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joe69
21st July 2010, 22:41
Hi All,

I have been contracting for the past 3.5 years now but a newbie on this forum so please be gentle :-).

Anyway's I need some advice and suggestion regarding personal loans for IT Contractors.
I am looking for a personal loan of around £25000/-.

On any on-line application form for personal loans they ask for your monthly income and being an IT Contractor/Self Employed operating through my own ltd firm ,what monthly income should i mention? (My minimum salary or the contract rate)?

Also does anyone have any suggestions about specific lenders who are more considerate towards Contractors.

Any suggestions would be welcome.

Thanks for your help!

Joe

AtW
21st July 2010, 23:34
This is going to be very much against the rules, however what's the worst that can happen on here - I can get banned, anyway -

Joey, have You Ever Been In A Turkish Prison?

Oveur.

:eyes

northernladuk
21st July 2010, 23:47
Why do new posters always ask us to be gentle? What are we? A bunch of ogres or something??

Claim you income as you yearly income of PAYE and Divis and if they want proof of income point them to your accountant who can show it. Ask your accountant if he is willing to do that first though out of courtesy. Thats what I did for a mortgage and it worked fine.

OwlHoot
22nd July 2010, 01:09
I have been contracting for the past 3.5 years now but a newbie on this forum so please be gentle :-)

<toothless redneck>

He's gat a real purty mayouth http://www.freeimagehosting.net/uploads/8622a37e80.gif

</toothless redneck>

gingerjedi
22nd July 2010, 07:49
I'm not a financial adviser or your mother but is it wise to be borrowing 25k after 3.5k years contracting? One of the golden rules for contracting is keeping your outgoings to an absolute minimum.

Ignore me if the loan is for something critical but if you're just after a flash motor you're doing it all wrong.

doodab
22nd July 2010, 07:50
I just went to my bank and asked for one.

lukemg
22nd July 2010, 08:17
I'm not a financial adviser or your mother but is it wise to be borrowing 25k after 3.5k years contracting? One of the golden rules for contracting is keeping your outgoings to an absolute minimum.

Ignore me if the loan is for something critical but if you're just after a flash motor you're doing it all wrong.

WHS, you should have this amount stashed by now or you are believing your contract rate will last forever. I only ever pay cash for cars and never take out a loan, exception being a mortgage.

jamesspratt
23rd August 2011, 11:00
There may always be unforeseen reasons for a loan. I found this post after googling "contractor personal loan" - I've been contracting for about 6 years, realise this is against my better judgement but can see no other alternative - to buy my ex out of our property, I need to raise a further £20k. Unless someone else out there has a bright idea, it is situations like these where a personal loan may be necessary.

So, with that background in mind, can someone please advise?

Thanks

Lockhouse
23rd August 2011, 11:02
Remortgage shurley?

DimPrawn
23rd August 2011, 11:03
Zopa.

Google it.

Churchill
23rd August 2011, 11:03
There may always be unforeseen reasons for a loan. I found this post after googling "contractor personal loan" - I've been contracting for about 6 years, realise this is against my better judgement but can see no other alternative - to buy my ex out of our property, I need to raise a further £20k. Unless someone else out there has a bright idea, it is situations like these where a personal loan may be necessary.

So, with that background in mind, can someone please advise?

Thanks

Get someone to shoot your missus?

On a serious note, remortgage the house.
(if there isn't sufficient equity then why are you giving her £20k?)

Pondlife
23rd August 2011, 11:05
Check under the sofa cushions.

HTH

DP or Sas

Paddy
23rd August 2011, 11:14
Hi All,

I have been contracting for the past 3.5 years now but a newbie on this forum so please be gentle :-).

Anyway's I need some advice and suggestion regarding personal loans for IT Contractors.
I am looking for a personal loan of around £25000/-.

On any on-line application form for personal loans they ask for your monthly income and being an IT Contractor/Self Employed operating through my own ltd firm ,what monthly income should i mention? (My minimum salary or the contract rate)?

Also does anyone have any suggestions about specific lenders who are more considerate towards Contractors.

Any suggestions would be welcome.

Thanks for your help!

Joe

The bank will not loan you money for a personal loan if you are self employed. You can get a business loan but at a much higher rate.

Presuming you are employed by your own ltd co, you could say that you are employed. Good luck but I don’t think you will get very far in the current climate.

TestMangler
23rd August 2011, 11:15
Check under the sofa cushions.

HTH

DP or Sas

Sorry to hijack your thread OP, but on a contract a few years ago in Bristol, we were all out at the pub with a few permies there too. One of the permies started talking about needing a loan of £10K and how hard it was to get it. One of the contractors pointed to one of the other contractors and said, "Why don't you ask Chris, he's got more than that in the ashtray of his Lexus' :laugh Oh how we laughed.....