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Self-Employed Loans

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If you’re self-employed and have had difficulty applying for a loan, we can help find loans for the self-employed. If you’ve struggled to apply for credit due to no proof of income, we can connect you with lenders who can help. Apply today, and we’ll show you the best rates on loans for the self-employed between £1,000 up to £25,000. As both a direct lender and a broker, we can provide you with a higher chance of approval.

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Loans for the Self-Employed with Bad Credit

We can help applicants for self-employed loans even if you have bad credit. We take into account your affordability as a whole and not just your credit rating. You may have a poor credit rating when self-employed and have found it difficult applying elsewhere. This will be because your credit score is not perfect, and you have no proof of income. We are an FCA authorised lender of loans for the self-employed with bad credit. We can ensure that you’ll find lenders willing to help you get the borrowing you want. If we can see you have the means and can afford monthly repayments, we can help match you with lenders willing to lend.

If you have bad credit, you may find that self-employed loans we offer may have higher rates of interest. They may also only offer a smaller loan amount. Having bad credit means that the maximum you can borrow will be capped at £7,500. The interest rates may be much higher than if you had good credit as well. You’ll need to carefully consider when choosing a loan offer that it meets your requirements. Otherwise, you could be paying back more interest than you ideally want.

 

Why Should I Choose Personal Loans Now for Self-Employed Loans?

As an FCA authorised direct lender and broker, we provide many benefits when applying for through us:

  • Fully Online Application – you can complete your application for self-employed loans on the website. Without waiting for paperwork.
  • High Acceptance Rates – we can offer you a high acceptance rate, with 50,000 applicants just like you already approved.
  • Low APR rates – we will show you the lowest APR rates for self-employed loans available on the market today.
  • No Proof of Income Needed – as a self-employed applicant, you won’t need to prove your income to gain approval.
  • Same Day Funding – once approved, we can credit your account on the same day.
  • Instant Approval – we’ll give you a decision in just 90 seconds.

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Among the advantages of using our online service for self-employed loans, we can help if you need it. Our expert, knowledgeable team are just a phone call or email away, so contact us for further assistance.

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No-Proof of Income Needed for Self-Employed Loans

One of the difficulties many self-employed people have when applying for credit is having no fixed income. Having proof of a regular income can be a stumbling block. In the past, self-certified loans for the self-employed were widely available, but less so now. Here at Personal Loans Now, the good news is we are happy to accept your bank statement as proof of your earnings. Providing us with your bank statement as part of your application will increase the chances of being accepted. This is either by us or one of the many direct lenders we can connect you with. You’ll also need to show not just your income, but your expenditure details too. This is so the lender can make an informed judgment on your affordability. If you don’t receive your bank statements or can’t download from your bank’s website, you’ll need to visit a local branch. Having a bank statement will provide an excellent way for you to get the loan you need quickly.

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Self-Employed Loans FAQs

Are their Other Options to Self-Employed Loans?

You may want to consider your options, as well as direct lenders for a personal loan for the self-employed. You may find a business loan could be a viable option for you. A business loan may be able to offer preferential rates of interest. This is designed to help applicants like you who may struggle to get approved for other types of borrowing. At Personal Loans Now, you may be able to apply for low rate secured loans as an alternative as well. They will provide you with a potentially higher amount and possible higher acceptance rate. This is due to the loan being secured against assets such as property or a vehicle. You may also have seen payday loans as an option, but we can offer alternative lending that will save you from high rates of interest. If the loan you’re looking for is to fund a particular event or special occasion, such as a wedding, we have the available products to help you.

Do I Need to Have a Bank Account for Self-Employed Loans?

If you want to apply for self-employed loans without a bank account, you may find some lenders are still willing to do so. However, as it is a requirement through us, having a bank account is needed to apply. Without one will mean relying on high-interest loans for the self-employed instead. We recommend you consider your situation before doing this. Ideally, open a bank account if you don’t already have one.

What Are the Eligibility Requirements for Self-Employed Loans?

To be able to apply for self-employed loans through Personal Loans Now, you’ll need to meet the following requirements:

  • Are aged 18 years or over
  • Have a UK bank account
  • Are a current UK resident
  • Have a regular source of income (that you can prove with bank statements)

These are the minimum requirements to be able to apply for borrowing with us. If you meet the above, it doesn’t guarantee you’ll be accepted for self-employed loans. This is the same with us or any of the direct lenders we connect you with.

How Can I Get The Best Rates for Self-Employed Loans?

To have access to the best rates available with loans for the self-employed, you’ll need to have a good credit rating. Applying for self-employed loans with bad credit, you may find lenders will only be able to offer higher interest. We can connect you with other direct lenders who can help you if we’re unable to offer the loan amount you want. All the direct lenders we connect you with are fully FCA authorised. They meet responsible lending standards, as do we as a direct lender and broker.

If I’m in Financial Difficulty, Can I Still Get Self-Employed Loans?

If you’re currently experiencing financial difficulties, you may want to look at your income and expenditure. This will help ensure you’re able to afford the repayments you want. If your disposable income is very low, applying for self-employed loans will cause a negative impact on your score. We recommend if in financial difficulty to seek advice. You can contact one of the free organisations, such as the Money Advice Service or Citizens Advice. As a responsible lender, we’d need to see demonstrable affordability to offer the credit you want. Not only to protect you from further problems, but also for the lender’s best interests. There are alternatives available, but you would have to be prepared to offer a guarantor. Alternatively, you would have to offer something as security, such as with secured loans.

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