Advice with getting some cash

[Linzie2012]

Basically many moons ago I created a plan, My life plan - It was in this order.

1. Buy our home
2. Get married
3. Open my dream business
4. Buy another house
5. Have babies
6. Expand business

Ive skipped a few steps, so now need to back track.

Im on step 3 & looking for £15,000 to open my business. The plan was ideally to get it via remortgaging But I have to wait another 12months for that as only bough the house in Mach 2012.

But I do not want to get the money as a business loan, as I believe this will work & I dont have to nag for the money persuad people otherwise.

So I was thinking

A. Loan
B. Credit Card
C. Wait

If I went for A B, Which would be the better & more beneficial to me, once the business is open it will be paying back to loan / card but I will be taking it out on the house & also was wondering if you can actually get £15,000 on a CC, a person I know says you can, But wouldnt of thought so.

Help..

 

[k8_005]

You can but it would take years to build up to that credit limit on credit card hubby has high limits we don't use that he has accured over the years I have far lower ones. The initial credit limit wud be far less also credit cards use higher interest rates. Business loans are usually best but you can do a personal loan you may have to do that amount as one which is attatched to house rather than one that isn't. Ie if u fail to pay anything they can take your house secured loan that's what they are called u would also depend on credit ratings on what you can get be aware if you have had credit searches multiple ones u will not have such a good credit score. Xx

 

[Princess81]

Oh I dunno, maybe consult with princes trust or such charities encouraging people to start their own business as they can provide practical advice.
Credit card debt scares the life out of me personally, it's so easy to get into problems with them x

 

[Hunnie]

Agree with princess! IMO credit cards are a huge no go!

 

[Linzie2012]

Thanks everyone, We going to go with a joint loan against the house.

I did multiple searches online the other about 10 ! Hope I haven't messed with my score.

I'm a member of Equifax though so can check it out.

 

[daniph1]

I would say loan with Clysdale band - very cheap interest rates - 15k over 7 years at 215 per month! xx only pay back 18k x

 

[Tigger87]

I just thought I'd add here, doing a business plan to secure a business loan and justifying your business to someone else might not be such an awful idea, it will help you to make sure you've thought of everything and that it genuinely is a viable proposal and that you won't lose out either xx

 

[babyem]

Agree with princess! IMO credit cards are a huge no go!

Ditto!! Xx

tapatalking x