Personal Loan for self-employed on a decent income

mspoppins

Hi,

Yet another self-employed personal loan thread.

About a year ago I ditched my dayjob because it made more sense to go self-employed. I was on a very average salary. Now I'm on a much better income level.

I've been with Barclays for almost 10 years and my personal loan availability has always been £20,000 or thereabouts, despite the ridiculous salary I was on.

Now when I finally can afford a loan, I'm shocked to find that my loan availability has dropped to £5,000 - and even then, my banker says, I probably can't get any amount of loan.

My credit history is squeaky-clean and I can really afford a loan.

Been looking at some alternatives but they say I have to show 2 year self-employment records to be accepted. I guess I can fill my tax return early and show them the last financial year but that's just one year.

Are there any shortcuts you know of? Or is there an alternative lender who might consider me?

Thanks.

27col

To ask for 2Years of self employment records seem reasonable to give a potential lender confidence in your ability to earn a steady income.

BillJones

mspoppins wrote: »

Are there any shortcuts you know of? Or is there an alternative lender who might consider me?

Thanks.

No, no shortcuts, sorry. As above iit's the length of time for which you've data which is likely the problem.

Unti someone can suggest a lender who'll be happy with a year's data, the best that I can suggest is that If you've been o na much increased wage for the ast year, then it'd be better to find what you need out of your savings, if you can, and to try again further down the line.