Personal loan while dad at home

shortcrust

Have you looked at this?

https://www.gov.uk/apply-start-up-loan

You want to borrow money to start a business. There are people who will do that, but the personal loan your bank are advertising is a completely different thing.

Bermonia

The reality is simple... you will not get a loan given your circumstances.

So you either have to save up/scrape together or borrow from friends or family if they are willing and believe in you.

Alternatively if your wife’s income has been sufficient enough to support you, two kids and two cars... does she potentially have the affordability to take on a loan - at least she has an income which can be seen by lenders.

threedee

Paul_DNAP wrote: »

Does the equipment manufacturer do any sort of hire / lease / HP - if you could rent the gear to get started, build up an income, you can then approach the bank with a plan to purchase it outright.

I'm buying from an importing agent, which means money upfront. No leasing. Plus i have gone out of my way to get british companies sell me they ask three times of what i'm willing to spend on exactly the same thing i'm getting imported directly. And yeah, i'm getting all the warranties and same bells and whistles that british "manufacture"...

enthusiasticsaver

threedee wrote: »

As for business part - its all at home. no overheads. some startup materials will be sourced from past network, which is available NOW.

You need permission to run a business from home. From the council to make sure the noise from your machinery is not a nuisance to neighbours and if your property is rented from your landlord.

JimmyTheWig

My gut feeling is for your wife to apply for a credit card.
Then scrape together the money.
If your car breaks down the next day, use the credit card.
Pay the credit card back with the £100 a month that you can afford.
On months where you don't need the credit card, use the £100 to build up your savings again so that you won't need the credit card when the car breaks down.

It's not ideal, as you may be paying interest on the credit card, but should work if you're confident in your business plan.

threedee

JimmyTheWig wrote: »

My gut feeling is for your wife to apply for a credit card.
Then scrape together the money.
If your car breaks down the next day, use the credit card.
Pay the credit card back with the £100 a month that you can afford.
On months where you don't need the credit card, use the £100 to build up your savings again so that you won't need the credit card when the car breaks down.

It's not ideal, as you may be paying interest on the credit card, but should work if you're confident in your business plan.

A plan. Nice.
Why i am confident ? I am experienced in this work, thats why i'm confident.


And here's the interesting bit - my wife has WORSE credit than my unemployed bottom... Go figure...



I NEED a permission on great many things, bothering council for additional bother.. i wont bother. I live in the sticks, closest house 300 yards away and even if my machinery that will be staying in a living room for the (time being) made much noise my wife would kick me out of the house... Simplicity


I consider myself financially very cautious and even then i consider this (apparently impossible) loan a safest bet. But most of you are right in that faceless banks will not look favorably or thoroughly enough into my situation here... Thanks anyway.

shortcrust

You might have point if you were talking about borrowing on the strength of your business plan, but you’re not wanting to do that. You want a bank to lend you money when you have no income and when they have no knowledge of your plans. Crazy.

If you want a business startup loan then apply for one.

Bermonia

Well if the so called faceless banks won’t lend you I guess you can always ask your friendly local loan shark...

dealer_wins

Save up for 12 months, save hard, every penny. Then you can start your business debt free.

No bank is going to give you a loan for a business start up, even if you did have an income anyway.

ViolaLass

You have a credit card. What's the limit on it? Could you get it extended?