Small Business Loan

[cslgirl]

Where is the best place to get a £5k loan over 4 years without an eye watering APR and admin charges? Any recommendations? I am with HSBC and they want 14.9% APR plus £180 fees. Or would this sound ok to you and it's just me being tight not wanting to give them all that money?

Have only borrowed £1k previously so am a novice at where to find the best deals.

Surely I would be better off getting a personal loan for £5k at a low interest rate and then loaning that to the company?

(my turnover is too low for Funding Circle)

[anothernameitist]

Don't know market rates et al.

if funding circle isn't a route, are there any other Government routes to go down?

[foliedouce]

How old is your business?

Start Up Loans would do this if you are in the early stages, that would be circa 6%

[Junior Bianno]

cslgirl said:

Surely I would be better off getting a personal loan for £5k at a low interest rate and then loaning that to the company?

Almost definitely. Even if you did get a business loan, the lender would want you to personally guarantee it anyway, so it really makes no difference.

[cslgirl]

Business has just gone into its fourth year so probably not eligible for a start up loan.

Junior - this was my thinking too. And probably the way I will go as all the banks want to rape you with charges/APR for a business loan. And they want me to to go the bank, sign paperwork and probably grovel for it!!

[Butter Face]

Zopa is great if you want a personal loan, very reasonable rates I found.