Best way to borrow £20k for new venture

Kravean

Hi all,

First time poster here and looking for some advice.

I would like to borrow £20k from a UK bank, I'm a UK citizen, born, bred, and work here, own a small property etc.

I currently have a life here but want to move abroad (not far, EU etc) I earn good money now, circa £80-90kPA, and have £10k savings but want to go and live with my girlfriend and invest in a business for her.

I don't mind taking this on as a personal loan rather than a business loan as it's an established business with profits and it's a case of buying someone out, and I would be getting a job with an income to support repayments should the business suffer for whatever reason.

My question is this; can I approach my bank as a valid candidate for a personal loan and tell the truth, or should I say i would like to invest in something and not tell them I plan to leave the UK, or should I just tell them it is for a car... reason that I am conscious is that we really need this cash injection for our plan to work and I don't want to trouble family members. Nothing underhand here at all just want to know how to play it with the banks for the best result.

Any advice recommended.

Thanks

Foxy-Stoat_3

If you have good credit history and can afford the repayments then its just a tick in a box on one of the online lenders for unsecure loans.

Assuming when you do leave the UK you will continue to make the repayments so the lender wont care as long as they get their money.

RobTang

Generally speaking its not a good idea to get a loan in a different currency, on a pure exchange rate basis that will add to your costs and you are at the mercy of currency fluctuations which could potentially throw a spanner in your re-payments.

Kravean

Thanks for the reply, so I guess getting an online 'no questions asked' loan online (for best interest rates) is the way to go? And yes I have every intention of not missing a payment, I want this debt paid off ASAP.

Kravean

I just saw your reply RobTang, but the country I am referring to is Ireland and without a property, well paid job and history there, would it not make gaining a £20k loan there difficult?
Thanks