Very short term loan?

Discussion in 'Growing and Managing a Business' started by Jhoinsmath, May 27, 2010.

Thread Status:
Not open for further replies.
  1. Jhoinsmath

    Jhoinsmath
    uix_expand uix_collapse
    New Member

    Joined:
    May 27, 2010
    Messages:
    5
    Likes Received:
    0
    Hi,
    My mum needs a very short term wad of cash to secure a flat sale. She'll be able to get a loan from her brother within a month or so. Where would be a good place to apply, all things considered? Particularly with regard to early repayment, rates if applicable and any other fees that she would incur. I know nothing about loans and had thought they were useless if you didn't want for years, but she is aware she may have to pay lots to get this money. Her credit ratings are probably quite ok.
    Thanks for any advice.
     
  2. makatiofficespace

    makatiofficespace
    uix_expand uix_collapse
    Member

    Joined:
    Feb 16, 2010
    Messages:
    39
    Likes Received:
    2
    you should try on banks that has lower percent of tax and very understanding
     
  3. Fergal

    Fergal
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Nov 18, 2007
    Messages:
    10,575
    Likes Received:
    1,165
    Welcome to our business forum Jhoinsmath and thanks for posting your question. Many banks and financial institutions will provide bridging loans, these are short term loans to cover costs until other finance comes through. Your Mum should probably start by speaking to her own bank. If they can't help then try other banks and mortgage providers.

    What country or state is your Mum based in?
     
  4. Kay

    Kay
    uix_expand uix_collapse
    Member

    Joined:
    Sep 29, 2008
    Messages:
    1,816
    Likes Received:
    21
    And don't let your mom be tempted to do it outwith well known financial institutions. Loan sharks and similar lowlifes are just waiting to pounce on people just like her. As Fergal said, approaching her own bank is where to start. As they already have her business and her credit's fine, she stands a good chance of getting it from them, particularly if she intends to pay it in full within a month or so.

    Even if her credit isn't perfect, it's worth asking. Banks change their lending parameters all the time and will broaden or tighten the qualifying range depending on their business needs. It's not uncommon to be rejected once and then make the same application six months later and be accepted.

    Welcome to Business Advice Forum Jhoinsmath! :D
     
  5. anissa34

    anissa34
    uix_expand uix_collapse
    Member

    Joined:
    Jan 14, 2010
    Messages:
    31
    Likes Received:
    0
    loans can be given on an individual basis but are often used for small loans. The ability to repay over a while is attractive for new or expanding businesses, as the assumption is that they will increase their profit over time. Phrase loans are a good way of quickly increasing capital in order to raise a organization's supply abilities or range.
     
  6. albert george

    albert george
    uix_expand uix_collapse
    New Member

    Joined:
    Aug 29, 2012
    Messages:
    20
    Likes Received:
    0
    for people who are not familiar with loan, perhaps they think that loan is only for those who have good credit, good financial statement and collateral as well. However, there are many lenders who are willing to give unsecured personal loans even for those who are not running a business.
     
Thread Status:
Not open for further replies.

Share This Page