Loans for self employed.

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Representative 49.9% APR. Representative Example: Borrowing £1,000 over 12 months, repaying £103.06 per month, total repayable £1,236.72. Interest rate 49.9% (variable).

Loans for Self-Employed

Loans for Self-Employed - what to expect

When you’re self-employed, it can be a bit of a challenge trying to find a loan. Lenders may consider your income to be ‘unstable’ and hence don’t want to offer you a loan in case you can’t make back repayments in the future.

Because self-employed borrowers are considered to be a higher risk, they will normally be charged a higher interest rate but it’s not all doom and gloom. There are still deals out there so check out the compare table above, only featuring lenders that accept self-employed applicants, saving you the trouble.

You can get in touch with the Money Advice Service (0800 138 7777) or the Business Debtline (0800 197 6026) if you’re struggling financially.

Can I get a self employed loan without accounts?

Like all applicants, lenders need to make sure you can afford to make back repayments. Without your accounts, it can be hard for lenders to decide whether they can lend to you.

Generally, if you see a lender offering a loan without proof of income, it may be too good to be true. Best thing to do is find out if they’re on the FCA Register using their reference number which you can find in the Loans Library on each lender’s page.

Lenders registered with the FCA have to follow a diligent process (not necessarily a credit check) to ensure that you can afford to pay back the loan repayments each month. So in most cases, they will need your accounts to confirm how much you earn. Some lenders offer the alternative of submitting your bank account statements instead but this will all depend on your current circumstances and the lender you’re applying with.

Attempting to get a loan you can’t afford can lead to serious financial difficulty. Stay within your limits and contact Money Advice Service if you’re concerned.

Self-Employed Payday Loans - Do they exist?

Often, payday loan lenders will require you to be in full-time employment before you can be accepted for a loan. Working for yourself is considered to be an unstable source of income so self-employed borrowers will usually have a more limited choice when it comes to loans.

However, there are lenders out there happy to help out the self-employed market, like those in the table above. Before you apply, check you meet the lenders’ minimum requirements. Remember, these requirements are only the beginning and you will need to meet affordability assessments before you get a final decision.

Do I have other options?

Yes, you’ve got other options should you need them but make sure you take everything into consideration and decide which is the right option for you before you go ahead.

We’ve listed a few options below:

Guarantor Loans: Having a guarantor who agrees to pay off your repayments if you were to default means your chances of being accepted will be much higher. The interest rates on guarantor loans tend to be lower than most bad credit loans or ‘high-cost short-term loans’ so you could save yourself some cash.
Use our Budget Calculator to find out how much you can afford to spend on loan repayments each month.
0% Purchase Credit Card: Depending on how much you need to borrow and your credit rating, you might want to consider using a 0% purchase credit card. You won’t be charged any interest for a set, introductory period. If you need cash though, you could end up paying some hefty fees to withdraw on your credit card.

0% Balance Transfer Credit Card: Again, depending on your credit rating, you could be eligible for a 0% money transfer credit card that will allow you to transfer funds from the card to a bank account with zero charges for a set period of time.
If you’re opting for a credit card, make sure you pay at least the minimum repayment each month or you could lose the credit card benefits and face late repayment charges.

Final Word

When the odds are against you, finding the right loan can feel like a battle but remember, do your research and compare your options. As always, if you have any doubt about repaying a loan, then don’t apply. Stay safe and Choose Wisely.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk