs. London's still the world's centre for banking and financial services. You've probably got more choice here than anywhere else in the world.

I think New York's a bigger centre, but that's beside the point. Seeing as the only new high street bank we've had in the past ~100 years is Metro, and half the banks are owned by each other, it's not exactly a market that fosters competition and better service.

CKhalvashi wrote: »

Well, which do you want?

I've made a considerable amount of money in taking small businesses in administration (30% are profitable, and that's what I've looked for) then expanding them (we're talking 7 figures over 10 years), and I'm concerned, with no knowledge of what you're doing, that these sorts if figures will put you next.

£300k is not a great amount of profit in company terms, and my office costs around that each month to run.

I think, you need to sit down with someone, with your business plan (preferably someone in a bank), and see what they can do. I'm skeptical, they may not be, once it is divulged to them.

CK

I realise that growth can cause problems. Luckily, this has very few outgoings, and won't need much more (I've always been thrifty too, only thing I've splurged on since starting this is a £65 pair of trainers, while forcing myself not to look at the price until I'd bought them, after the shoes I was wearing were literally falling apart. I'm not one for cars or anything either.), although I see where you're coming from.

I understand the scepticism, I would be too if someone said "Hi guys, I'm 20, I'm making 6-7 figures profit a year from a comparatively small initial investment, but I can't tell you what I'm doing!"

My business relationship manager at Lloyds is aware of what I'm doing (although I'll be seeing him again some point, as well as a couple of the big international banks/flagship branches today) and while people who I've divulged everything to (namely Lloyds + KPMG) are initially sceptical when they hear my numbers, within a couple of questions, they've been totally satisfied.

worried48 wrote: »

I don't understand what you mean here. We have a Lloyds business account, we can move money in and out instantly, we log in using a card reader, it all works perfectly well, and when we need to talk to someone we can usually do so fariyl quickly.

A part of my business is processing incoming payments, and I built something to automatically check Lloyds for those payments, however with the card reader, that's impossible (a computer can't use a card reader) - however, that was based on my previous assumption that merchant accounts were generally for accepting cards, rather than incoming bank transfers, which it seems they can do. (I get a bit screwed on factoring, but such is life)