Business or personal loan?

Morning everyone! My husband and I need a bank loan to start a business, my understanding is that we will need a personal loan as banks don't do business loans for start ups, so we're wondering if we have to pretend that the personal loan isn't for starting a business??;

Comments

  • Are you eligible for a Government start up loan?

    https://www.startuploans.co.uk/

    Hopefully someone with more knowledge can advise on these better than me, but maybe worth looking into?
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Best not to start your new business by committing fraud really!!!
  • System
    System Posts: 178,077
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    so we're wondering if we have to pretend that the personal loan isn't for starting a business??;

    By pretend you mean lie on the application which means you're committing fraud of the kind that can come with a chance of resulting in a knock on the door from the police.
  • BrassicWoman
    BrassicWoman Posts: 3,201
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    you could get a loan if you had personal money going in too. Banks don't like taking all the risk.


    So - what have you got and what do you need?
    2021 GC £1365.71/ £2400
  • Indeed a personal loan for funding a new business start up is a big no-no!
  • DCFC79
    DCFC79 Posts: 40,598
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    Morning everyone! My husband and I need a bank loan to start a business, my understanding is that we will need a personal loan as banks don't do business loans for start ups, so we're wondering if we have to pretend that the personal loan isn't for starting a business??;


    Well Google is great.


    A search has thrown up 2 options, Virginstartup.org and Santander do loans for startups.
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