Business loan?

I am thinking roughly speaking applying for a lb30k business loan. I want to purchase a word agent business for lb65K and already hold lb35k of my own funds available.

I know give or take a few the necessity of business plans etc and am going to achieve these sorted out.

I currently owe lb20k on a personal loan and my payments are upto date. Will this debt construct it firm for me to attain a business loan?

Thanks

Answers:
Banks are guided by their experience beside you. If you hold lb35k of your own and your personal loan is up to date, they already know you are a responsible person and will be more predisposed to come upon you partly opening.

Just a thought - if the interest rate for the business loan is smaller than for the personal loan, you might do better by clearing the personal one altogether, and have merely the current business loan. Also, any interest you foot on that is to say a business expense, and can be neutralize against duty. I don't reason that also applies to the personal loan, another apology to carry rid of it prompt.

P.S. I hold one loan and recompense contained by a short time extra every time so my repayments are ahead. This reduce interest due, but also technique if I am sick or transport a holiday, the payments are prepaid, so I don't enjoy to verbs
Hi.
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