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The business enviroment is a lot better in the US, a friend just started a company there, got an unsecured 80k line of credit at 1.5% on a fresh LLC. This kind

The business enviroment is a lot better in the US, a friend just started a company there, got an unsecured 80k line of credit at 1.5% on a fresh LLC. This kind of thing doesn't exist in the UK. I know people who couldn't even get a 5k overdraft after 2 years in business (and profitable).

masklinn 3y ago
Sounds like English banking has not changed much from 20 years ago, when I needed to spend 3 months in the UK, had to have a uk bank account to rent a flat, but needed an English residence to open a bank account.
- mnahkies 3y ago
  In terms of personal banking it's definitely gotten easier for new comers with the likes of Monzo and Revolut - I had no problem opening account on arrival. From what I've heard the high street banks have improved a bit in this regard too, probably in response to the challenger banks taking market share. Finding a place to rent on the other hand is still difficult, particularly without a history of renting in the UK
- noelwelsh 3y ago
  Consumer banking has radically changed. I can't comment on needing a residence to open a bank account to get a residence, because although I ran into the same issue when I first came here it's been a long time since that was a problem for me. In other aspect personal banking is much much easier. Many banks allow you to open accounts online, for example.
- googamooga 3y ago
  Yeah, and to prove your English residence you have to provide a paper bill from a utility company (water or electricity) with your name and address on it. Which adds another 3 month as those utility bills are on a quarterly basis. Crazy stuff...
- kranke155 3y ago
  That’s definitely changed. I had little issues with this in 2015 using a letter of proof of employment.
- hawk_ 3y ago
  I can confirm that it was the same at least ~6 years ago when I went through the same.
- quickthrower2 3y ago
  And if it is a high demand area you need to look more spanky than all the other applicants: great jobs, rental references, no kids/pets, older couple prefered of sharers. In London you also need to make an offer on the spot.
drexlspivey 3y ago
Why would anyone lend to a new business at 1.5% when they can get 5% risk free ?
- quickthrower2 3y ago
  There has to be a catch. Maybe a teaser rate?
- commonlisp94 3y ago
  because it's the government on the other side of the loan
ac29 3y ago
> in the US, a friend just started a company there, got an unsecured 80k line of credit at 1.5% on a fresh LLC This almost certainly required a personal guarantee (the friend would have to promise to repay the loan in the case the LLC could not).

masklinn 3y ago

Sounds like English banking has not changed much from 20 years ago, when I needed to spend 3 months in the UK, had to have a uk bank account to rent a flat, but needed an English residence to open a bank account.

mnahkies 3y ago
In terms of personal banking it's definitely gotten easier for new comers with the likes of Monzo and Revolut - I had no problem opening account on arrival. From what I've heard the high street banks have improved a bit in this regard too, probably in response to the challenger banks taking market share. Finding a place to rent on the other hand is still difficult, particularly without a history of renting in the UK
noelwelsh 3y ago
Consumer banking has radically changed. I can't comment on needing a residence to open a bank account to get a residence, because although I ran into the same issue when I first came here it's been a long time since that was a problem for me. In other aspect personal banking is much much easier. Many banks allow you to open accounts online, for example.
googamooga 3y ago
Yeah, and to prove your English residence you have to provide a paper bill from a utility company (water or electricity) with your name and address on it. Which adds another 3 month as those utility bills are on a quarterly basis. Crazy stuff...
kranke155 3y ago
That’s definitely changed. I had little issues with this in 2015 using a letter of proof of employment.
hawk_ 3y ago
I can confirm that it was the same at least ~6 years ago when I went through the same.
quickthrower2 3y ago
And if it is a high demand area you need to look more spanky than all the other applicants: great jobs, rental references, no kids/pets, older couple prefered of sharers. In London you also need to make an offer on the spot.

drexlspivey 3y ago

Why would anyone lend to a new business at 1.5% when they can get 5% risk free ?

quickthrower2 3y ago
There has to be a catch. Maybe a teaser rate?
commonlisp94 3y ago
because it's the government on the other side of the loan

ac29 3y ago

> in the US, a friend just started a company there, got an unsecured 80k line of credit at 1.5% on a fresh LLC This almost certainly required a personal guarantee (the friend would have to promise to repay the loan in the case the LLC could not).