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Self Employed Loans: Exclusively For The Self-Employed

If you belong to the world of proprietors, independent consultants, independent contractors and their kin, then here’s good news for you. There are specialized loans for your use. You may be the owner of your business, or just a partner. The fact is, whenever you fall into a financial crisis, you can go get yourself a self-employed loan. It can be used for a variety of purposes.

Your income plays a major role while getting a self-employed loan approved. It is assessed to determine your repayment capability. There are two ways of making this assessment:

  • Most lenders demand a 2-3 years worth of full accounts. The latter’s personal or business tax returns, credit report and verification of money on hand for making down payment are required. Sometimes, a lender might ask only for a letter from your accountant. This type can be classified as “Low doc” Self-Employed Loan.
  • The other method is based on your ‘self-certification’- i.e. your personal declaration of your income without any audited accounts for proof. This is known as a “No doc” loan. It needs only a statement regarding your income and nothing else.

Self employed loans are available for any amount from £3000-£250,000. You might be asked to put forward a sum as down payment. Down payment can be as high as 40% but a good credit rating might bring it down to 20% for you. Repayment duration is usually 3-25 years.

Self employed loans have really flexible repayment options like overpayments, underpayments and payment holidays. Overpayment means you can pay more than the agreed amount of installment, underpayment implies you can pay less while payment holidays allows you to skip payments- all with the approval from your lender.

The only aspect of self-employed loans that you might want to watch out for is the high interest rates. But if you shop- around the loan market, then you will be able to find cheaper rates. A time-saving and cost-free way of doing this is through the internet.  There are more choices available online and all you need to do is to fill up a free application form. you can apply for various lenders, get their quotes and select the most affordable offer.

Summary

Self employed loans are available for a variety of purposes. Based on how your income is assessed, there are two types that can avail- a “low doc” self-employed loan and a “no doc” self-employed loan. Flexible repayment options are also provided.