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small business loans

Hi all.We need a new van and are trying to work out the best way to finance one.We can afford around £240 a month and are thinking a loan may be better than a finance deal.HSBC are offering 12k over 5 years at 12% apr which I think is rather high.Can anyone tell me if peer to peer loan companies such as Funding Circle are a trustworthy source of securing a small business loan? Not sure if they are scammers and whether to stick with the big banks.Any other suggestions welcome.

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  • these new funding direct things should be good as cutting out the middle man-

    that yorkshire guys done very well.

    As other people want to invest at more than 1% they are happy with say 4%...

    so there is 4% profit to be made. everyone wins - im interested in it and crowd-funding.

    good luck-

    id try and reduce it to 3/4 yrs max and pay max 8%

  • 0% credit cards if you have them

  • PRO
    Cooperative bank £240 a month over 5 yrs you can get roughly £12500..
  • Nationwide - biggest / best? building society do car leasing. link on websites / google.

  • In terms of commercial rates for businesses then 4% to 4.5% is generally the accepted level at the moment. After that it depends on the credit profile of the business.
    Just ran a standard quote on our system, we are van suppliers, and it is £251 for 12500 over 60 months with flat rate of 4.15% and APR of 9.2%. That would be we BNP Paribas who are a huge global bank but with a specialist commercial vehicle operation.
    Be careful of the Wonga's etc as just having a credit search by certain lenders on your credit profile can affect the decisions of others.
    For the record Nationwide BS don't have a vehicle leasing operation, there is another company who are a contract hire broker with a similar name.

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