Has anyone secured a business bank loan
whilst being unemployed? trying to figure out if i was subject to indirect discrimination
They were asking for my income I told them I am receiving universal credit. They eventually declined my business bank loan application.
Can anyone help?
They were asking for my income I told them I am receiving universal credit. They eventually declined my business bank loan application.
Can anyone help?
Reply 1
I assume you're talking about a new business loan? so you supplied your business plan and expected revenue figures etc? did they comment on this?
If it's a new business you obv can't rely on your business trading history or credit so they can only use your personal finances and income which in lending terms is likely 0 as UC doesn't count, do you have a credit history? good or bad). UK 'affordability' rues got a lot tighter in the last decade or so and lenders have to take extra steps to ensure people borrowing have the ability to repay.
If it's a new business you obv can't rely on your business trading history or credit so they can only use your personal finances and income which in lending terms is likely 0 as UC doesn't count, do you have a credit history? good or bad). UK 'affordability' rues got a lot tighter in the last decade or so and lenders have to take extra steps to ensure people borrowing have the ability to repay.
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