New business loan

[ethical PR]

Hi Lance,

thank you for you response. I can’t go into too much detail on location as I don’t want anyone else bidding against me . I’ve managed to strike a decent deal on the unit.

I strongly believe that there is a market for what I want to offer,

Cheers

Sunil

What market research have you carried out to ascertain that you can generate the income you need under Covid and to have a clear understanding of who your target market is?

What sort of footfall are you expecting on a daily basis taking into account that many people are not using public transport, are working from home etc? What have you identified as the average spend?

How much have you set aside for marketing your new venture and do you know how to reach your target market.

How much of your own money are you putting into the venture.

 

[Gordon - Commercial Finance]

Not half as worrying as the number of people who make confident assertions they cannot back up with evidence.

Is that just on this forum, or on the whole internet?

 

[billybob99]

People max out personal credit cards to fund startups, don't really see what the issue is.

 

[Financial-Modeller]

An Unsecured Personal Loan (UPL) to a person will be priced based on the lender's assessment of the borrower's creditworthiness, which may be different to the creditworthiness of a business.

Where a business is owned exclusively by one shareholder, there is an obvious commercial decision on borrowing-cost arbitrage if the individual wants to borrow money to invest in their business. They can borrow funds personally, and lend/contribute/inject into the business, and/or their business can borrow in its capacity as a legal entity.

There seems to be a slight fixation on the 'purpose' of an UPL. This is purely a question for marketing purposes.

It should be obvious that many lenders are commercial organisations and use information gathered during a loan application for cross-selling opportunities. A personal borrower is more likely in future to receive targeted marketing material from their lender and/or the lender's partners e.g.
'New Car' might attract motor insurance, breakdown cover, etc
'Home improvements' might attract buildings insurance, boiler cover, etc
'holiday' might attract travel insurance, currency services, etc
'consolidating debt' might attract invitations for credit cards etc

If a borrower repays a UPL per the terms and conditions agreed at the application stage, no fraud has been committed irrespective of what the funds were used for and when.

Furthermore no crime has been committed and no lender has ever or will ever seek criminal prosecution if a borrower chooses to spend more than or less than 100% of an Unsecured Personal Loan on the purpose selected during the application stage.

 

[Aniela]

So, what happened?

Just couldn't resist playing 'The Perfect One'?

Drop out and save yourself further embarrassment (as in many of your other 'perfect' scenarios on other threads).

An e-commerce seller preaching how to live life.

Have all the suppliers you buy from been vetted for compliance?

Have all the documents been 100% accurate?

Don't bother replying, we all know what your answers are going to be.

Suggestion - Be a detective and shop everyone to HMRC if they have done something wrong. (In your eyes)

You've nailed your colours to the mast throughout UKBF as your responses to most threads revolve around "You Naughty Boy - You Shouldn't Have Done That"

Most regular posters are transparent with the business they're involved with and this gives credence to their answers.

Get off your high horse, or tell all on UKBF your background.

If you think someone is an embarrassment for calling out fraud, that's on you, and furthers my point about members here condoning fraud.

If I've nailed my colours for pointing out the illegal activities and fraudulent behaviours that certain people on here proudly discuss, I'm happy with a job well done.

Some members have already been reported to HMRC for potential BBL fraud and others have been reported to the police.

 

[gpietersz]

I am enjoying this now. I literally laughed out loud just now.

I cannot recall anything that anyone has admitted to that is likely to be of the least interest to the police. I cannot recall any sign of BBL fraud either - unless you take comments about spending it on cocaine and hookers seriously.

As far as criminal offences go, I think a series of unsubstantiated complaints sounds like wasting police time.

 

[LanceUk]

@MY OFFICE IN CHINA - you would not believe it, but I managed to find a ready market for both commodities without having to approach fraudulent BBL borrowers.. What luck, eh? ;-)

Some members have already been reported to HMRC for potential BBL fraud and others have been reported to the police.

Obviously, a) you like to have a laugh, of b) you have a superior sense of justice and civic duty.. If the latter, then it is your obligation to report such things as you see fit to the authorities to make a full and thorough investigation - as they see fit.

 

[Melissa Tredinnick]

Locking this thread now as it's gone off topic.