Small Business Loan Quotes and Lowest Possible Interest Rates

MayaF

Would anyone be able to shed some light on small business loans vs personal loans with these details:

- The goal loan would be 10k, ideally at under 10% interest.
- Barclays previously approved a 5k personal loan at 14%, 4 months ago.
- The loan would used for new business product development. The ltd company was setup June 2014.

- Does it make a difference if I apply for various loan quotes all at once or if I space out the loan requests by applying with my current barclays bank initially, then wait 2 weeks for an Experian credit report, try to fix errors, and then apply for loan quotes from other lenders? The Experian report is delayed due to them needing extra information and apparently needing these as originals and by post.
- What are the chances of error/s in the credit report although I have a residency of only 4yrs in the UK?

All in all, what would give me the best chance to get the goal loan of 10k with the lowest interest rate?

Thank you for your insight and advice in advance.

Tixy

If the loan is required by the limited company then I would apply for a business loan it the name of the company.

Or possibly given the small amount of the loan, and depending on how quickly it can be repaid, perhaps an overdraft on the business account.

If you did decide to apply for a personal loan to then yourself make a loan to the limited company then I would wait until you have got copies of your credit files first (have you tried obtaining your equifax and callcredit/noddle files)?

jonesMUFCforever

The ''loan goal''??
Either you have a business plan and know exactly what you will be using the money for (and a plan to repay) or you are whistling in the wind hoping someone will give you the money for no reason.

Which is it?

10pence

Either way most banks nowadays insist on a personal guarantee for loans with limited companies.

You could try the government and dragons den chaps led initiative: https://www.startuploans.co.uk/ This is still a personal loan and amount is based on valid business plan.