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£50K Interest Free Loan for 12 Months

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    £50K Interest Free Loan for 12 Months

    Anyone taking part? No interest or repayments for 12 months.

    Small firms to get 100%-taxpayer-backed loans - BBC News

    Unclear if you can just give the £50K back after 12 months, after earning a few hundred quid in your pittance of a business savings account.
    Last edited by Paralytic; 27 April 2020, 16:12.

    #2
    Originally posted by Paralytic View Post
    Unclear if you can just give the £50K back after 12 months, after eating a few hundred quid in your pittance of a business savings account.
    Interesting, but probably not worth the hassle if bank interest is your angle. At best, you're probably looking at 400 quid in bank interest and I bet there's some hassle in both opening and closing, regardless of what they say. But especially closing. Definitely worthwhile if you want to expand something though - would be rude not to.

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      #3
      Originally posted by jamesbrown View Post
      Definitely worthwhile if you want to expand something though - would be rude not to.
      Would pumping the lot into the latest Crypto prophecy from Scooter count as expansion?

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        #4
        Maybe I'll use it to buy my Nan's flat!

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          #5
          A little more info:

          Small businesses boosted by bounce back loans - GOV.UK

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            #6
            Directors loan dumped into an offset mortgage and paid back after 12 months? Probably the best rate of interest you're going to get.
            "Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.

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              #7
              Originally posted by oracleslave View Post
              Would pumping the lot into the latest Crypto prophecy from Scooter count as expansion?
              Expansion of cretinism, yes.

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                #8
                Originally posted by Paralytic View Post
                No interest or repayments for 12 months.
                Apart from the bank interest that the government has to pay on your behalf?

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                  #9
                  Whooohooo Cheltenham fund sorted


                  Sent from my iPhone using Contractor UK Forum

                  Comment


                    #10
                    Originally posted by DaveB View Post
                    Directors loan dumped into an offset mortgage and paid back after 12 months? Probably the best rate of interest you're going to get.
                    You're right but ff you've got an offset mortgage at the moment you are probably already being bummed on the rate so whatever you save in the 12 months isn't much of a win in the bigger picture.

                    EDIT : That said there is some fair products about but that makes the savings even worse.
                    Last edited by northernladuk; 27 April 2020, 20:15.
                    'CUK forum personality of 2011 - Winner - Yes really!!!!

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