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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).
0
Comments
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Nope not going to happen. Your on 12k a year so that's how much your debts will be if you get this loan.
Are you making any money at all in the business. How will you service the loanMortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0 -
Also for business you should be applying for business loan not a personal loan.
Is the business viable?Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.1 -
Cromulent said:I have a £5,000 loan which is partway being paid off and was a startup loan for my business.Cromulent said:I need a personal loan to invest in my business. I think I need between £5,000 and £7,000Sncjw said:
Is the business viable?
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?0 -
Sounds incredibly similar to another ongoing thread.0
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Nope not going to happen.0
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