Morning all,

Desperately need some advice, I'm after a small business loan around £1500, me personally have a shocking credit file from when i was younger and went a bit mad, so now I'm paying for it and no one will touch me even though as well as my new business i have a good job and earn well. I really need the cash for insurances etc Has anyone got any ideas???

Thanks

Matt

Morning all,

Desperately need some advice, I'm after a small business loan around £1500, me personally have a shocking credit file from when i was younger and went a bit mad, so now I'm paying for it and no one will touch me even though as well as my new business i have a good job and earn well. I really need the cash for insurances etc Has anyone got any ideas???

Thanks

Matt

Tesco loans bud, my mates credit rating wasn't great either and he managed at £6500 loan and he's only 21, give them a shot for sure!

Ill give em a try mate, its a nightmare

Cheers

NO good tesco wont touch me either :(

How old are you? The government have extended their buisness start up loan scheme to up to 30 year olds

http://www.telegraph.co.uk/finance/yourbus...e-extended.html

No idea how it works or how to apply for one, might be worth looking into tho if you haven't already

Edited 6 January, 201313 yr by Mclovin

cant you just save up for a while? atleast you would be starting up with one less overhead to worry about.

or sell some of your stuff to fund it?

Have you tried the banks small business advisors at all?

Make some appointments with different banks, put on a shirt and tie and get a load of info of them. Do it as a business loan based on the company.

You may be eligible for money from the princes trust or the eu. There's loads if stuff out there.

Good luck.

Edited 6 January, 201313 yr by Borednow

have you been on credit expert or any other credit reference agency before applying for loans because every time you are turned down for a loan it is logged on your credit file and it can make your score worse especially if you are making loads of applications in a short time.

my advice is to get on credit expert and see what the score is before applying for more loans.

The more applications for loans you do and the more declines you get it will affect your credit rating, you'll probably have to leave it 3-6 months before trying again. Otherwise it'll just get worse and ruin your chances of getting one at all.

Going to a bank maybe the best idea, new government legislation is 'supposed' to be helping more young people and small businesses (they funded banks more) and £1500 isn't that big a loan, so having a meeting with someone face to face may help your chances.

The worst thing you can do is apply for one after the other, the more you do the longer you will have to leave it.

NO good tesco wont touch me either :(

Ouch, what did you do with your credit rating?!

turned 18 wanted to have loads of cash for doing up my first car and going out at weekends! back then banks/loan companys/store cards they were throwing money at me without actually seeing that i wasnt earning alot of money. my own fault but it was way to easy to get given money back then lol

thanks for all the comments guys!

Ill lend you it ?.

With the intrest apr of 1500% still better then paydayquick loans lol ..

its tempting haha clutching at straws atm!

Might sound like a daft thing to say but debt gives me the creeps, working in accounts may also explain that too.

I'd say going face to face is a good plan mate, also checking out Credit Expert would be good too.

If you're still having no luck then don't keep applying for loans because as already said it is usually logged. Try selling some stuff or saving up what you can and delay the start up for a little.

If it's something you want enough you'll be able to sacrifice something for it/prolong it a little bit longer.

Whay not work at restoring your credit rating??

Go to one of these sharks get a P*Y Gay loan for fifty quid and pay it back within the cooling of period (normally 24hrs but ask first! )

Just keep doing that working up slowly,

Then apply for a credit card but pay it off every month be religious with the repayments and make them early then before you know it you will get offers left right and centre,

Oh and the more you apply the harder it is because a credit search harms your credit score..

Yeah I've got stuff for sale etc, been doing that before thinking about loans etc cause id rather start up without having to borrow straight away

sounds like you need to pitch up your buisness plan to club polo dragons den lol

but seeing as you already have a bad credit rating and your currently off work with a broken foot

I'm out :)

Whay not work at restoring your credit rating??

Go to one of these sharks get a P*Y Gay loan for fifty quid and pay it back within the cooling of period (normally 24hrs but ask first! )

Just keep doing that working up slowly,

Then apply for a credit card but pay it off every month be religious with the repayments and make them early then before you know it you will get offers left right and centre,

Oh and the more you apply the harder it is because a credit search harms your credit score..

^ This.

Having a phone contract, utility bills, sky/virgin bills etc. etc. will all help too.

Sounds like a drastic measure but the payday loans is a good idea if you can 100% do it. Apply for one, give it a day, pay it off.

What business are you looking to go into mate?

Well i work at Millbrook Proving Ground atm as a emissions and component tester, But my trade is mechanics, and theres quite a big market round here for mobile mechanics so I'm gonna start doing that and see where it take me, keeping my full time job for now as its a good job, but not really getting my hands dirty doing that.

Sounds good, good luck with it mate.

Saving up and starting off your own back will be better in the long run, try to as much as you can. That and improving your credit rating!

Might sound silly and youve probably already considered it but have you asked family and friends if they could loan you the money? :-)

I doubt using and paying off a payday loan will change your credit score much.

Check creditexpert first before you do anything else.

then, report back. Don't splash your personal details over the internet. If it was me, I'd have a look at somewhere like moneysupermarket or similiar and look for CREDIT BUILDER credit cards. They can preassess you to see if you are eligible before you have a full credit search. Remember every search that is made will reduce your score in the short term so use them wisely.

If you are accepted you will have a high APR to pay if you don't pay back in full every month, however this will very likely be cheaper than a payday loan. Even if you decide you don't need to borrow anything get a credit builder credit card anyway and use it a little bit every month and pay it back in full - make sure you are not late on your payments - this will improve your score in the long run.

Payday loans will help a little bit, everything helps really.

But yeah those credit builder credit cards are good if you're in a position to comfortably have one.

i think it has been said before but if you are earning a decent wage now then saving £1500 should be no trouble at all, if it is trouble then it does not bode well to run any business if you can not manage it.

I see there is no time scale with this so if it takes you a year, so be it.