Best route for small loan

D

D1983

Registered User
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150
Hi

I need a loan of about 7-10k,its really to help out with my buisness start up.
Do i need to tell the bank that its for buisness start up or could i just say it was for......eg; a car?
 
For such a small amount you could approach your Credit Union, providing you have an account there.
 
Only thing is i don't have an account in the credit union.I take it you have to have an account there for a minimum period of time before you can get a loan?
 
Would something like the [broken link removed] be an option? This is not a recommendation - just a suggestion of something else to look at.
 
ClubMan said:
Would something like the [broken link removed] be an option? This is not a recommendation - just a suggestion of something else to look at.
Click to expand...

Also im not working at the moment,im in the process of starting up,most places ask you for proof of income to get a loan...catch 22 situation.
 
Will you have any income to service a loan? If not then you're stuck. Unless, as suggested above, you can get funding or seed capital from elsewhere. Is the Seed Capital Scheme still going? If so would it be relevant here so that you could claim tax back on previous earnings?
 
Can you not do up the business plan? At least if you do it well it might show up future problems that might arise and let you know if the actual business is viable or not?
 
I know i really should but i wouldn't be able to do up a 'good' buisness plan myself.They said they were doing a scheme where they have a consultant to do the buisness plan for you or at least help you through it,so i might go for that if there are any places left.
 
Ok im doing up a business plan :)
How long does the process normally take,from when you present your plan etc? Weeks or days?
 
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