Info needed - Personal loan Info needed - Personal loan
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  1. #1

    Nervous Newbie

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    Default Info needed - Personal loan

    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

  2. #2

    My post count is Majestic

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    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 -

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  3. #3

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    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.
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  4. #4

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    Quote Originally Posted by joe69 View Post

    I have been contracting for the past 3.5 years now but a newbie on this forum so please be gentle :-)
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  5. #5

    Jedi Like

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    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.
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  6. #6

    Contractor 'til I die

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    I just went to my bank and asked for one.
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  7. #7

    Contractor Among Contractors

    lukemg is a permanent contractor


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    Quote Originally Posted by gingerjedi View Post
    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.

  8. #8

    Nervous Newbie

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    Default he said go easy on him

    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

  9. #9

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    Remortgage shurley?
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  10. #10

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