Business or personal loan?
Lucytalitha
Posts: 3
Newbie
in Loans
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??;
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Comments
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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?0 -
Best not to start your new business by committing fraud really!!!0
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Lucytalitha wrote: »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.0 -
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/ £24000 -
Indeed a personal loan for funding a new business start up is a big no-no!0
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Lucytalitha wrote: »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.0
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