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Applying for a business loan

  • 16-03-2010 10:38am
    #1
    Catenaccio!
    Closed Accounts Posts: 649 ✭✭✭


    Quick question, more of a curious one, but say one was to apply for a business loan, say in the region of 15k - 20k. Do the banks look unfavourably upon certain transactions in your current account or is that kept completely separate when applying? For example, if some betting transactions showed up in your current account?

    Thanks in advance guys.


Comments

  • #2
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    betting transactions in any business account would make wary thats for sure


  • #3
    Catenaccio!
    Closed Accounts Posts: 649 ✭✭✭Catenaccio!


    But it's not a business account. It's a current account.


  • #4
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    I have a feeling that it wouldnt help regardless


  • #5
    Catenaccio!
    Closed Accounts Posts: 649 ✭✭✭Catenaccio!


    Just a feeling? Anyone know for sure? Would like some concrete info on this if anyone's got it, thanks.


  • #6
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    It doesnt matter what the money is going on as long as you havent defaulted on loan payments etc.
    On the contrary say for example you were using your credit card a lot and constantly spending, but also refunding your account from a poker site, but never defaulting you would be given access to more credit....

    If your needing 20K ask for 40K....


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  • #7
    Buttercake
    Registered Users, Registered Users 2 Posts: 539 ✭✭✭Buttercake


    depends on a lot of things

    if you are starting as a sole trader and opening an account in the same bank/branch, then yes of course they will look through your current account and if paddypower online or nightclubs feature heavily then it will not look too favourably

    if its a ltd and again the same process if its in the same bank, it will be for you and your partner, they will check through both your current account accounts

    you could keep yourself in good standing for 3-months then open an account in a new bank and put in some "capital" of your own, €1k or so and then ask for a loan with a good business plan

    common sense dictates these days when it comes to banks


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