£50K Interest Free Loan for 12 Months £50K Interest Free Loan for 12 Months
Page 1 of 33 12311 ... LastLast
Posts 1 to 10 of 322
  1. #1

    Contractor Among Contractors


    Join Date
    Jul 2019
    Posts
    1,359

    Default £50K Interest Free Loan for 12 Months

    Anyone taking part? No interest or repayments for 12 months.

    Small firms to get 100%-taxpayer-backed loans - BBC News

    Unclear if you can just give the £50K back after 12 months, after earning a few hundred quid in your pittance of a business savings account.
    Last edited by Paralytic; 27th April 2020 at 16:12.

  2. #2

    Default

    Quote Originally Posted by Paralytic View Post
    Unclear if you can just give the £50K back after 12 months, after eating a few hundred quid in your pittance of a business savings account.
    Interesting, but probably not worth the hassle if bank interest is your angle. At best, you're probably looking at 400 quid in bank interest and I bet there's some hassle in both opening and closing, regardless of what they say. But especially closing. Definitely worthwhile if you want to expand something though - would be rude not to.

  3. #3

    Double Godlike!

    oracleslave's Avatar
    Join Date
    Aug 2007
    Posts
    10,081

    Default

    Quote Originally Posted by jamesbrown View Post
    Definitely worthwhile if you want to expand something though - would be rude not to.
    Would pumping the lot into the latest Crypto prophecy from Scooter count as expansion?

  4. #4

    Double Godlike!

    ladymuck's Avatar
    Join Date
    Sep 2005
    Location
    London
    Posts
    11,144

    Default

    Maybe I'll use it to buy my Nan's flat!

  5. #5

  6. #6

    Nice But Dim

    DaveB's Avatar
    Join Date
    Oct 2005
    Posts
    20,591

    Default

    Directors loan dumped into an offset mortgage and paid back after 12 months? Probably the best rate of interest you're going to get.
    "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

  7. #7

    Default

    Quote Originally Posted by oracleslave View Post
    Would pumping the lot into the latest Crypto prophecy from Scooter count as expansion?
    Expansion of cretinism, yes.

  8. #8

    Super poster

    CheeseSlice's Avatar
    Join Date
    Mar 2009
    Location
    Melting on your hamburger
    Posts
    2,162

    Default

    Quote Originally Posted by Paralytic View Post
    No interest or repayments for 12 months.
    Apart from the bank interest that the government has to pay on your behalf?

  9. #9

    Default

    Whooohooo Cheltenham fund sorted


    Sent from my iPhone using Contractor UK Forum

  10. #10

    My post count is Majestic

    northernladuk's Avatar
    Join Date
    Mar 2009
    Posts
    44,191

    Default

    Quote Originally Posted by DaveB View Post
    Directors loan dumped into an offset mortgage and paid back after 12 months? Probably the best rate of interest you're going to get.
    You're right but ff you've got an offset mortgage at the moment you are probably already being bummed on the rate so whatever you save in the 12 months isn't much of a win in the bigger picture.

    EDIT : That said there is some fair products about but that makes the savings even worse.
    Last edited by northernladuk; 27th April 2020 at 20:15.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •