£50K Interest Free Loan for 12 Months

[ladymuck]

I think there's way too much over analysing of this going on. It's a loan to your company - it's not a tax break or some other scheme. As long as your company was not in difficulties in December and you believe your business has been adversely impacted by COVID-19 then you can apply for it.

[thethem]

Loan application without first year accounts

Hi all, I'm currently looking into applying for a loan with Santander but as I'm in my first year trading I don't have the full year accounts. Just wondered if anyone knows what evidence Santander (or other banks) will require for processing the loan?

Thanks in advance for any assistance.

[northernladuk]

Hi all, I'm currently looking into applying for a loan with Santander but as I'm in my first year trading I don't have the full year accounts. Just wondered if anyone knows what evidence Santander (or other banks) will require for processing the loan?

Thanks in advance for any assistance.

Are you with Santander? If so just fill the forms in. Very simple.

[thethem]

Are you with Santander? If so just fill the forms in. Very simple.

Ok will do - yes I do bank with them. I had taken a look and looked straight forward but wasn't sure if they were going to check accounts, projections etc.

[northernladuk]

Ok will do - yes I do bank with them. I had taken a look and looked straight forward but wasn't sure if they were going to check accounts, projections etc.

I'm sure the check accounts but no, they don't ask for any accompanying paperwork. Fill in the forms and it's in your back a day or two later.

[GhostofTarbera]

Tide are struggling badly to get any loans out the door


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[l35kee]

Starling's was pretty quick and painless.

[xenomorph]

the whole using it to clear credit cards dont make sense
if you take out say £8k and cleared off the cards then you would need to take it as dividends and pay income tax on it after 12 months. So you be paying back loan plus tax.

[PerfectStorm]

Clydesdale seem to have forgotten about my application for this. As have I, in fairness.

[GhostofTarbera]

the whole using it to clear credit cards dont make sense
if you take out say £8k and cleared off the cards then you would need to take it as dividends and pay income tax on it after 12 months. So you be paying back loan plus tax.

Not if it’s a loan


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