Topic: Business Loan to personal loan

We have just started initial discussions with our bank about converting a business loan into a personal loan (after having unsuccessfully run a business of our own). We closed the business down but still owe £17k (£12k loan and o/d £5k).

The bank (high st name) have laughingly come back with a frightener by saying because we don't have a personal account open with them we could end up paying upto 24%!! I've even worked for these crooks but that doesn't seem to count for anything.

We also signed a personal guarantee to a maximum of £15k and it clearly states in the small print that we are not liable for anything above this figure otherwise what was it's intention?!!

If anyone has any experience of negotiating a conversion from a business loan to personal loan we'd be really glad to hear from them.

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Search for a business loan business name instead of the name for example, used a business loan, Sarah's Block Company, against name Sara Smart. For the reason must apply for a business loan business name because it is a business loan not a personal loan.

This message was edited 1 time. Last update was at 10/02/2011 03:56:42

"The bank (high st name) have laughingly come back with a frightener by saying because we don't have a personal account open with them we could end up paying upto 24%!! I've even worked for these crooks but that doesn't seem to count for anything. "

It sounds like the bank is trying to stick you with the full £17k. If it were I, I wouldn't let them do that. Also, I wouldn't have a personal account with them because they will likely just take funds out of your account toward that amount. Can't you deal with another bank and just agree to pay this bank the balance of £2k, that you legally owe them? If you convert to a personal loan I can practically guarantee they will put you on the hook for the business losses. I'm not a lawyer but it's probably a good idea for you to see one because it could end up saving you a lot of money and needless stress in the future (IMHO).

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Business loans are the loans which are taken from bank to start a new business and Personal loans are the loans taken for personal things. Types of business loans vary, but personal and small business loans are probably the most popular types. Business loans help you to start a new venture or upgrade your existing business with all-important cash flow.

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There are plenty of private lenders out there right now that are looking for small business owners like you. Don't get stuck in the box that says you have to depend on a traditional lender. Once you have built a strong business credit score and you maintain your loan obligations with your private lender, your business is in a much better position to approach the bank for a loan.

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Hi,,

If you were thinking about getting a loan for your new business, you have to know a few things first. If you go in uninformed, you run the risk of either getting a loan that will be disadvantageous to you or not being approved for a loan at all. In this article, I will give you some tips on how to apply for a business loan, some general tips for small business owners and how to improve your chances of getting approved.

Thanks

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When you have that great idea for a new business, and have the plans worked out, all you need now is the financing and you can get started. Finding financing, however, especially for a new business, can be difficult because lenders have seen many businesses come and go, and may be more than a little reluctant. Another way to get the financing you need, though, would be to get a personal loan. A personal loan can be rather easily obtained and you can get them in large or small sizes.

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