Thanks so much for your advice Huckster, I was looking at the Blackhorse one, so shall not bother looking at that any more!

I just called my bank and though at the moment the rate they could offer me isn't great (until I pay off my little overdraft apparently!) they don't see any problems in lending me a smaller amount than 10K, so at least I do know that there is that 'more certain' option.

Hi

I would think unsecured loan of £10k would be expensive, when your income is £7k per annum.I don't know what a good rate would be, but say it was 16% based on your details. Over 5 years or 60 months, this would be approx £243 per month, which is a good chunk of your income.

I doubt you would want to arrange a secured loan, putting your house on the line. Also you should read articles about unsecured loans and issues if you had difficulty repaying. Apparently some lenders would still look at your assets including your home.

See moneysupermarket guide in link below. Beware that Blackhouse finance loans are vetted by the Unsecured credit company. If Blackhorse will not lend, the Unsecured credit company may take quite awhile to find another loan. You should look at the comments of others about this company on this site and other forums, not happy campers !!! http://www.moneysupermarket.com/loans/

If you have a good relationship with your bank, you may be better getting a smaller more affordable loan with them, if this looks to be at a competitive rate.

Huckster

Nb. This is the lnk for the unsecured credit company thread http://www.moneysupermarket.com/community/forums/t/the-unsecured-credit-company-and-the-credit-peopl-33931.aspx

I need advice please! I'm looking to take out a personal loan for 10K. I've been self-employed for around 8 years, and own my home outright so no mortgage. My income is quite low averaging 7K per year - this hasn't bothered me before as I have no mortgage to pay every month.

Going through the 'Smart Search' option on this site, it looks as though my credit rating would be 'fair' - cant get my actual credit rating from Expedia due to a problem on their website at the moment, so this is just my 'best guess'. The Smart Search has given me a list of quite a few loans which match my profile but I dont want to go ahead and apply for any just yet as I may not need the loan.

I really would like to know if I would be likely to get accepted for a loan. Can anyone help? Please?!