Loans for Self Employed
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Does a Bad Credit Score Matter?
It is always an uphill battle trying to find a loan with bad credit. Many banks and traditional lenders will reject self-employed bad credit score holders.
Companies that advertise loans from direct lenders with no credit checks are usually making false claims. All lenders typically perform credit checks. However, lending companies may use alternative eligibility checks and not solely rely upon the self-employed borrower’s credit score.
Loan Requirements
Eligibility requirements vary by lender, but may include the following:
● You must be at least 18 years of age.
● You are a resident of the U.K.
● You must present proof of income.
● You must provide a current bank account.
The lender may also ask for additional financial documents to verify your income.
What Can Self Employed Personal Loans Be Used for?
Emergency cash can help you meet your needs, whatever they may be. Some of the most common reasons that people take out shorter-duration loans include:
● emergencies
● home repairs
● debt consolidation
● vehicle repair
● unexpected bills
Please note that lenders may have restrictions on loan use.
How Much Would You Like to Borrow?
Loan Types Best Suited for Self-Employed People
Self-employed individuals can sometimes find unsecured loans, secured loans, and guarantor loans.
● Unsecured loans are not collateralized nor protected by a guarantor. Examples include credit cards, personal loans, installment loans, and payday loans.
● Secured loans are backed by collateral, such as a car, property, or jewellery. If the borrower fails to pay back the loan, they could lose their asset. Examples include car title loans, pawn shop loans, and secured credit cards.
● Guarantor loans are like secured loans. However, instead of securing the loan with collateral, the borrower presents a guarantor who will assume responsibility for the debt’s repayment. If the borrower fails to make repayments, the guarantor is held responsible.
Benefits of Working with an Online Direct Lender
Here are some of the top reasons why self-employed individuals may opt for shorter-duration funding:
● Online loans are easy. Loan applications can be completed within 15 to 60 minutes, in some cases. However, self-employed borrowers should note that instant loans are not possible and should not expect loan funds immediately.
● Instant communication. Working with a direct lender can offer you a certain level of transparency that may not be available through brokers. With online payday loans, you may receive cash from the lender directly.
● A direct lender can be more flexible. Requirements may be more flexible than conventional lending systems. This can make it easier to find financial relief for self-employed individuals who may not have access to traditional loans or lines of credit.