Applying for a business loan

Catenaccio! · 16-03-2010 11:38AM #1

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.

miju · 16-03-2010 02:34PM

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

Catenaccio! · 16-03-2010 03:48PM

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

mickdw · 16-03-2010 09:18PM

I have a feeling that it wouldnt help regardless

Catenaccio! · 16-03-2010 10:44PM

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

17-03-2010 02:36AM

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....

Buttercake · 18-03-2010 10:01PM

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

Applying for a business loan

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