My WordPress Blog Tue, 26 Feb 2019 15:42:11 +0000 en-US hourly 1 Business Loans, Private Loans and TAX – How To Do It Tue, 26 Feb 2019 15:42:11 +0000

If you have taken a private loan to start a business, then there are some rules for how to do it. We explain this to you in this article.

If one wants to start a business, but the bank says no, then one might just think about it being correct. Some, however, find that banks, regardless of private economy, say no to business and idea situations, it may be a good thing to take out loans to live the dream.


Business loans or private loans?

Business loans or private loans?

In many places on the web you can see opportunities for business loans. If you think that by taking a business loan, better private then think again. You are personally liable for the kind of loan regardless of whether you have a personal business or company. It is there safety and therefore they come by house and car.

What’s so best? You have to judge it yourself, but the case is that if you borrow privately and shoot into your company then they can be withdrawn without paying tax. However, you cannot deduct the expenses from the accounts.

If you shoot DKK 50,000 to start with then when you have converted for 50,000 you can withdraw them and repay the loan. Provided you have profits of course.

It is completely the same as taking your savings and shooting in.

That is, if you have to pay 2500 each month and you turn over for 20,000 with a profit of 15,000 then you can withdraw 2500 kr from the accounts (remember to post it correctly) without having to pay tax on them.

The last 12,500 will then have to pay tax.


Consumer loans and deposits in business

Consumer loans and deposits in business


For example, you can Choose to borrow money through Basis Bank, one of Denmark’s largest banks online. Here you can borrow up to DKK 500,000 and this is often much more than you can borrow from the bank.

You will find consumption loans and Base Bank on this overview . Here, the interest rate is from 4.95 to 19.95% The interest rate is set according to the amount and repayment as well as the bank’s risk. That is, on the basis of the credit rating, you get an interest rate.

This is the cheapest way to borrow money. Whether you shoot the full amount into the company is subordinate. You can withdraw the corresponding amount you deposit without paying tax. After that, tax must be paid on all withdrawals. The easiest thing is to use a payroll system. It can handle the son line for DKK 19 per. pay check.

That way, your personal tax is in control. Remember to use an accounting program like Dinero or Billy for your business. You do not want to make mistakes and thus get a bill from the tax father.

You can read more about ÅOP, interest and much more on the home-bank’s blog and get a bigger overview of your finances.

What characterizes the banks today goes against Danmarks Nationalbank’s latest announcement. Namely, it has never been cheaper to record business loans.


]]> 0
Business loans without collateral Thu, 21 Feb 2019 17:08:44 +0000 Business loans help entrepreneurs to create operational space, repay debt and invest in new activities to grow the business.


Traditional lenders, mainly banks, often require collateral for a loan, for example in the form of real estate, machinery or other equipment. This is by no means an option for all entrepreneurs. That is why business loans without a pledge are a very popular solution, especially for those who have a small business.

If you are in the start-up phase and are working hard on building your business, have a good website, but do not have the opportunity to borrow money to carry out your ideas, it can be incredibly frustrating. Most banks are unable to lend money to a company without a history, even though it is clear that the business concept will generate money.

In such situations it is tempting to take out a business loan without a pledge. It is advisable to think about this. Firstly, is it still possible to repay the loan within a reasonable period of time? Secondly, what happens if the business idea does not develop as you had expected? Do you still have the option to repay the loan? This is the reason why lenders ask for a pledge.

Compare business loans without a pledge  

Whether you take out a business loan with or without a pledge, first you have to ask yourself whether you really need a business loan in all cases and can pay back? Once that decision is made, it is advisable to check your lender – especially those who offer loans without a required pledge. Ask yourself, how is it possible that they can offer a loan without being insured?

For lenders there is always a risk if they lend the money – the risk increases when no collateral is provided when entering into a business loan. That is why you will also notice that a business loan without a pawn is often more expensive than business loans with a pledge. This means in the first place that you have to be aware of how high the interest rate is. Next, you need to know what costs are incurred by the lender if you want to borrow money. For example, there may be high administration costs, service costs or connection costs, in addition to an already high interest rate in case of late payment. This type of allowance is rarely shown clearly in an agreement and therefore you must pay special attention to studying the agreement.

Players on the market

The number of organizations offering non-collateralised commercial loans has increased and these lenders now have the opportunity to be very flexible regarding the different types of loans they can offer. This is a very positive development for small businesses and entrepreneurs who usually can not offer collateral. Unfortunately, there are also bad apples in this sector. There are market players who exploit this fact instead of helping companies realize their vision. They destroy companies that do not understand what the loan entails in its entirety. This can be anything from high interest rates in case of delays to administration costs and extension of certain loans with maturities that the company has not understood.

It is therefore extremely important that you as an entrepreneur do your “homework” and check what is relevant. To a large extent, it’s just common sense: “If you see something too good to be true, it’s probably …”.

Business loans without a pledge – a good option?  

Taking out a business loan without a pledge can be attractive and can be a perfect opportunity to achieve what you want. But you must be aware that there are other possibilities that cause fewer risks. If you know that you have a potentially great chance of repaying the loan within a reasonable period of time, and you believe in your business, more than anything else, a business loan without a loan may be something for you. If you are less sure about this, be very careful and think about other solutions.

]]> 0