Personal loan to invest in my business

in Loans
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CromulentCromulent Forumite
14 Posts
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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).

Can anyone give me some advice on whether this is possible or not?


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