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Newly self employed loans advice please?
Hi,
I am a new poster here, but read often for advice.
I am newly self employed ( since April 07, in partnership with my husband),and we need to get a personal loan for about £10,000. We have never had any debt problems, ccjs or missed payments, so in that sense our credit rating is fine I think, but the problem is our new employment status - they all seem to require us to have been s/e for over 2 years. To be totally honest the business is really only just starting and we aren't expecting an income from it in it's 1st 12 months, but our savings are coming to an end and we need a loan to cover our outgoings for about 6 months whilst we throw all of our efforts into making the business work.
I have looked around today and made some calls, but am drawing a bit of a blank. We have both always banked with the lloyds, so they were my first stop. They will give us a loan, but at 19.7% over 59 months, which seems ridiculously high?
Any advice of companies to approach woud be great, thank you for reading. x
I am a new poster here, but read often for advice.
I am newly self employed ( since April 07, in partnership with my husband),and we need to get a personal loan for about £10,000. We have never had any debt problems, ccjs or missed payments, so in that sense our credit rating is fine I think, but the problem is our new employment status - they all seem to require us to have been s/e for over 2 years. To be totally honest the business is really only just starting and we aren't expecting an income from it in it's 1st 12 months, but our savings are coming to an end and we need a loan to cover our outgoings for about 6 months whilst we throw all of our efforts into making the business work.
I have looked around today and made some calls, but am drawing a bit of a blank. We have both always banked with the lloyds, so they were my first stop. They will give us a loan, but at 19.7% over 59 months, which seems ridiculously high?
Any advice of companies to approach woud be great, thank you for reading. x
0
Comments
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Maybe your bank are trying to tell you something!!
I have been s/e for many years, and had my ups and downs. From my experience borrowing to live is not a good idea, you will find it very hard to generate enough income to repay the loan as well as to fund everyday living.
How about one of you looking for some part time income, or selling/downgrading house/car? Any relatives that can help out?
Putting a fledgling business under extra burden of debt really is not advisable.
HTHDon't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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