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.
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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
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
There are millions of self-employed people across the UK and working for yourself has lots of benefits. You’re your own boss, you have the freedom to fit your work around your family, you might be able to work from home…
However, it has its disadvantages too. For example, finding a good deal on a loan can be a difficult task. That’s because some lenders may consider you more of a risk to lend to, as your income could be classed as unstable. This means they may be unprepared to lend to you, or borrowing from them could be more expensive.
Whether you’re a contractor, sole trader or run your own small business, a self-employed loan could help you borrow, so be sure to get a self-employed loan quote.
Proof of income
Responsible lenders need to make sure that loans for self-employed people will be repaid, so they’ll ask to see evidence of your income. It’ll vary depending on the lender, but you may be asked for as little as 6 months’ proof of income, or as much as 3 years. This could be bank or business statements, or a finalised accounts statement; again, this will depend on the lenders’ requirements.
Use your self-employed loan for almost any purpose
Self-employed loans can be used for almost any purpose. Whether you need to make some home improvements, buy a new car, or pay for school or university costs, it could help.
Perhaps you need a bit of extra help with your business? That could be buying new office equipment, or a van to help you expand – a self-employed loan could help you do this.
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