Personal Loans for Self Employed 30k

Phil69

Hello,

I am looking for advice about personal loans for SELF employed for around 30k to 40k.

The loan is for putting towards buying a property. We have looked into going down the mortgage route but it seems we need 3 years of accounts and as it does not guarantee we will get a mortgage we were considering the personal loan route.

A few questions:

1. Firstly, is it possible to get personal loans of 30k to 40k when self employed? My income is around 40k per year. I am married with 3 kids, my wife has a long term illness so does not work.

2. If it is possible to get a personal loan for around that amount, do you still need 3 years of accounts?

3. I am currently with AIB but thinking another bank maybe a better option, it seems Credit Union or Anpost maybe a better choice when it comes to banking as they are more likely to offer a loan.

We are looking for a 5 year loan, our weekly savings and what we currently pay in rent would easily cover a loan payment. We have no other loans or repayments.

Any advice appreciated.

Jim2007

I doubt anyone would consider giving you a loan of any type without proper accounts.

Phil69

Jim2007 wrote: »

I doubt anyone would consider giving you a loan of any type without proper accounts.

Thanks for the reply Jim, I have not worded it very well, what I mean is, would you still need 3 years worth of accounts rather than say 2 years of accounts. Is the criteria the same for a personal loan versus a mortgage.

Thanks

Jim2007

Phil69 wrote: »

Thanks for the reply Jim, I have not worded it very well, what I mean is, would you still need 3 years worth of accounts rather than say 2 years of accounts. Is the criteria the same for a personal loan versus a mortgage.

Thanks

Well the banks might have a bit more flexibility in making their decision for a personal loan, but they will want security on the loan and I doubt very much that you can use a personal loan to buy property as it would just be a means to avoid the mortgage legislation.

Ask and see what they say, worst that can happen is they say no.

Henry Ford III

Might be on for your local credit union?

Personal loan interest rates tend to be quite a bit higher btw

Phil69

Thanks for the replies.

Trish56

KBC will consider your application for a mortgage with 2 years accounts. Credit Unions also do mortgages.

Phil69 wrote: »

Thanks for the reply Jim, I have not worded it very well, what I mean is, would you still need 3 years worth of accounts rather than say 2 years of accounts. Is the criteria the same for a personal loan versus a mortgage.

Thanks