Money loans for the Self Employed inc. bad credit options

If you are self-employed you can find yourself in something of a “catch 22” situation when it comes to trying to get a loan. You will have to work hard to prove that you can afford the loan – even if the main aim of getting a loan is to rationalise your existing finances.

It used to be the case that if you required loans, but were self employed (good and bad credit included), people were able to simply verify their own income. However in recent years, lenders have tightened up on both self employed personal loans and mortgages.

It is not impossible to get a mortgage or personal loan if you are self-employed, but be aware that lenders will want to see detailed financial records proving your income and the affordability of the loan. You should be prepared to answer a lot of questions and provide detailed accounts of your earnings.

It is a good idea to form a realistic judgement before applying for a self employed personal loan as to how likely you are to be successful. If you apply and are turned down the details will be visible on your credit file, and this in turn could adversely affect your ability to obtain further finance.

Some options to consider

If you are confident that you can afford the repayments on a self employed personal loan then choose your lender wisely and make sure that you have all the information that they will require for the application process.

There are various lenders around who will offer self employed loans even for those with bad credit. Don’t be afraid to look beyond the mainstream lenders and find those financial institutions that will look at the bigger picture. It is also important to deal with lenders regulated by the Financial Conduct Authority as they are obligated to abide by rules and regulations introduced to protect the interest of consumers.

How Simple Fast Loans can help

We are proud to be a forward-thinking lender who treats each case on its merit and will help you if we can – as we don’t believe a ‘one size fits all’ methodology. As a responsible lender we will not encourage you to get into more debt, but we understand that sometimes self-employed people may require access to personal loans.

This publication do not constitute financial advice and are provided for general information purposes only. No warranty, whether express or implied is given in relation to this article therefore we cannot be held liable for any technical, editorial or other errors or omissions within the information provided on this website.