Quickest way to Raise £3000

[Merchant UK]

Yesterday i had a good friend call me saying that he had some cashflow problems and that he needed to borrow £3000, I told him i didn't have that sort of money available, and that he should do what i do, and thats borrow from my credit card and pay it back when he can, I just put it as a loan to the company and pay myself back when i can.

But he's maxed out on his cards, so i thought i'd add it here to get some ideas.

He's normally pretty good but he's had a few late payers and thats affected his cashflow, He dosn't want to borrow more on his business account, so what are his options? Are there any other sources of funding available to him??

I told him to get an overdraught on his account from his bank, but they've already refused him that and he's been with them 22 years :eek:

Any ideas?? I think its easier to get a mortgage, that to get short term funding for your business :cool:

[gemd89]

Well if it was me, id work full time and move back in with my parents but obviously he doesnt have that option!

What about a normal loan?
Gemma

[fundingportal]

What's the nature of his business?

factoring might be a solution.

[iridessa]

Quickest way would be to try other friends and/or family who may have some funds to help.

[Merchant UK]

What's the nature of his business?

factoring might be a solution.

He's an Uphoslterer (spelling??) pretty busy at the moment but not getting any help or support from his bank (Barclays)

[phoenix9486]

Yesterday i had a good friend call me saying that he had some cashflow problems and that he needed to borrow £3000, I told him i didn't have that sort of money available, and that he should do what i do, and thats borrow from my credit card and pay it back when he can, I just put it as a loan to the company and pay myself back when i can.

But he's maxed out on his cards, so i thought i'd add it here to get some ideas.

He's normally pretty good but he's had a few late payers and thats affected his cashflow, He dosn't want to borrow more on his business account, so what are his options? Are there any other sources of funding available to him??

I told him to get an overdraught on his account from his bank, but they've already refused him that and he's been with them 22 years :eek:

Any ideas?? I think its easier to get a mortgage, that to get short term funding for your business :cool: why not try a network marketing company.Let him retail some products and he can earn as much as he wants. Obviously he'll have to actually do something rather than borrow money.thus his debt'll only increase.

[MASSEY]

Apply for some new credit cards :|

Or tell him to sell 3k's worth of his possesions?

[sanjiv]

http://uk.zopa.com/ZopaWeb/public/borrowing/loan-calculator/results.html?amount=3000&rs2=36
Can be repaid early too so saves money on interest.

[Bri]

if he's pretty busy something wrong with his business plan.He should approach his existing clients and get some monies upfront to ease his cash flow. Tighten his belt on overheads and ride through this problem robbing Peter to pay Paul scenario.Put pressure on outstanding invoices/debts to be paid, ask suppliers for a little more time to pay, they are usually understanding.

[Merchant UK]

Apply for some new credit cards :|

Or tell him to sell 3k's worth of his possesions?

Thanks massey,

He's got himself a credit card which i hope now will solve his cashflow probs temporarily. I've also spoken to a couple of his suppliers and one has even agreed to give him 60 days credit which is a bonus.

;)

[MASSEY]

It is quite funny how people neglect the option to apply for new credit cards in sticky financial situations.

:)