Being your own boss does have some great benefits, but it can make finding a loan more difficult. We’ll explain why here, as well as how self-employed loans can help.
- Personal loans from £100 to £10,000
- Instant online decision
- 8 out of 10 customers accepted by us
Representative Example: If you borrow £1,800 over 24 months at an annual interest rate of 41.2% (fixed), Representative 49.9% APR, you would pay £111.28 per month. The total amount repayable will be £2670.72
I am self-employed and have bad credit. Can I still get a self- employed loan?
Yes, you could be eligible for a self-employed loan if you have a bad credit rating. Even if you have mortgage arrears, defaults or CCJs registered against you, there are lenders out there that should be willing to provide loans for self-employed people in your situation.
I’ve been rejected by other lenders in the past for a self-employed loan, can I still apply?
Just because you’ve been rejected by one lender, it doesn’t necessarily mean you’ll be rejected by another. Each lender has their own acceptance criteria and some specialise in helping the self-employed and those with poor credit.
We wouldn’t recommend applying for lots of loans at once as each application leaves a mark on your credit score. However, we accepted 8 out of 10 applications for a self-employed loan quote – so why not see if you’ll be pre-approved today?
Can I use a self-employed loan to consolidate my debts?
Yes you can. If you’re struggling to keep track of all of your repayments towards different debts each month, loans for self-employed people can help you to pay off all of your existing credit cards, overdrafts and unsecured loans. You’d be left with just one monthly payment instead of lots of different ones.
Please be aware that consolidating your debts with a loan could increase the amount of interest you pay in total, as you’ll be repaying it over a longer period of time.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk