[Stoots]

Don’t borrow the money for treats protect the NHS.

What do you think most of the self employed are doing who have been working ? turning down the grant because they dont need it ? not likely.  Im ltd so i cant get the grant so i`ll take this, but to be honest if i was self employed and getting the grant id still take the loan......Get what you can whilst you can because we will ALL have to pay it back no matter if you benefited or not.

[pikeman]

Is it definatly means tested  not seen it mentioned any where.

[deeege]

Is it definatly means tested  not seen it mentioned any where.

This loan is not means tested.
The self employed scheme is not means tested.
Any hardship grant or universal credits are means tested.

[Steven Biggs]

Don’t think any of the banks are offering it through personal accounts .

[Stoots]

Is it definatly means tested  not seen it mentioned any where.

I honestly don't know the fine details.

All it asks you is your turnover.. You can apply for up to 25% of annual turnover.

I don't even know my exact turnover for last year.. I just guessed 40k so applied for 10k...there are zero checks so I assume if you said you earned 200k  there is no way of them knowing.... Of course this wouldn't be advisable but pretty sure it isn't means tested.

[zesty]

Is it definatly means tested  not seen it mentioned any where.

I honestly don't know the fine details.

All it asks you is your turnover.. You can apply for up to 25% of annual turnover.

I don't even know my exact turnover for last year.. I just guessed 40k so applied for 10k...there are zero checks so I assume if you said you earned 200k  there is no way of them knowing.... Of course this wouldn't be advisable but pretty sure it isn't means tested.

That’s my understanding, they take an estimated turnover.

At the end of the day, it’s all got to be paid back, debt is debt, but if you know you’ll be paying it back with no issues then the interest rate is pretty appealing!

[jo5hm4n]

I just applied for £20k, lets see what happens.  Thanks for the heads up Gomo if i get accepted then i can use this money to pay off all my business loan/finances off which are at 7.8%+  interest across the board.  Absolute massive saving.  Might even get another van when all said and done.  Lets see if i get accepted first! 

[P @ F]

Gomo , is it just a case of giving them last years turnover figure ?
I am with Halifax and they don’t seem to be accredited to the scheme , so is it being dealt with  by Lloyds as the parent co ?

[zesty]

Gomo , is it just a case of giving them last years turnover figure ?
I am with Halifax and they don’t seem to be accredited to the scheme , so is it being dealt with  by Lloyds as the parent co ?

You can use any bank that offers it Rich, there are several offering the loan 👍🏼

I’ve started the process, it’s basically tick box with estimated turnover.

[P @ F]

Cheers Zesty , I don’t want much , it’ll just be handy to pay for all the gear I got from Gardiners recently on PayPal tick 
I’m also getting shafted for £4 a day interest on my overdraft facility 

[zesty]

Cheers Zesty , I don’t want much , it’ll just be handy to pay for all the gear I got from Gardiners recently on PayPal tick 
I’m also getting shafted for £4 a day interest on my overdraft facility 

Be handy for you to get out your overdraft, pay the PayPal balance then use the next year to pay the loan back interest free!

[Splash & dash]

Would also be a smart move if you already have outstanding finance at higher terms, either loans, hp or credit cards etc to to take the loan and pay it off.

I'm keeping hold of the money for a few months to see what happens, i think it would be daft to blow it right now but at a years interest free no harm in taking the loan and sticking it in savings for a year, if I decide I don't want it then just give it back.

The smart move if you have other debts is get a zero % credit card for 12-24 months and use that no intrest  at all , then when that one runs out put it on another if it’s not paid off

[P @ F]

That’s all well and good if you can get one , I got into grief with one years ago and the bank have never forgotten it even though it’s all paid off !
The thing is I can get credit anywhere I choose to , it’s just credit cards must be red flagged for me 

[Bungle]

Use it against your tax bill. Let’s say they put income tax up to 25% you’ll basically be paying  a 22.5% tax rate or thereabouts.

[James Styles]

Hmmm I’m interested in this, I’ve always avoided loans but no interest for a year does sound appealing as it could help me move & possibly get a van. Thing is my first year turnover was really low. I’d only look at getting between 2-5k not a big loan.  Can they check your turnover?

[p1w1]

Don't think they will check your turnover unless its something outrages, however by the looks of most of them offering it, you need the account you use for business to be with them, so if say only 10k went through it for the year and you're telling them you turnover 20k that might look at a bit suspect. The banks are lending out the money but the government is guaranteeing it, so the banks won't be as cautious lending it to you as they would with there own money.

[East coast window cleaning Services]

Applied for 10k, 48 hours later and its in my account.

That'll do nicely for a new van once we get back to normal 


Done the same thing pick up me van yesterday

Interest free for a year then just 2.5%... Won't get cheaper finance than that.

Worth a shout for anyone considering finance, particularly if your credit rating isn't great as there are zero eligibility checks.

[NWH]

Don’t borrow the money for treats protect the NHS.

What do you think most of the self employed are doing who have been working ? turning down the grant because they dont need it ? not likely.  Im ltd so i cant get the grant so i`ll take this, but to be honest if i was self employed and getting the grant id still take the loan......Get what you can whilst you can because we will ALL have to pay it back no matter if you benefited or not.

It’s a loan you’ll have to pay it back low interest or not I could go out tomorrow or next week and borrow 1000s,still got to pay it back.
Before people think about or go out and get loans they need to know if they will have the work to be able to pay it back really at this time,most of us can borrow money.

[jo5hm4n]

Just to be clear guys even if you dont need the money you can still get the loan then after a year pay back the full amount no interest no harm done.

Im using mine as a backup to start with.

We are not out of the woods yet with this virus.  It might get better then get worse again....

[P @ F]

It will get worse I think , people in Plymouth are out in the city and waterfront spaces in the hundreds today , police have been out on mass trying to disperse the idiots 
Keep it tight I say