Personal loans for contractors

[8bit]

Need to borrow a smallish amount (around £10k-£12k) as a personal loan. I am a limited company contractor, I am the only employee, director and shareholder of my company. Am I wasting my time with high street banks like Tesco Bank etc. (only mention them because they showed attractive rates on comparison sites) or are they all comfortable dealing with contractors/self employed these days?

If not them then any suggestions where to go instead?

[jonamv8]

How long have you in business under your current lTD ? that will probably affect

[Shaoxter]

I've taken a loan and put my day rate x 250 as my income, they never checked or asked for a contract or accounts. This was from Sainsburys and who had the cheapest rate at the time.

[PurpleMoonlight]

Yes you can borrow from your Ltd, but there are potential tax consequences.

Google 'overdrawn directors loan account'

[8bit]

Thanks all. Re. director's loans, I prefer to keep my own and my company finances entirely separate and it's likely I'd be borrowing probably a little more than £10k so rather not go down that route. I've been in business for a little over three years now. Regarding Sainsbury's Bank, I had a look at their website after posting this as I already have a credit card with them, their rate was even better than Tesco so I called them, sounds fairly straightforward so I'll probably pursue that route.