Getting a loan or finance Getting a loan or finance
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  1. #1

    Nervous Newbie

    halbot doesn't make much sense


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    Default Getting a loan or finance

    Hi all

    New to contracting and this forum so go easy

    I switched from perm to contract a couple of months ago. I have only been paid once so don't have much saved up, and no savings otherwise (yes it was a risky move).

    We are also about to do some building work on our house and somewhat short on funds, about 25k or so. So I need to borrow the money, and my ltd company doesn't have it so I can't take a directors loan. I can get 0% credit card advance of 9k but still short.

    So, my question is, can I apply for a normal high street loan for say 20k, what sort of history will be required i.e. do they look at dividends/salary, or is there any way I can get a loan, only having been in a contract for a short time? How does this work normally if you are a director with a small salary taking dividends?

    Obviously the sensible thing to do would be to delay the building work until I have more funds, but for one reason or another we need to start in the next month or so. I will be able to pay back 2k a month or so out of my dividends.

    Thanks!

  2. #2

    My post count is Majestic

    northernladuk is always on top

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    If a new contractor has a question about his accounts and what he can do with the money should he ask...

    A) His Gladiator
    B) His Accountant
    C) His Radiator Bleeder

    When asking for free help from people should he...

    A) Post in any part of the forum he wants because he can't be arsed to find where to put it
    B) Take 10 seconds to read the headings of each section and post it in the appropriate place
    C) Put it in General because he wants a proper roasting by a fat lazy contractor.

    Answers on the back of a £50 note and push through the letterbox please.....
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  3. #3

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    Halbot, would the building works be done by a professional naked fat lazy contractor?
    Vote Corbyn ! Save this country !

  4. #4

    More fingers than teeth

    scooterscot - scorchio!

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    If you can't afford the money, you can't afford to build. Try saving instead.
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  5. #5

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    Quote Originally Posted by halbot View Post
    Hi all

    New to contracting and this forum so go easy

    I switched from perm to contract a couple of months ago. I have only been paid once so don't have much saved up, and no savings otherwise (yes it was a risky move).

    We are also about to do some building work on our house and somewhat short on funds, about 25k or so. So I need to borrow the money, and my ltd company doesn't have it so I can't take a directors loan. I can get 0% credit card advance of 9k but still short.

    So, my question is, can I apply for a normal high street loan for say 20k, what sort of history will be required i.e. do they look at dividends/salary, or is there any way I can get a loan, only having been in a contract for a short time? How does this work normally if you are a director with a small salary taking dividends?

    Obviously the sensible thing to do would be to delay the building work until I have more funds, but for one reason or another we need to start in the next month or so. I will be able to pay back 2k a month or so out of my dividends.

    Thanks!
    Don't borrow money, tell the wife to stop nagging.
    When tyranny becomes law, rebellion becomes duty,"

    Thomas Jefferson

  6. #6

    My post count is Majestic

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    Quote Originally Posted by scooterscot View Post
    Just buy crypto.. Next stop the moooooooon.
    FTFY
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  7. #7

    More fingers than teeth

    scooterscot - scorchio!

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    Quote Originally Posted by northernladuk View Post
    FTFY
    Certainly is, the one indicator that never fails: Crypto Fear & Greed Index - Bitcoin Sentiment - Alternative.me
    “We've always defined ourselves by the ability to overcome the impossible. And we count these moments. These moments when we dare to aim higher, to break barriers, to reach for the stars, to make the unknown known. We count these moments as our proudest achievements. But we lost all that. Or perhaps we've just forgotten that we are still pioneers. And we've barely begun. And that our greatest accomplishments cannot be behind us, because our destiny lies above us.”

  8. #8

    Some things in Moderation

    cojak is a fount of knowledge

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    And that’s what happens when you post in General.

    I’ll copy the OP into A/L and let’s try again...

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