Can you get a loan If you are not capable of work?
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charlena
Apprentice
Joined: 27 Apr 2006
Posts: 1
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 Posted: 04/29/08 - 04:34 Post subject: |
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My friend is in financial trouble. He is incapable of work but he needs money. He is trying to work with limitations and he needs funds to invest in that work. Can you get a loan If you are not capable of work? If it's possible how would conditions look like? Every suggestion would be appreciated.
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anatollo
Apprentice
Joined: 03 Jul 2007
Posts: 4
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| Posted: 05/28/08 - 21:25 Post subject: |
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| Your friend probably qualifies for Incapacity benefit. Since he could work even with limitations, he would be considered as a self-employed. That doesn't mean that he would lose this benefit. He could apply for loans offered to self-employed. Every that applies for them would apply for him too. That means that he could consider both secured and unsecured loans. His credit score would be checked and a lender would offer an amount. Since he has low income and he is just starting the business maybe that sum is not going to be huge but that's because he is concerned as a risky investment. Your friend should also calculate how much he would need and then see much he can get. Maybe borrowing from friends could be a good idea. He could consult about the matter with a financial adviser to try to resolve the situation. I would suggest shopping around because lender conditions vary. |
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