Looking for a private lender

[Jimmyj2121]

I am looking for a loan of around £2000. I've tried payday loans and other sites noone is accepting me. I have funds to pay back in installments but the companies don't take that into consideration I would really appreciate if someone could help me out. I apologise if this is the wrong topic to post in this.

 

[Paul MH]

What do you need the money for so badly that you would consider using a payday loan company?

 

[Mark T Jones]

If payday loans are declining you it would suggest that you have a very poor credit rating and/or no apparent way to repay - both of which are things anybody is going to take into account.

What do you need money for?

How are you going to repay it?

 

[Jimmyj2121]

I am building my credit score back up making payments on time but because it updates monthly it's still not good enough for a loan. I need the money for a few reasons I have been wanting to start a business with me and my wife. We need to start off small and build our way up as eventually we want to own a store. Also life is really difficult financially and no way of getting better without a little help to get us there. We just want to make something for our child's future.

 

[Mark T Jones]

I am building my credit score back up making payments on time but because it updates monthly it's still not good enough for a loan. I need the money for a few reasons I have been wanting to start a business with me and my wife. We need to start off small and build our way up as eventually we want to own a store. Also life is really difficult financially and no way of getting better without a little help to get us there. We just want to make something for our child's future.

Unfortunately that provides no explanation whatsoever as to how you will repay - which is kind of critical.

Start Up Loans will lend against a coherent business plan and a decent credit history - perhaps your wife can apply if hers is better?

 

[Jimmyj2121]

I have no problems paying it in installments every month if coming up with a suitable repayment plan. We have tried hers but for some reason which were still trying to get answers for it keeps saying she hasn't got a credit file.

 

[NickGrogan]

I have no problems paying it in installments every month if coming up with a suitable repayment plan. We have tried hers but for some reason which were still trying to get answers for it keeps saying she hasn't got a credit file.

What would you consider a suitable repayment plan and how are you going to fund the repayments?

 

[Jimmyj2121]

Well we do have some income coming in every month and can afford between £100-£200 every month and once we start our business that would help with income too.

 

[NickGrogan]

If you can afford to pay £200pcm, just save up £2,000, its only 10 months.

That will give you time to learn about business and come up with a plan.

 

[Jimmyj2121]

I understand saving up will gives us some time but in 10 month it could be paid up and we would be bringing in more income to help with the business and personal situation. I'm only stating that amount just now but when things start picking up I could possibly pay off earlier than planned

 

[NickGrogan]

What business do you want to start, and how much experience do you have?

 

[Jimmyj2121]

We want to eventually open a clothes store but as I previously mentioned we will need to start off small and work our way up to it we've already found some sites to purchase stock from and we are looking into getting a website created.

 

[NickGrogan]

Save your money.

Purchasing clothes in small quantities from online wholesalers and selling through a website is not going to make you any money, especially with a total budget of £2,000. You'll just end up with a pile of unsold clothes and a debt.

Start savings and study other business ideas.

 

[Jimmyj2121]

I understand what you're saying but I have discussed the idea with alot of people and will have support with getting the word out and getting sales.

 

[Mark T Jones]

I'm sorry, but every comment you add shows that you are really very bad with money (why on earth do you think its a good idea to take payday loans to buy stock?)

You also need to get some understanding and feel for online trading (with stock) before you borrow money.

CAB can potentially help you with your immediate credit situation and some guidance on financial management. This forum can offer guidance on how to set up and run a business

Under no circumstances should you be borrowing money right now- particularly 'informally' from people you don't know!

 

[NickGrogan]

How many of those people have more than 100,000 followers on Instagram?

Everyone says it's a good idea until you ask them to buy something.

Here's a quick way to test and fund your business.

Create gift vouchers worth £100 for your new store.

Sell these vouchers to your friends for just £90. They save £10 for every £100 they buy.

If you sell 20 vouchers you've for £1,800 in cash and your first £2,000 of orders!

Use this money to buy the clothes, deliver them to your customers and you're in profit.

You should have enough money to buy more clothes to sell.


If you can't get people to buy the vouchers, they won't buy the clothes either.

 

[Jimmyj2121]

I never thought of doing it that way I think I'll try that and see if it does help. Thank you

 

[JEREMY HAWKE]

Your a risk your posts show this !
Your poor credit score reflects this
Someone in the know on here has advised that trading low volumes of clothing stock is going to be a disastrous venture , You then argue that people have supported your idea . Who are people ?

Stay on the safe side and dont borrow any money

 

[Jimmyj2121]

I don't think I will be borrowing money now because the idea of the gift vouchers might actually work and it will help me figure out how many people would actually buy from the site. I just want to thank you all for giving me your honest opinions.

 

[fisicx]

Building a website to sell clothes, buying stock and paying for marketing will cost a whole lot more than £2000. Add a zero to the end and you might have enough.

Forget what your family and friends say, they will alway be encouraging. The hard truth is it’s very competitive online. There are thousands of people all wanting a slice of the pie which means you have to work very hard to just break even.

 

[MarkOnline]

Starting out, you have little money (unless you have wealthy parents/relatives) unfortunately you have to swap sweat and time to try and accumulate some cash. Work and save up cash ie dont spend as much as you earn, it involves sacrifice and hard work. Unfortunately thats the way life is/was for most of us. If you want it bad enough you will get there, where there is will vary dependent on how business savy you are.
Good luck, time to get your head down.

 

[antropy]

I am looking for a loan of around £2000. I've tried payday loans and other sites noone is accepting me.

As others have said, every single one of your posts makes it clear that this would be £2000 someone would never see again.

Paul.

 

[Chris Ashdown]

Its great that your looking at ways out of the low income trap

The trouble is to selling on the internet you need to spend money getting the site noticed and having stock that the customer wants and needs. there are plenty of clothing distributers where you can buy clothing at so called trade prices but as they are well known there are plenty of people like yourself competing in that market and £10,000 would more than likely be the bottom end to start in clothing, margins are tight, costs on the main marketing sites are high and consumer rights mean returns are very heavy.

Ralawise is one of these companies https://shop.ralawise.com/

I would suggest it ecommerce is really for you start very small visit car boot sales like any others looking for something you can sell on with a minimum of 100% mark up. Sell on eBay to learn about business and grow slowly

Good luck

 

[japancool]

Also, ask your council if there are any local grants or loans you can get.

 

[japancool]

Clothing is a really, really, REALLY bad thing to start of in e-commerce with.

It has an average return rate of 25%, and you have to keep not only a range of designs in stock, but also a range of sizes. £2000 really won't cut it, as everyone says.

 

[Mr D]

Agreed, clothing return rates tend to be high.
I've sold clothing on occasion, one return was annoying, a dozen returns are far more annoying.
OP - As a business your buyers have the right to try the clothing on and return it for a full refund if they wish.
Some will wear the clothing to a party / night out first then return it. You get a dress back stinking of smoke....
Or the 'damaged item' return where the seller gets to pay for the return. Even if they have to use scissors to make sure the item is indeed damaged.

There are many types of online selling that can be done with £2k. However clothing should not be first point of call.
And certainly not borrowing to sell - the repayments would likely be more than your profit initially.

Save up. Find a trade fair or two (or indeed many) and go visit them as a retailer. Usually free entry.
Find stuff, research hell out of it, see if there's money to be made.

In business there is no guarantee of making money. May well turn out those supplying you with goods and services make money but nothing to be sure you make money.

 

[Mark T Jones]

Agreed, clothing return rates tend to be high.
I've sold clothing on occasion, one return was annoying, a dozen returns are far more annoying.
OP - As a business your buyers have the right to try the clothing on and return it for a full refund if they wish.
Some will wear the clothing to a party / night out first then return it. You get a dress back stinking of smoke....
Or the 'damaged item' return where the seller gets to pay for the return. Even if they have to use scissors to make sure the item is indeed damaged.

There are many types of online selling that can be done with £2k. However clothing should not be first point of call.
And certainly not borrowing to sell - the repayments would likely be more than your profit initially.

Save up. Find a trade fair or two (or indeed many) and go visit them as a retailer. Usually free entry.
Find stuff, research hell out of it, see if there's money to be made.

In business there is no guarantee of making money. May well turn out those supplying you with goods and services make money but nothing to be sure you make money.

You've nudged my memory! The idea of damaging goods in order to reject them pre-dates online sales

Back in the '80s I had a couple of clients in the East End wholesale rag trade. It was common practice for retailers to return slow moving lines as damaged with judicious cuts or unpicking. Sometimes done with sublety and precision, sometimes blatant

 

[Mr D]

You've nudged my memory! The idea of damaging goods in order to reject them pre-dates online sales

Back in the '80s I had a couple of clients in the East End wholesale rag trade. It was common practice for retailers to return slow moving lines as damaged with judicious cuts or unpicking. Sometimes done with sublety and precision, sometimes blatant

I've heard it happens still....
Not every order. But have known some less than stellar business people claim items damaged multiple times so they get a credit - and free stock.
Keeping some damaged items in storage so can send photos if necessary.