Self employed personal loan

Muppetshow

Hi,
Just looking for some advise;
I am looking to apply for a personal loan as I have some unexpected expenses coming up :-(
I want to apply for £10,000.
I run my own company so I guess I am classed as self employed, I have a good income and own my own home.
I was looking at my credit files to see how they looked as I was declined for a credit card last year and didn't know why. My Experian file says I have an excellent credit rating and my Equifax file says I have a fair credit rating. I was confused by this and when I looked at the file it says I have a default from a mobile phone company that was registered around 5 years and 10 months ago. As far as I was aware I had cancelled the contract with them years ago and didn't owe them anything so this was a bit of a surprise.
I called the mobile company and they told me I had to put it in an email to their finance or credit team who are not customer facing and don't take calls??? So I did this and they say it will take at least 10 days for a response.
Anyway, as I have one annoying default I am wondering if I will be able to get a personal loan from any of the lenders, especially with me being self employed?
I guess getting knocked back from the credit card company has made me think it maybe being unlikely to get a personal loan?
Which are the best lenders to approach? Which ones have the best pass rate?
Are there any that will lent to a self employed person with a default in this current climate?
Let me know your thoughts.

Much appreciated.

Muppet

meer53

The BIG questions are...............what do you earn ? What other credit do you have ? How long have you been self employed ? What is the loan for ?

You can have the best credit score in the world but if you are over committing yourself you won't get a loan.

Muppetshow

I earn around £35,000 - £40,000 per year. I have a barclaycard already which I pay off each month, it only has a limit of £1700. I don't have an overdraft. I have a car loan which is always paid on time. I have a mortgage which I pay on time every month too.
I planned to use the loan for a couple of things actually; one thing business related, joining my friends on a cruise that they are booking and decorating my house.

bouncydog1

Presumably you also have savings? If not you are not likely to get a loan based on affordability as if you cannot afford to save at the present time, how are you going to pay off the loan?

Might be better to save with your bank for the cruise, redecorate as you can afford to and think about whether there is another way to finance the investment in the business - part savings/part loan for instance will show commitment from you.

flexrider

Muppetshow wrote: »

I earn around £35,000 - £40,000 per year. I have a barclaycard already which I pay off each month, it only has a limit of £1700. I don't have an overdraft. I have a car loan which is always paid on time. I have a mortgage which I pay on time every month too.
I planned to use the loan for a couple of things actually; one thing business related, joining my friends on a cruise that they are booking and decorating my house.

Risky businesses Considering a loan at present time i too are self employed But my advice is set up a savings account iwould not like to loan money from a bank with a high/Moderate APR rate and interest From what you stated if you told your bank it was for a cruise they would turn you down anyway. Better to keep the way you going and build your credit rating better. IN the same position myself you Dont have any overdrafts now have alot of money coming in which i wont specifiy here..Fact is your doing pretty good form what i have gathered you dont need the loan, Just save if you can