Self
Employed Loans
Find Today's
Leading Self Employed Loans. Compare Self
Employed Loans. How To Apply for a Self
Employed Loan.If
you are self employed then getting a loan can often
be difficult
with lenders wanting 3 years accounts or more.
To borrow money from a lender you
have to prove that you are financially sound and
will be able to keep up repayments. Being self
employed or say working on a short term contract,
makes this harder for you to prove. A mainstream
lender will want to see at least 3 years audited
accounts as proof that your business has done well
over that time. If it has, you should be able to
borrow money from most lenders. Lenders feel they
are taking less risk with full time employed people.
As lenders look at it, if you are self employed you
have to chase things like payments and invoices, you
could be working on a short term contract, if so
what will happen when that runs out, will you
succeed in getting a new contract. They need to
believe that you will financially be able to make
payments throughout the term of the loan.
Even if you do have 3 years worth
of accounts to show a loan provider, your accountant
is likely to have minimised the amount you declared
as income for tax purposes. It is ironic that having
a good accountant can actually be your downfall in
the loan market. By downplaying your profits it
could turn out that when a lender looks at your
accounts, their assessment of how much you can
borrow is based on an income that doesn’t reflect
your ability to pay.
There are more flexible lenders out there and you
should not despair if you do not have accounts to
show as proof of earnings, there is still another
way you can get a loan, self certification could be
your answer.
There are a number of companies who
offer competitive
self certification loans. Use one of our
free
Self Cert
Loan Calculators to compare different
Loans.
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