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Self Employed Loans

Being self-employed means being your own boss and not answering to anyone else. You get to set your own hours and even work from home. In the past the biggest downfall to being self-employed was acquiring a traditional loan. As more individuals have left the traditional work force and become entrepreneurs or independent contractors, the rules of getting financing have changed also. Now there are quite a few options for self employed individuals to obtain loans that fit their lifestyles.

How do you qualify for a self employed loan? You are defined as a self employed person if you operate a sole proprietorship, are a limited or general partner in a partnership, or an independent contractor/consultant. The self-employed loans no longer to require you to offer proof of your income; however, you may use audited accounts to prove your ability to repay the loan or you can certify your own income. Remember the amount of your verifiable accounts or you self certification of earnings will determine the amount of money you are qualified to borrow. In general, to qualify for a self-employed loan you must be 18 years of age, a bank account in our name, and be a permanent resident of the UK.

If you own your home or other property you may qualify for a secured self employed loan and a lower interest rate. However, even if you do not own property you can get an unsecured self-employed loan but pay a higher interest rate. Some companies even offer unsecured self employed loans to individuals who have less than stellar credit but the interest rates on these loans tend to be very high and may require a deposit. These loans can be used for home improvements, debt consolidation, buying a new car, medical bills or even cash infusion for your business.

One of the benefits of self employed loans is a flexible repayment schedule including overpayment, underpayment and even payment holidays. Ease is another advantage of the self employed loans because most are processed online and the lender simply deposits the funds into your bank account. While the self employed loan has many benefits, there are a few disadvantages to this loan. Because the risk of default to the lender is high, the interest rate on most self employed loans can be appreciably higher than usual. The loans also usually require a much higher deposit than traditional loans.

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