Just read about these loans online, anyone ever done one ?

Anyone do them?

Loans. Paying someone else to spend your own money. Effectively reducing the amount of your earnings you have to yourself. Giving yourself the dark cloud of being in liability to someone else.

Loans are for mugs. Every loan. If you get a loan, it's something you've had to resort to because of poor finance management. (except a mortgage, and some argue a car).

I disagree, I used to be poor with my finances when i was like 18. But now i actually earn good money and pay for a house,car,bills also support my girlfriend and my new born daughter. But i actually want to start a business of my own and because the outlay is quite large and i already have alot of outgoings its a bit to much to do out of my own finances. Saying what you said is a load of rubbish to be fair.

Still, as much as there is a possibility of your business hitting off and you being able to pay off the money pronto there is every possibility that it may be a slow starter and you then end up with more overheads down the line with the interest from the loan. Like I and others said yesterday, if you do want the loan fair play I'd try to tidy up your credit score and apply face to face as opposed to online.

But if it was me, I'd sit on the plan and save all I could so I could start up with no unwanted costs.

Loans. Paying someone else to spend your own money. Effectively reducing the amount of your earnings you have to yourself. Giving yourself the dark cloud of being in liability to someone else.

Loans are for mugs. Every loan. If you get a loan, it's something you've had to resort to because of poor finance management. (except a mortgage, and some argue a car).

I'm not sure how Theo Paphetus or Duncan Banatine would say to that,

Our entire monetary system is based on debt every penny in your pocket is an I owe you..

the key is using debt to your own advantage every business needs debt but only as a last resort and careful consideration.

Edit, coz i carn't spel. :grin:

Edited 10 January, 201313 yr by Mk2 olop

so before anyone can really help you at all, you need to tell us

-what you want the loan for

-how much you need

-what your other options are

-where are you considering applying

and WHY.

Most of that is in another thread.

thats a helpful reply.

Although people may have their own experience's on here, is this really the best place for important financial advice?

I'm kind of with Mikey regarding personal loans mind. I only have a student loan to pay off, which is pretty minimal really and I'm lucky enough that my GF has the mortgage in her name (which isn't to say I don't contribute). I have never had a loan bar to buy a bass once. I had the cash up front but it was 0% for 12 months so i used that to my advantage. However, upon reflection and the whole PPI fiasco, I rather wish I had taken a loan 10 years ago. I believe in saving for things that you want and paying up front.

Saying that a business is different. I'd take a loan out to start a business as the initial start up costs are likely to be large if you want to start bigger than your front room. I don't know what you want the money for and I'm not trawling through past threads to find out. Really you're best speaking to an independent financial advisor for proper advice, not a car forum.

I've replied to your other post. I'm not an independent however I have working in high street retail banking for the past 6 years, and know a thing or two about managing money.

I'm happy to help if you need it mate.

^^I stand corrected it would seem. I'd still prefer an independent, face to face discussion (no disrepect intended Jim)

Absolutely agree. I'm here to help where and if I can though

you could save £1500 (which is what you said you needed) without much difficulty just set some money aside every month and every time you go to buy something just say to your self "do i really need this". you could take a second job, ask friends if they want jobs doing etc.

if you're determined enough you will save that amount of money surprisingly quickly.

that's how i saved for my hgv, it took me 6 months and a hell of a lot of work to save £2200 but i got there.

thats a helpful reply.

Sorry, I was dozing off after a long day