Personal loan for business

Tky101 · 6 May 2018 at 4:46PM

I am currently in full time employment but looking to go self employed and buy into a franchise. I require a loan of £14,000 to fund the buy in but would rather get a personal loan as opposed to going down the business loan route, can anybody advise on whether this is possible?

Thanks

System · 6 May 2018 at 5:56PM

It is possible but you may need to guarantor it. You will have to have done a full proper business plan and it will be looked at when they decide on whether to lend or not.

BakingC · 6 May 2018 at 6:00PM

Well you could apply stating this reason and see what they do.

Or are you suggesting you commit fraud by lying on the application as you intent to quit your job and chances are you wouldn't find many lenders willing to give you that money knowing you are giving up secure income for possible income on a personal loan.

Is £14k the full buy in? Are you putting in anything yourself?