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Self-Employed Loans

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If you’re self-employed and have found difficulty applying for a loan, here at Personal Loans Now we can help you with loans for the self-employed that offer the best rates and affordable repayments. Even if you have struggled in the past with applying for credit because of having no proof of income, through us, we can connect you with direct lenders who are best placed to help. Apply today and we’ll show you the best rates on loans for the self-employed between £2,000 up to £25,000. As both a direct lender and a broker, at Personal Loans Now 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, taking into account your affordability as a whole. We understand that you may have a poor credit rating when self-employed and have found it difficult applying elsewhere because your credit score is not perfect. As an FCA authorised lender of loans for the self-employed with bad credit, we can ensure that you will still find lenders who are willing to help you get the borrowing you want. If we can see you have the means and affordability to afford the monthly repayments and loan amount you want, we can help match you with lenders who are willing to lend to you.

If you do have a bad credit rating, you may find that the self-employed loans we can offer may have higher rates of interest or only offer a smaller loan amount. Having bad credit will mean that the maximum you can borrow will be capped at £7,500 and the interest rates may be much higher than if you had good credit. You will 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 can provide many benefits when applying for borrowing through us. These include:

  • Fully Online Application – you can complete your application for self-employed loans on the website and not have to wait for paperwork to be signed.
  • 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 many advantages of using our online service for self-employed loans, if you ever need any help, our expert and 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 a lot of self-employed workers may have when applying for credit is that because of no fixed income, having proof of a regular income is 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 is that 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 you being accepted by us or one of the many direct lenders we can connect you with. You will also need to show not just your income, but your expenditure details too so that the lender can make an informed judgment on your affordability. If you currently do not receive your bank statements or cannot download for your bank’s website, you will need to visit a local branch to request your most recent one. Having a bank statement will provide an excellent way for you to get the loan you need fast.

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Self-Employed Loans FAQs

Are their Other Options to Self-Employed Loans?

If you are considering all your options, as well as the direct lenders for a personal loan for the self-employed, you may find a business loan could be a better option. A business loan may be able to offer preferential rates of interest, designed to help applicants like you who struggle to get approved for other types of borrowing. Here at Personal Loans Now, you may be able to apply for secured loans as an alternative also, as they will provide you with a potentially higher amount and possible higher acceptance rate due to the loan being secured against assets such as property or a vehicle.

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 Personal Loans Now, having a bank account is needed and will mean relying on high-interest loans for the self-employed instead. We recommend you carefully consider your situation before doing this and 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 will need to meet the following eligibility 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 does not guarantee you will be accepted for self-employed loans 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 very best rates available with loans for the self-employed, you will need to have a good credit rating. Although you can apply for self-employed loans with bad credit, you will find some lenders will only be able to offer a higher rate of interest to approve your loan amount and terms. We can connect you with other direct lenders who can help you if we are unable to offer you the loan amount you want. All the direct lenders we connect you with are fully FCA authorised and 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 are currently experiencing financial difficulties, you may want to look at your income and expenditure and ensure you are able to afford the repayments you want. If your disposable income is very low or a negative amount, applying for self-employed loans will only cause a negative impact on your credit score. We recommend if you are in financial difficulty that you seek advice and contact one of the many free to use organisations, such as Money Advice Service or Citizens Advice, before applying for any more credit. As a responsible lender, we would need to see demonstrable affordability to be able 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 as part of your loan application or something as security, such as with secured loans.

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