need to borrow 15k for just 1 year - advice please!

timster123

Hi, bit of a last minute panic to try and raise finance.
I need to raise £15,000 for a business opportunity and it's guaranteed to be repaid by the government in approximately 1 year.
So i really need advice as to what sort of deal i should be aiming for? Who i should borrow from? What i should tell them in the application process? and what total repayment i'd have to make.
As i said it's all a bit last minute, so any advice would be appreciated.

cledor

Suggest you obtain some free advice from your local Business Link. They will probably recommend that you prepare a business plan and may possibly help you find a suitable backer.

timster123

I've been looking at egg loans and i was thinking of having the minimum repayment per month (say £100) and then paying it off in one lump sum when i'm repaid the £15,000 in a years time. (i think they let you do that without penalty don't they?)
Does that sound like an ok plan?

kitchen_buff

If yoy think you are guaranteed the money back in a years time and you are in current full time employment, then gat a personal loan from say alliance and leicester, tell them it is for a new car, take the loan over 5 years so the payments are low and then in twelve month time ask them for a settlement figure. Remember though you are personally liable for the loan so be sure you can pay it back

timster123

If yoy think you are guaranteed the money back in a years time and you are in current full time employment, then gat a personal loan from say alliance and leicester, tell them it is for a new car, take the loan over 5 years so the payments are low and then in twelve month time ask them for a settlement figure. Remember though you are personally liable for the loan so be sure you can pay it back

I have no regular income at the moment, so that's a bit of a problem.
Your plan as outlined above is similar to what i'd planned with egg. I'm interested as to why you thought alliance and leicester were the best bank to do that with though? (are they as flexible as egg - do they let you pay it off in full?)

mrmajika

kitchen_buff wrote: »

If yoy think you are guaranteed the money back in a years time and you are in current full time employment, then gat a personal loan from say alliance and leicester, tell them it is for a new car, take the loan over 5 years so the payments

AKA Fraud.

You should not be taking out a personal loan for business purposes, however i'm sure you are well aware of that already.

brownbabygirl

what about a 0% credit card?

brownbabygirl

albertross wrote: »

Are you sure you aren't being scammed, what government scheme is this, and what is the business opportunity?

hmmmm good question!

carol99_2

Its all well and good advising someone to make a fraudulent loan application (because thats what it is) but are you going to be there to sort out their credit rating when it goes pear shaped and they are on the fraud black list? If the scheme is that good, then it must be worth getting legitimate finance.

PasturesNew

I was wondering that .... if there were £15k guaranteed back after 1 year we'd all know about it - and probably be doing it, whatever it is.

And if we know what it is, it helps with advice which can then go from general to specific advice that answers your question really directly.

timster123

I was wondering that .... if there were £15k guaranteed back after 1 year we'd all know about it - and probably be doing it, whatever it is.

And if we know what it is, it helps with advice which can then go from general to specific advice that answers your question really directly.

To answer your question, it's investing in a quite high profile feature film (which has already been shot and needs money for post production) 100% of the 15k would be secured against the uk producers tax credit and that's received when the end of year tax return is filed. (so approximately a year)
I'd receive executive producer credit and would help hugely with my career.

I'm interested in the 0% credit card method but i thought that was only for purchases and not when you need cash?