[JandS]

If your wanting a cheap loan get one of these.
I applied Wednesday afternoon and it's there today.
No paperwork at all required just a contact phone number which they already have.
No credit checks or affordability checks and no checks on your turnover they just take your word for it.
No payments for a year and no interest accrued so what you borrow now you still only owe that in 12 months.
Got mine through my business account so not sure how you goon if you don't have one.

[p1w1]

Not been on the forum a while i see  .

[jo5hm4n]

You been living under a rock for the last 4 weeks?

[jk999]

Same here were you been js

[andyralph]

Hi what bank was that and is it a business account thanks andy

[JandS]

See....someone else......I just didn't believe how lax they were and how easy it was...they didn't even want proof of earnings.
Barclays business account....apply for as much as you can comfortably afford...wish I had applied for more now.

[Arnold Palmer]

See....someone else......I just didn't believe how lax they were and how easy it was...they didn't even want proof of earnings.
Barclays business account....apply for as much as you can comfortably afford...wish I had applied for more now.

I maxed it. Was a no-brainer, literally.

I applied after a few jars at the weekend and was very confused when I logged into the bank on Monday morning.

[Stoots]

I contemplated lying about my turnover lol I must admit and taking more.

But realistically you do have to pay it back and if I took more I knew I would just spend it all so I got 10k. That was enough for a new vehicle and some new gear.

But yes when you've done it, its like oh it's that easy is it, damn I should have got more 

[zesty]

I contemplated lying about my turnover lol I must admit and taking more.

But realistically you do have to pay it back and if I took more I knew I would just spend it all so I got 10k. That was enough for a new vehicle and some new gear.

But yes when you've done it, its like oh it's that easy is it, damn I should have got more 

It’s defo a good rate, a great opportunity for borrowing!

However, it’s still gotta be paid back, wonder how many self employed will regret what they’ve borrowed in the next couple of years.

Think it’s probably sensible you took the £10k rather than say, 20k, it’s all too easy and tempting to spend for some, then the realisation you’ve gotta pay it all back and some, hits 😬.

I was very close to getting one, was half way through setting up a business account with my bank, then thought, sod it. I don’t really need it.

If I wanted a new van, I think it would have been worth it for sure! Right now though, I’m good with the grants.

[SB Cleaning]

I contemplated lying about my turnover lol I must admit and taking more.

But realistically you do have to pay it back and if I took more I knew I would just spend it all so I got 10k. That was enough for a new vehicle and some new gear.

But yes when you've done it, its like oh it's that easy is it, damn I should have got more 

It’s defo a good rate, a great opportunity for borrowing!

However, it’s still gotta be paid back, wonder how many self employed will regret what they’ve borrowed in the next couple of years.

Think it’s probably sensible you took the £10k rather than say, 20k, it’s all too easy and tempting to spend for some, then the realisation you’ve gotta pay it all back and some, hits 😬.

I was very close to getting one, was half way through setting up a business account with my bank, then thought, sod it. I don’t really need it.

If I wanted a new van, I think it would have been worth it for sure! Right now though, I’m good with the grants.

I cant see anyone having regrets with 2.5% interest 

[zesty]

Hence why I said it’s ‘definitely a good rate, a great opportunity for borrowing’

That’s not the point, the point is it’s still got to be paid back, and people who may have eyes bigger than their bellies may regret it.

Not in Adams case, as he was sensible with what he borrowed.

Debt it debt, so you if you earn say £40k a year, but borrowed £20k, that’s quite a big debt if you aren’t good with money 💴


But yes, it’s a great rate, and a brilliant opportunity to borrow if you’re sensible 👍🏼
 

[NWH]

I contemplated lying about my turnover lol I must admit and taking more.

But realistically you do have to pay it back and if I took more I knew I would just spend it all so I got 10k. That was enough for a new vehicle and some new gear.

But yes when you've done it, its like oh it's that easy is it, damn I should have got more 

Yeah but the thing is you don’t make any payments for the first year so you could have got more thought about what you might need during the time and then giving half of it back,ok the payments might have been higher but that would have only meant you’d have paid it off in half the time.

[NWH]

That is an unbelievable borrowing rate for you’re business even if you don’t need it at the moment and it just sits there for a year,if you don’t or haven’t needed it in the year just give it back.

[JandS]

Yes if you don't need it just invest it in premium bonds for a year then pay it back.

[deeege]

There will be thousands upon thousands of self employed people that are terrible with money, that now have £10k - £20k in grants and loans burning a hole in their pocket. I know quite a few myself.

I’d bet gardiners and other suppliers have seen a big spike in orders of new poles and other expensive items recently.

[Tristan R Clean]

That is exactly the idea to keep people spending to keep the economy rolling

T

[Crystal-clear]

What security do the banks have from limited company directors saying 250k turnover and getting 50k then folding over the course of 2 years just buy paying them selfs a wage.. scary to think how many thousands of pounds are going to be basically lost and gov/banks wont be able to recoupe with no liability to hold on to anyway. Could put us in a worse off situation in the long term.

[deeege]

What security do the banks have from limited company directors saying 250k turnover and getting 50k then folding over the course of 2 years just buy paying them selfs a wage.. scary to think how many thousands of pounds are going to be basically lost and gov/banks wont be able to recoupe with no liability to hold on to anyway. Could put us in a worse off situation in the long term.

None. I know a fella who has done just that, but with 4 separate companies. £200k.

[Smudger]

a report I read said the gov. are expecting 60% of these loans will never get repaid

Darran

[Rob.Hall]

The bounce back loan will have to be paid back if you read terms and conditions.

 They cannot come after your home or main work van.
Howevee they can come after you against other business assets/equipment.