Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter
Self-employed on a low income needs a loaned £3-4k buffer cash to be repaid within 2 years
78 replies 2.8K views
Latest MSE News and Guides
Energy Price Cap change
Martin Lewis on what it means for youMSE News
Best £1 you've ever spent?
Share your most impressive bargainsMSE Forum
New MSE Forum avatars available
Try 'em out nowMSE Forum
If you were able to finance the van to a modest extent, you could leave some of your savings as standby.
I still think the low income is a difficult hurdle to cross though and the vague reasons for borrowing as you are framing it might put lenders off too.
In any case, if neither is an unsecured personal loan, nor the pool of credit cards an option, I will probably have to try some bad credit hire purchase...
But you earn far too little and will fail affordability checks on the outset so there is little point in applying.
To be clear, affordability is based on the ONS figures for household expenditure vs your income. Earning £10k per year is, on paper, completely unaffordable in most areas of the UK. Anyone who lends you money is lining themselves up for an unaffordable lending complaint if/when you default, so they won't lend you money.
I'd argue that they're right and realistically you should be applying for a business loan, not a personal loan anyway.
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance £63,787.16
If they look more closely at your business then it isn't unusual to want to keep a buffer when either starting up or expanding.
However, and again, the amount you want and the vague reasons why you do suggest there is more to your story. I don't know what you mean by a business being a cash reserve.