Personal loan to invest in my business
I need a personal loan to invest in my business. I think I need
between £5,000 and £7,000 (I haven't finished working out the final
costs yet), but the problem is that I am disabled and on benefits. My
yearly income is about £12,000. I have had a credit card and an
overdraft since I was 18 (I'm 36 now), and I have never defaulted on any
debt, so my credit score should be pretty good. I have a £5,000 loan
which is partway being paid off and was a startup loan for my business.
I
signed up for the Money Saving Expert Credit Club. Still, because I
have moved in December 2021, I think it needs to wait for electoral vote
registration to go through as it is not letting me authenticate with
Experian at the moment. Maybe if I wait for a little bit, it'll update?
I've already changed my address with the bank (which is my current
account and credit card supplier).
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Replies
Are you making any money at all in the business. How will you service the loan
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance -£65,553.80
Also for business you should be applying for business loan not a personal loan.
Is the business viable?
Actual mortgage stating amount £75,150
Overpayment start date 1/3/23.
Starting balance £66,565.45
Current balance -£65,553.80
OP, I think you will struggle to get approval for the extra financing. Do you have a solid business plan? Is the business currently profitable?