Loans For Self Employed People

If you are self employed and require a personal loan then our approved lenders and finance brokers below can help. They understand that getting a loan when self employed or as a small business owner can be a little more challenging, and with this they fully understand the lenders application requirements so that you have the very best possible chance of being approved for the loan you require. Loans are available from £500 – £250,000 and are available on both an unsecured and secured loan basis for both homeowner and tenant applicants.

All Credit Types
Rated 4.5 / 5

Choice Loans

Loan Type
Self Employed Business Loans

Loan Amount
£3,000 - £5,000,000

APR
From 3.8% APR Representative

Loan Term
3 - 25 Years

Choice loans can arrange a wide range of business finance solutions for business of all sizes. Services include business loans. Crowdfunded business Loans, Short term unsecured business loans, Merchant cash advance, Pension led business finance, Overdraft alternatives, Asset finance, Asset backed loans, Invoice finance, Commercial mortgages.

Property finance is available for residential, commercial, property development, overseas property, bridging loans and buy to let mortgages.

Poor Credit
Rated 4 / 5

UKcredit

Loan Type
Guarantor Loan | Poor Credit

Loan Amount
£1,000 - £7500

APR
39.9% APR Representative (Fixed)

Loan Term
1 - 5 Years

If you have poor credit then applying out a loan with a guarantor will significantly increase your chances of being accepted for a loan at lower rates. Available for both homeowners and tenants.

Guarantor loans and UK Credit offer a cost effective loan solution for poor to bad credit applicants with the lowest guarantor loan rates around at 34.05% APR.

£4000 over 4 years, representative 39.9% APR fixed. Monthly payment £153.60. Annual interest rate 34.05% fixed. Interest payable £3372.80. Total repayable £7372.80. *Rates from 37.9% APR (fixed) to 59.9% APR (fixed) - rate offered is based upon personal circumstances.

satsuma_loans
Poor Credit
Rated 4 / 5

Satsuma Cash Loans

Loan Type
Short Term Lender (Instalment Loans)

Loan Amount
£100 - £1,000 (new customers)

APR
Representative 845% APR

Loan Term
13, 17, 21, 26, 30, 34, 39, 43, 47 or 52 weeks

Samuma loans is a direct lender providing small loans to be repaid in installments of 13, 26 or 39 weeks up to £1000 or £2000 for existing customers. Loans can be issued on the same day instantly. There are no hidden charges or fees and you can pick up whe phone to speak with one of their friendly advisors.

Representative example: £400 loan repayable over 26 weeks. 26 weekly payments of £26.15. Rate of interest 140% p.a. fixed. Representative 845% APR. Total amount payable is £679.90.

 

FAQ's

Is getting a loan more difficult when you're self employed?

Getting a loan when self employed either as a company director or a sole trader can be more challenging.

Often, the lenders proof of income requirements are more indepth such as the requirement for HMRC SA302 forms and further backround checks on your business and it's profitability. If you are looking to take out a larger homeowner loan for example, often it is an advantage to use a broker who can help you collate the neccessary forms and requirements to the lender needs.

Will I pay a higher interest rate on my loan?

No, there is no reason why you wont be eligable for the best rates while self employed. This is assuming you have a good credit rating and no history or missed payments or issues that may be present on your credit report. If you are in doubt then it is quite simple to sign up to one of the many free credit reporting agencies to further undertstand your credit report.

Can I get a loan without proof of accounts?

No. Lenders will need proof of your income to ensure that you can afford the loan repayments. These may either be in the form of SA302 documents from HMRC or you business accounts. Some lenders may also ask for details of your accountant so that they can verify any income claims.

Can I get a loan if self employed with bad credit?

Yes. There are lenders who will consider applicants with a lower credit score or a history of bad credit. Each lender will have their own requirements. If you are unsure they a loan broker can help place your application with the right type of lender who is more likely to accept your loan application.

Can I get a self employed loan with no credit checks?

No. All lenders will require you to have a credit check to ensure your credit worthiness and suitability. However there are a range of lenders who accept those with bad credit and who are self employed.

I am a pensioner and self employed, can I still get a loan?

Yes. There are a range of lenders who accept applications from pensioners who are both self employed and over the ages of 60, 56, 70 and 75 and beyond.

Can I get a self employed loan for my business?

Yes. There are many lenders who offer loans for business purposes. This may be for sole traders or directors who wish to take out a loan for their limited (LTD) company.

Can I get a loan while working part time?

If you are self employed and working reduced or part time hours then this will not effect your ability to get a loan assuming your income needs are enough to cover the loan repayments. The lender will access the affordability of the loan while taking onto consideration your earning ability and expenses.

Can I get a loan without a credit check?

No. All unsecured lenders require a credit check to check your creditworthiness. They will also check your file to see if you have any other outstanding credit issues, missed payments or CCJ's.

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