100% Recommend

Dave Beard

Expertly compared by Dave Beard

Products Updated April 23, 2021

The actual rate you're offered will depend on your personal circumstances – including your credit rating.

17 providers expertly compared:

Natwest Bank

Loan Amount
£7,500 - £19,950

Annual Percentage Rate (APR)
3.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.8/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.9%

Total repaid will be:

£50,805

With the Natwest if you're thinking about buying a new car, getting your your finances in order or making some new home improvements then a loan from the Natwest could be just what you need.

Representative Example

17 providers expertly compared:

Royal Bank of Scotland

Loan Amount
£1,000 - £50,000

Annual Percentage Rate (APR)
3.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.9%

Total repaid will be:

£50,805

To apply, you must be 18+ and a UK resident with a Royal Bank of Scotland current account (held for 3+ months). Borrowing money is a big decision. But with a personal loan from the RBS, it doesn't have to be a headache.

Representative Example

17 providers expertly compared:

Paragon Bank

Loan Amount
£10,000 - £250,000

Annual Percentage Rate (APR)
3.7%

Loan Term
1 - 30 years

Loan Type
Secured & Unsecured Loans

Status
Homeowners & Tenants

Rated 4.7/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.7%

Total repaid will be:

£50,805

Paragons finance packages contain flexible terms to make sure you get a deal that's right for you. From personal loans to second charge mortgages Paragon has a range of funding solutions

17 providers expertly compared:

Hastings Direct

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.8%

Loan Term
0 - 5 years

Loan Type
Unsecured Personal Loan

Status

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.8%

Total repaid will be:

£50,805

If you're looking to replace your car, planning on some new home improvements, or you simply wish to get your finances in order, a personal loan from Hastings Direct could be the funding solution you're looking for.

Representative Example

17 providers expertly compared:

Prestige Finance

Loan Amount
£10,000 - £250,000

Annual Percentage Rate (APR)
3.8%

Loan Term
1 - 30 years

Loan Type
Secured Loans

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.8%

Total repaid will be:

£50,805

Prestige Finance is part of OneSavings Bank who are a specialist lender, primarily focused on carefully selected sub-sectors of the mortgage and loan market through an integrated multi-brand approach.

17 providers expertly compared:

Post Office

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.1%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.1%

Total repaid will be:

£50,805

Loans from the Post Office are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender. Terms from 1 year to 7 years, depending on the amount borrowed and funds could be transferred the following day with an instant lending decision in most cases.

Representative Example

17 providers expertly compared:

AA Loans

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.1%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.1%

Total repaid will be:

£50,805

The AA don't just keep cars on the road, they can help keep your finances running smoothly too. Whether it's a new purchase, a holiday in the sun or getting some help to manage your existing debt the AA is here to help with a personal loan.

Representative Example

17 providers expertly compared:

Leap

Loan Amount
£100 - £15,000

Annual Percentage Rate (APR)
4%

Loan Term
1 - 6 years

Loan Type
Peer-to-Peer Loan

Status
Homeowners & Tenants

Rated 4.8/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

4%

Total repaid will be:

£50,805

Leap's aim is to help streamline your debts with a low-interest peer-to-peer loan, so you’ll have more money to do more of what you love doing.

17 providers expertly compared:

Lending Works

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
7.9%

Loan Term
1 - 5 years

Loan Type
Peer-to-Peer Loans

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

7.9%

Total repaid will be:

£50,805

Lending Works is a peer to peer lender that connects people that want to invest their money with borrowers who want to get a better rate on their personal loan. Loans available from £1,000 to £25,000 over 1 -5 years.

17 providers expertly compared:

Zopa

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
9.9%

Loan Term
1 - 7 years

Loan Type
Peer to Peer Lender

Status
Homeowners & Tenants

Rated 5.0/ 5

Good Credit

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

9.9%

Total repaid will be:

£50,805

Zopa directly match people looking for a personal loan with people looking to invest. It's their way of making money simple and fair. Since 2005 Zopa have approved a staggering £2.92 billion in loans.

Representative Example

17 providers expertly compared:

My Community Finance

Loan Amount
£1,500 - £25,000

Annual Percentage Rate (APR)
23.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

23.9%

Total repaid will be:

£50,805

My Community Finance have taken inspiration from the past to build a better financial future - where community matters. They’re a network of Credit Unions and ethical lenders. My Community Finance looks to give everyone access to fairly priced financial products.

Representative Example

17 providers expertly compared:

Lendable

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
27.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.3/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

27.9%

Total repaid will be:

£50,805

Lenable offer fast loans at fair rates. See your rate before you apply - it won’t affect your credit score. Lendable offer a paperless application with instant quotes. You can manage your loan online, top up, repay early without a settlement fee.

Representative Example

17 providers expertly compared:

Oplo

Loan Amount
£2,000 - £15,000

Annual Percentage Rate (APR)
18.2%

Loan Term
2 - 6 years

Loan Type
Poor Credit Lender

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

18.2%

Total repaid will be:

£50,805

Oplo Personal Loans offer unsecured personal loans from £2,000 to £15,000. Whether you’re looking to buy a new car, a new kitchen or thinking of any type of major purchase they can help secure the funding you need.

Representative Example

17 providers expertly compared:

Koyo

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£1,000 - £7,500

Annual Percentage Rate (APR)
27%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

27%

Total repaid will be:

£50,805

Koyo offers one-day loan approval and they normally give a decision after 1 full working day. Once approved, Koyo says the money could be in your account within 1 working day.

Representative Example

17 providers expertly compared:

Everyday Loans

Loan Amount
£1,000 - £15,000

Annual Percentage Rate (APR)
93.6%

Loan Term
2 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.3/ 5

Poor Credit

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

93.6%

Total repaid will be:

£50,805

With everyday loans, you're more than just your credit score. Here at everyday we look at your credit future, not just your credit history. As such even if you have bad credit now or you've had a poor credit score in the past, we may be able to help.

Representative Example

17 providers expertly compared:

George Banco

Loan Amount
£1,000 - £15,000

Annual Percentage Rate (APR)
36.9%

Loan Term
1 - 5 years

Loan Type
Guarantor Loan

Status

Rated 4.2/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

36.9%

Total repaid will be:

£50,805

With George Banco all you need is a friend or family member who knows and trusts you, who can support the loan if for any reason you are unable to make a your payments. Get an instant online quote with no ill effect on your credit score.

Representative Example

17 providers expertly compared:

Buddy Loans

Loan Amount
£999 - £10,000

Annual Percentage Rate (APR)
49.9%

Loan Term
1 - 5 years

Loan Type
Guarantor Loan

Status

Rated 4.2/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

49.9%

Total repaid will be:

£50,805

At Buddy Loans their goal is to pay out your money on the same day of the application and they will still consider your application if you can afford it, even if you have CCJs or DEFAULTS. Buddy Loans can be used for any purpose such as debt consolidation, car purchase or home improvements.

Representative Example

Read our customer and visitor reviews for this product:

Rating: 4.5 / 5 with 2 votes

Good comparison

by Mandy Thomson

Good comparison service and lenders to choose from. Easy application form.

Plently of loans to choose from

by SL

These facility by Feasible.co.uk provided many solutions and gave me choice of several lenders as part of the search. Vey fast and no issues using them. Quick to phone me back also.

Our award winning experts can search and compare 19 lenders from the market to find you the cheapest and best deal to match your financing needs. Quotes and personal illustrations are free from their Cemap qualified advisors.

What you need to know about secured loans for the self-employed

Loan options for self employed

Loan options for self employed

If you are self-employed and you have had to get a mortgage then you will be more than aware of how much evidence you need in order to be able to convince a lender to provide you with a loan. If you do not have this evidence you will find that lenders will not be prepared to provide you with a loan as they will perceive you to be too big of a risk. Therefore if you are attempting to get a loan in order to improve or expand your business you may find that you struggle to get the loan you want.

If you cant get an unsecured personal or business loan

If you are a homeowner and you don’t have the documentation of proof of income that you need in order to get an unsecured loan there is an alternative option you can take. You could potentially take out a secured loan that uses your home as security. This then makes it a far less risky option for lenders as there is something that they can use in order to get their loan back should you not be able to maintain the payments. However you do need to be aware this is a more risky option for you as you will not only have your mortgage secured against your home, you will also have your loan secured against it as well and so you will have to ensure that you maintain your payments for both.

What interest rates can I expect to pay?

The interest rates you will pay will very much depend on the loan amount you want, the term over which you will repay the loan, and also your personal financial situation. If you have a good credit history you are going to be able to get better loan deals than if you have a poor credit history. The lowest rates available on this sort of loan sit in the 5-6% area, and the higher rates can be anything up to 20%.

What proof of earnings or income is required?

For self employed applicants lenders will need proof of your income to ensure that you can afford the loan repayments. These may either be in the form of SA302 documents from HMRC or your accountant and/or you business or company accounts. Some lenders may also ask for details of your accountant so that they can verify any income claims you make.

Buy to let applicants have a small selection of options that allow you to take out a buy to let loan without proof of income. This product is ideal if you can’t proof your income, are self employed or work on a low income.

Dont jump in with both feet

If you are planning an expansion or your business, or even just raising the capital to start your brand new business, you will need to make sure that your investment is going to pay off for you so that you will be able to repay your loan. Being fully aware of your business, the potential for growth, the current market in your area of business, you actual or projected annual turnover are all things you will have to be able to take into consideration when considering your business loan. This is because you do not want to be in the position where you take out a large loan, only for your business not to improve its annual turnover. Many business loans, even if they are secured loans against your home, will require you to provide justification for taking out your loan in the same way as people who take out homeowner loans are required to do.

Go and see an expert

Although a secured loan is a loan rather than a mortgage, it is secured against your home and so has far more in common with a mortgage than a personal loan. Therefore you can find advice on the loan options available to you through a broker who specialises in providing secured loan products for self-employed people. When it comes to the self-employed, many loans are provided on an individual application basis and this is where a broker is vital as you are likely to miss out on a number of deals if you rely on internet searches only for information.

If you’re unsure which self employed loan is right for you or you need some guidance on homeowner and secured loans then speak to our experts on 0161 820 8099.
Their friendly advisors will be happy to discuss which options are available and to answer any questions you may have.

FAQ

Getting a loan when self employed either as a company director or a sole trader can be more challenging.

Often, the lenders proof of income requirements are more indepth such as the requirement for HMRC SA302 forms and further backround checks on your business and it's profitability. If you are looking to take out a larger homeowner loan for example, often it is an advantage to use a broker who can help you collate the neccessary forms and requirements to the lender needs.

No, there is no reason why you wont be eligable for the best rates while self employed. This is assuming you have a good credit rating and no history or missed payments or issues that may be present on your credit report. If you are in doubt then it is quite simple to sign up to one of the many free credit reporting agencies to further undertstand your credit report.

No. Lenders will need proof of your income to ensure that you can afford the loan repayments. These may either be in the form of SA302 documents from HMRC or you business accounts. Some lenders may also ask for details of your accountant so that they can verify any income claims.

Yes. There are lenders who will consider applicants with a lower credit score or a history of bad credit. Each lender will have their own requirements. If you are unsure they a loan broker can help place your application with the right type of lender who is more likely to accept your loan application.

No. All lenders will require you to have a credit check to ensure your credit worthiness and suitability. However there are a range of lenders who accept those with bad credit and who are self employed.

Yes. There are a range of lenders who accept applications from pensioners who are both self employed and over the ages of 60, 56, 70 and 75 and beyond.

Yes. There are many lenders who offer loans for business purposes. This may be for sole traders or directors who wish to take out a loan for their limited (LTD) company.

If you are self employed and working reduced or part time hours then this will not effect your ability to get a loan assuming your income needs are enough to cover the loan repayments. The lender will access the affordability of the loan while taking onto consideration your earning ability and expenses.

No. All unsecured lenders require a credit check to check your creditworthiness. They will also check your file to see if you have any other outstanding credit issues, missed payments or CCJ's.

Yes. There are many second charge lenders who are willing to offer secured loans on buy to let property. If you are self employed and require a secured loan on your BTL then this should not be a problem as long as you can provide adequate proof of income.

Related Links

Loans For Self Employed

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Bad Credit Loans

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Secured Debt Consolidation Loans

If you're a homeowner and wish to consolidate your debts into an easy to manage loan we can help. Check your eligibility and compare rates with Lending Expert.

Second Charge Mortgages

Take out and apply for a second charge mortgage with the help of our expert loan brokers.

Home Improvement Loans

Make home improvements with a secured home improvement loan. Get expert advice and market comparison with Lending Expert.

Bridging Loans

Short term bridge finance from our expert team of brokers. Loans from 1 - 24 months from a wide range of lenders. Apply online with Lending Expert.

Homeowner Loans

Quickly check your eligibility and apply online for a homeowner loan with Lending Expert.

Personal Loans

Apply for a personal loan from 2.9% APR online here at Lending Expert today.