Business or personal loan?

Lucytalitha

Morning everyone! My husband and I need a bank loan to start a business, my understanding is that we will need a personal loan as banks don't do business loans for start ups, so we're wondering if we have to pretend that the personal loan isn't for starting a business??;

anfieldred

Are you eligible for a Government start up loan?

https://www.startuploans.co.uk/

Hopefully someone with more knowledge can advise on these better than me, but maybe worth looking into?

dealer_wins

Best not to start your new business by committing fraud really!!!

System

Lucytalitha wrote: »

so we're wondering if we have to pretend that the personal loan isn't for starting a business??;

By pretend you mean lie on the application which means you're committing fraud of the kind that can come with a chance of resulting in a knock on the door from the police.

BrassicWoman

you could get a loan if you had personal money going in too. Banks don't like taking all the risk.


So - what have you got and what do you need?

jonesMUFCforever

Indeed a personal loan for funding a new business start up is a big no-no!

DCFC79

Lucytalitha wrote: »

Morning everyone! My husband and I need a bank loan to start a business, my understanding is that we will need a personal loan as banks don't do business loans for start ups, so we're wondering if we have to pretend that the personal loan isn't for starting a business??;

Well Google is great.


A search has thrown up 2 options, Virginstartup.org and Santander do loans for startups.