How easy/difficult to borrow £20k?
Discussion
So im looking at a new business venture and require £20,000 (maybe a little more) to get it going.
I will need to borrow this amount as i dont have it available.
I do not have any capital or security (except for stock of business venture)
How difficult will it be for me to get this amount? Are there any tips/advice to help me source this funding?
I can maybe borrow a small amount (>£5k) from family.
Im aware i may not have provided all nesecary info, but il happily answer any questions you have.
I will need to borrow this amount as i dont have it available.
I do not have any capital or security (except for stock of business venture)
How difficult will it be for me to get this amount? Are there any tips/advice to help me source this funding?
I can maybe borrow a small amount (>£5k) from family.
Im aware i may not have provided all nesecary info, but il happily answer any questions you have.
Maybe try to get a personal loan from the bank?
I assume you are older with a good credit rating. I walked into a Natwest once when I was 19, came out with 11k , they didn't ask what I was going to spend it on, only that I could afford the repayments.
Maybe interest rates would be higher on a personal loan instead of a "business" loan, but hey.
There is no way you can borrow the money from a family member? Would be good to avoid the black flag from the bank so to speak.
I assume you are older with a good credit rating. I walked into a Natwest once when I was 19, came out with 11k , they didn't ask what I was going to spend it on, only that I could afford the repayments.
Maybe interest rates would be higher on a personal loan instead of a "business" loan, but hey.
There is no way you can borrow the money from a family member? Would be good to avoid the black flag from the bank so to speak.
I have not checked but I reakon my credit rating is not that good.
I have not 'borrowed' for years. I dont have a credit card, use Visa debit and cash.
I have an overdraft on my account, which i bounce in and out of.
Been in full time payed employment for 10 years plus.
I was thinking about applying for a credit card from the bank (they keep pestering me to get one) and use that instead and pay it off each month to help improve my rating?
I have not 'borrowed' for years. I dont have a credit card, use Visa debit and cash.
I have an overdraft on my account, which i bounce in and out of.
Been in full time payed employment for 10 years plus.
I was thinking about applying for a credit card from the bank (they keep pestering me to get one) and use that instead and pay it off each month to help improve my rating?
If you wanted to improve the credit rating, that's definitely an idea.
Get a 0% credit card (assuming you have a mobile phone and pay your dues that should be fine).
Immediately , when you get it, call up the bank and arrange a direct debit to take the full amount.
Then just buy perhaps lunch one day and a magazine with it each month.
Don't spunk loads of money on it and then suffer for 3 years to pay it off! (like me haha).
Get a 0% credit card (assuming you have a mobile phone and pay your dues that should be fine).
Immediately , when you get it, call up the bank and arrange a direct debit to take the full amount.
Then just buy perhaps lunch one day and a magazine with it each month.
Don't spunk loads of money on it and then suffer for 3 years to pay it off! (like me haha).
xjay1337 said:
If you wanted to improve the credit rating, that's definitely an idea.
Get a 0% credit card (assuming you have a mobile phone and pay your dues that should be fine).
Immediately , when you get it, call up the bank and arrange a direct debit to take the full amount.
Then just buy perhaps lunch one day and a magazine with it each month.
Don't spunk loads of money on it and then suffer for 3 years to pay it off! (like me haha).
Ok, will do that tonight, I put the Groceries and fuel on it (only things i really pay on card for anyway) then transfer the amount each payday.Get a 0% credit card (assuming you have a mobile phone and pay your dues that should be fine).
Immediately , when you get it, call up the bank and arrange a direct debit to take the full amount.
Then just buy perhaps lunch one day and a magazine with it each month.
Don't spunk loads of money on it and then suffer for 3 years to pay it off! (like me haha).
Yeah that would be a good shout.
But advice is free from the bank anyway, so speak to your bank manager or financial advisor, they'll usually have a proper appointment for you in a little office.
Just say you are wanting it as a business loan, they may want to see your business plan, any existing revenue it has, business plan, legal docs about you being the director/owner or such like, but it doesn't hurt at all to ask.
And not forgetting that you aren't obliged to take any money they offer you, if the monthly payments are too high or such. :-)
But advice is free from the bank anyway, so speak to your bank manager or financial advisor, they'll usually have a proper appointment for you in a little office.
Just say you are wanting it as a business loan, they may want to see your business plan, any existing revenue it has, business plan, legal docs about you being the director/owner or such like, but it doesn't hurt at all to ask.
And not forgetting that you aren't obliged to take any money they offer you, if the monthly payments are too high or such. :-)
Sainsbury's do fairly cheap loans.
Also you could try one of the peer to peer lenders like Zopa, they're quite good for larger amounts.
This is aside from the fact that you really really need to be confident in your investment if you're borrowing money to invest. Double risky. Lose the investment, and be left with debt at the end of it.
Also you could try one of the peer to peer lenders like Zopa, they're quite good for larger amounts.
This is aside from the fact that you really really need to be confident in your investment if you're borrowing money to invest. Double risky. Lose the investment, and be left with debt at the end of it.
callmedave said:
So im looking at a new business venture and require £20,000 (maybe a little more) to get it going.
I do not have any capital or security (except for stock of business venture)
Without wishing to put too much of a downer on it, I think you'd need a very convincing business plan.I do not have any capital or security (except for stock of business venture)
If you do this venture without the protection of a limited company you'd be taking a huge risk if it all goes horribly wrong.
Ozzie Osmond said:
Without wishing to put too much of a downer on it, I think you'd need a very convincing business plan.
If you do this venture without the protection of a limited company you'd be taking a huge risk if it all goes horribly wrong.
I understand what your saying, and yes there is a risk, but I think its a low risk (wouldnt do it otherwise) I know a few people with their own companies who have been im my shoes so i will consult with them before approaching the bank, Also i may consider a personal loan over a business loan.If you do this venture without the protection of a limited company you'd be taking a huge risk if it all goes horribly wrong.
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