Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: JandS on June 05, 2020, 10:09:13 am
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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.
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Not been on the forum a while i see ;D.
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You been living under a rock for the last 4 weeks? ;D ;D ;D
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Same here were you been js
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Hi what bank was that and is it a business account thanks andy
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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.
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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.
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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 :D
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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 :D
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.
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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 :D
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 :D
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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 👍🏼
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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 :D
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.
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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.
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Yes if you don't need it just invest it in premium bonds for a year then pay it back.
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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.
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That is exactly the idea to keep people spending to keep the economy rolling
T
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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.
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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.
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a report I read said the gov. are expecting 60% of these loans will never get repaid
Darran
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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.
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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.
Not if you go bust!
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Whys everyone panicking about paying back the bounce back loan at 2 and half percent its a no brainer stick it in bank till you need equipment or a van trust me those who haven't bothered will regret it later when they are looking for a new van in a couple of years at over 25 percent ,and question for the one saying stick it in premium bonds will it make a fortune in premium bonds
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Whys everyone panicking about paying back the bounce back loan at 2 and half percent its a no brainer stick it in bank till you need equipment or a van trust me those who haven't bothered will regret it later when they are looking for a new van in a couple of years at over 25 percent ,and question for the one saying stick it in premium bonds will it make a fortune in premium bonds
Over 25 % 😂😂😂😂😂😂😂😂😂😂😂😂🙈
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Will it make a fortune in premium bonds...who knows but you get a free years worth of trying........I have a little bit invested in them and have had three £25 prizes in less than a year....probably more than I would have got in interest.
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Exactly go and buy a van at 2.5% for between 15-20k you’ll pay far less in the long run than doing it through a normal business loan,far less.
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Exactly go and buy a van at 2.5% for between 15-20k you’ll pay far less in the long run than doing it through a normal business loan,far less.
Far less? maybe so with a business loan, but if you have a good credit rating personal loans can be had for under 3%, so not that big a difference.
That said the bounce back loans are easier to apply for and the 0% first year then 2.5% rate is guaranteed irrespective of your credit rating, I myself applied for a loan of 10k but have since decided against it and haven’t signed the agreement which expires tomorrow.
Personally if I were taking out a bounce back loan I would try to repay as much as possible in the interest free first year.
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Same here , I nearly got one but decided against it too. The last thing I want if all goes tits up is a load of debt, il survive without it :)
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
That’s exactly it, if you want a van, it’s a great idea.
But debt is debt.
I have a feeling some, (yes, key word here is some) window cleaners will regret how much they borrowed in 2 years time.
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
One size doesn’t fit all Daz! Some people have been affected more than others, what about those that are set up as Ltd company, those that employ, those that have lost a lot of commercial work, etc, etc etc?
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Exactly go and buy a van at 2.5% for between 15-20k you’ll pay far less in the long run than doing it through a normal business loan,far less.
Far less? maybe so with a business loan, but if you have a good credit rating personal loans can be had for under 3%, so not that big a difference.
That said the bounce back loans are easier to apply for and the 0% first year then 2.5% rate is guaranteed irrespective of your credit rating, I myself applied for a loan of 10k but have since decided against it and haven’t signed the agreement which expires tomorrow.
Personally if I were taking out a bounce back loan I would try to repay as much as possible in the interest free first year.
You’ll struggle to get 3%. Especially over £25k. 3% is an “indicative rate”. Almost no one gets it.
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To be honest dasmond not everyone earns as much as you ,im not trying to cause an argument but most of your post s are about earning massive amounts of cash even other day you had to brag about having 400 pounds stashed to one side is there any wonder why people put you down all time
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People have set up LTD companies for Tax purposes etc so you can’t have it all,and Daz I think is just making a point he’s not bragging he’s just saying some people get so tetchy when it comes to talking about money on here.
So what he’s got 400 quid knocking about in his bag it ain’t gonna change his life much is it.
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Exactly go and buy a van at 2.5% for between 15-20k you’ll pay far less in the long run than doing it through a normal business loan,far less.
Far less? maybe so with a business loan, but if you have a good credit rating personal loans can be had for under 3%, so not that big a difference.
That said the bounce back loans are easier to apply for and the 0% first year then 2.5% rate is guaranteed irrespective of your credit rating, I myself applied for a loan of 10k but have since decided against it and haven’t signed the agreement which expires tomorrow.
Personally if I were taking out a bounce back loan I would try to repay as much as possible in the interest free first year.
You’ll struggle to get 3%. Especially over £25k. 3% is an “indicative rate”. Almost no one gets it.
The post I replied to mentioned 15-20k not 25k. I also said you can get a loan at under 3%...if you have a good credit rating. I’ve had a loan of 20k @ 2.8% and a loan of 19k at 2.9%.
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Exactly go and buy a van at 2.5% for between 15-20k you’ll pay far less in the long run than doing it through a normal business loan,far less.
Far less? maybe so with a business loan, but if you have a good credit rating personal loans can be had for under 3%, so not that big a difference.
That said the bounce back loans are easier to apply for and the 0% first year then 2.5% rate is guaranteed irrespective of your credit rating, I myself applied for a loan of 10k but have since decided against it and haven’t signed the agreement which expires tomorrow.
Personally if I were taking out a bounce back loan I would try to repay as much as possible in the interest free first year.
You’ll struggle to get 3%. Especially over £25k. 3% is an “indicative rate”. Almost no one gets it.
The post I replied to mentioned 15-20k not 25k. I also said you can get a loan at under 3%...if you have a good credit rating. I’ve had a loan of 20k @ 2.8% and a loan of 19k at 2.9%.
Lucky you. I bought a new car and could only get 6.9%. A mate of mine was offered 11.9 on a motorhome. Both advertised 3% and both of us have flawless credit ratings.
Most people will get nowhere near 2.5%. That’s a fact.
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You won’t get those kind of %s on the type of car-van I’m thinking of you’ll get nothing like 2.5%.
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Exactly go and buy a van at 2.5% for between 15-20k you’ll pay far less in the long run than doing it through a normal business loan,far less.
Far less? maybe so with a business loan, but if you have a good credit rating personal loans can be had for under 3%, so not that big a difference.
That said the bounce back loans are easier to apply for and the 0% first year then 2.5% rate is guaranteed irrespective of your credit rating, I myself applied for a loan of 10k but have since decided against it and haven’t signed the agreement which expires tomorrow.
Personally if I were taking out a bounce back loan I would try to repay as much as possible in the interest free first year.
You’ll struggle to get 3%. Especially over £25k. 3% is an “indicative rate”. Almost no one gets it.
The post I replied to mentioned 15-20k not 25k. I also said you can get a loan at under 3%...if you have a good credit rating. I’ve had a loan of 20k @ 2.8% and a loan of 19k at 2.9%.
Lucky you. I bought a new car and could only get 6.9%. A mate of mine was offered 11.9 on a motorhome. Both advertised 3% and both of us have flawless credit ratings.
Most people will get nowhere near 2.5%. That’s a fact.
Aye my loans were for a car as well, I took two separate loans from two different lenders because as soon as you went over the 20k the interest rate increased. The car salesman was trying to get 6% out of me( no chance that was happening ) and surprised when I told him I could get the money at 2.85%😁
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You won’t get those kind of %s on the type of car-van I’m thinking of you’ll get nothing like 2.5%.
Do what I did and you will ( two separate loans ).....that’s assuming you have a good credit rating and score high in affordability 😜
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I had 21k on credit cards zero percent, there’s other ways to borrow money if you don’t want to pay interest on a loan
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
What if you wanted to buy another business?
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
Daz, there's plenty of reasons a window cleaner will need these loans.
Its taken you twenty years to get to where you are now.
A loan 'back in the day' would've helped you massively.
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a report I read said the gov. are expecting 60% of these loans will never get repaid
Darran
With that expectation .. and they're still calculating that throwing all this money at the economy to try and make it move would be better off then not.
Makes you realise we're just at the tip and things could get very messy indeed!
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
Assuming you paid cash for your van then Daz?
Very little difference in taking a loan and taking on a lease for a new van, except the interest rate of course.
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Taking a van on finance or taking this loan,providing you are intending on paying it back it creates trickle down effect and starts things moving again which is the intention.
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Dazmond, you’ve got close to 50k worth of vehicles on credit, yet there’s no reason a window cleaner should accept a loan?
Wake up man!
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You are a strange one aren’t you Daz? You have two vehicles worth what over 40k on as some would see as credit but there’s no reason a window cleaner should take out a loan?
We know Daz, he’ll change his mind shortly and bang on about them 😁
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
Daz, there's plenty of reasons a window cleaner will need these loans.
Its taken you twenty years to get to where you are now.
A loan 'back in the day' would've helped you massively.
No it wouldnt......I would of spent it all on drink,drugs and women......the rest I would of wasted.......😀
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Dazmond, you’ve got close to 50k worth of vehicles on credit, yet there’s no reason a window cleaner should accept a loan?
Wake up man!
Errr...I've given reasons?....a new van /system or maybe to keep as an emergency fund if you have no money saved up........its foolish just to borrow money for the hell of it though.....itll need to be paid back one day....
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Dazmond, you’ve got close to 50k worth of vehicles on credit, yet there’s no reason a window cleaner should accept a loan?
Wake up man!
Errr...I've given reasons?....a new van /system or maybe to keep as an emergency fund if you have no money saved up........its foolish just to borrow money for the hell of it though.....itll need to be paid back one day....
Not really, I've borrowed lots of money over the years, most people have, and I will borrow again.
Reasons to borrow this money:
1, Lowest rate I've ever seen
B. Unsecured - backed by the government
3. No fees.
F. Quick decision
4. No interest for the first year - if in May 2021 I've not spent it (I will have) I can pay it back and walk away.
Total no-brainer.
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Dazmond, you’ve got close to 50k worth of vehicles on credit, yet there’s no reason a window cleaner should accept a loan?
Wake up man!
Errr...I've given reasons?....a new van /system or maybe to keep as an emergency fund if you have no money saved up........its foolish just to borrow money for the hell of it though.....itll need to be paid back one day....
Not really, I've borrowed lots of money over the years, most people have, and I will borrow again.
Reasons to borrow this money:
1, Lowest rate I've ever seen
B. Unsecured - backed by the government
3. No fees.
F. Quick decision
4. No interest for the first year - if in May 2021 I've not spent it (I will have) I can pay it back and walk away.
Total no-brainer.
Yes, agreed. I’ve paid off finance on 2 vans and going to sink the rest into leaflets. I fund leaflet drops totally out of income generally which restricts me and is tough on cash flow. No brainer.
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
Daz, there's plenty of reasons a window cleaner will need these loans.
Its taken you twenty years to get to where you are now.
A loan 'back in the day' would've helped you massively.
No it wouldnt......I would of spent it all on drink,drugs and women......the rest I would of wasted.......😀
You saying the money wouldn't have been useful to help you after you'd got sober and before you became established and kitted up?
Fact is Daz, there's plenty of people who could do with a helping hand, you could've too I'm sure.
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Are you not supposed to just get these so you can look at it in your bank 🤣🤣,that’s what I thought 🤣🤣
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I’ve spoken to no end of people that don’t need it they’ve all taken the opportunity,it ain’t got to be paid back for 12 months and it’s interest free Daz if you don’t need it this time next year give it back m8.
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There is absolutely no reason a window cleaner needs to get one of these loans unless you need a new van/system quickly or you have no substantial emergency fund built up.........
Daz, there's plenty of reasons a window cleaner will need these loans.
Its taken you twenty years to get to where you are now.
A loan 'back in the day' would've helped you massively.
No it wouldnt......I would of spent it all on drink,drugs and women......the rest I would of wasted.......😀
You saying the money wouldn't have been useful to help you after you'd got sober and before you became established and kitted up?
Fact is Daz, there's plenty of people who could do with a helping hand, you could've too I'm sure.
maybe....but theres a certain satisfaction in evolving/struggling and doing things the hard way before coming out the other side in a better place.......
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Daz you never know m8 the time you’ll think that would be handy the time to apply would have expired,someone said they reckon 60% of it won’t get re paid lol I can’t see them settling for that.