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Self Employed Loans: Suitable Funds for the Self Employed World

Being self employed has its perks; you answer to no one, you can run your business the way you want and you may deal with clients of your choice. However, there is one big, glaring disadvantage of being employed by self- uncertain financial resource. You might have good times and you might have bad times. Unlike those who are employed with some firms, you do not have a fixed salary coming every month. During those times when you happen to need some capital, you would be hard-pressed to find it. But if you seek the aid of self-employed loans, you will have the chance to generate funds for any purpose.

Self employed loans are meant for providing financial help to self employed people. Those like proprietors, independent consultants, independent contractors and small business men like shopkeepers have found these loans a reliable and readily available option. The loan may be used for many purposes- either for business-related causes, investments or some personal venture.

There are two ways of availing self-employed loans and the options may be chosen depending upon the mode of income proof you are providing:

  • Low doc option

This may require either a letter from your account or 2-3 years worth of full accounts including your business tax returns, credit report and verification of on money on hand for the down payment

  • No doc option

A self-certification suffices for this. It is the personal declaration of your income. There is no need for any audited accounts for proof. Interest rate is higher under this option.

You can borrow any amount from £3000-£250,000 through these loans. Down payment can be as high as 40% but a good credit rating can help reduce it to 20%. Repayment duration lasts for 3-25 years. These loans allow flexible repayment options like overpayments, underpayments and payment holidays.

Self employed loans tend to carry high interest rates. But as a huge variety of offers are available you may compare loan quotes and select cheaper deals. Take the help of online application to get free quotes.

Summary

Self employed loans are available to self employed borrowers. Based on how your income proof is provided, there are two types that you can avail- a “low doc” self-employed loan and a “no doc” self-employed loan. Flexible repayment options are also provided.