Urgent advice - need a quick loan, unsecured/self employed

rsian_2

Hi all.

I am a field service engineer and have killed both of my cars in two months (accident (not my fault), and ceased engine (my fault)), and I need to buy a new car asap.

After my first car died just over a onth ago, I applied for a loan for around £7k with Northern Rock.

To my surprise I was turned down.

I have immaculate credit history and am a home owner, but I think I was turned down because I am self employed, and at the time I had only been so for two months.

It is now a month later, and I once again need to get a loan asap.

Once more, I have immaculate credit history, but am self employed, and have only been self employed for three months.

I am after some advice about who is more likely to give me a loan at the best rates - I don't think I can risk keep on trying to get one of the cheapest loans out there, and ruining my credit rating, as I am probably considered high risk? (When I asked Northern Rock why I had been refused, they could not tell me. All the person said was that if it was a credit problem they would usually get a message on their system advising the customer gets a credit rating check - I did not get this message. So I assume it is because I am self employed for a short period of time).

Can someone advise me of the best way to go about getting a loan when taking this into account.

I am obviously after the cheapest rate out there, but ideally it must be unsecured, with no early payback charges!

Thanks.

rsian_2

..........

regularsaver1

what about income and expenditure - is it affordable?

rsian_2

Easily affordable, I'm earning more that I was when I had been working as a permanent employee.

welshflipper

this may sound strange but if you have never had some kind of credit/loans etc before, they do turn you down, it has happened to a few people i know, its as if you dont have a history to check on dont let this put you off thinking its your fault try your bank they have knowledge you have money coming in,its a starting point

rsian_2

welshflipper wrote: »

this may sound strange but if you have never had some kind of credit/loans etc before, they do turn you down, it has happened to a few people i know, its as if you dont have a history to check on dont let this put you off thinking its your fault try your bank they have knowledge you have money coming in,its a starting point

I had a loan with alliance & leicester for around six years, of which I didn't miss a payment (finished paying it off two months ago).
I also had credit on a 3-piece suite for two years.
Although I have never had a credit card.
I'm with Barclays, and have just done an online calculation, and they want to charge 16.9%!!!

spiritual

get an experian report

kenshaz

spiritual wrote: »

get an experian report

Get an online 30 day free trial. www.experian.co.uk
This is just one credit reference agency,but this is one of the major ones and most lenders use them ,you will soon find out what is wrong.

This can be done today also once registered you can speak to them about it.
VIEW YOUR REPORT ONLINE AND SEE HOW YOU SCORE

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JB126

I am self employed and got accepted from northern rock @ 7.4%. Only borrowing 3K and have been self employed since 2003 so can't be self employed issue unless it is the short peroid you have been in business.