[ricardobayes]

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]

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.

[noelwelsh]

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]

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...

[mnahkies]

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

[quickthrower2]

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.

[kranke155]

That’s definitely changed. I had little issues with this in 2015 using a letter of proof of employment.

[hawk_]

I can confirm that it was the same at least ~6 years ago when I went through the same.

[drexlspivey]

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

[quickthrower2]

There has to be a catch. Maybe a teaser rate?

[commonlisp94]

because it's the government on the other side of the loan

[ac29]

> 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).