Personal loans for self employed are a great way to secure funds for future growth of your business or to use them for your own personal purposes. Whatever the case is you may discover that lenders will evaluate your application in a different way. The main issue with the self employed is the proof of income. Many lenders require a full documentation including the tax returns and bank statements to see income fluctuation, seasonality of work, and other things. People employed for companies are pretty easy to verify; self-employed are not.
Fixed interest rate
Personal loans usually have a fixed interest rate and fixed monthly (weekly or biweekly) installment plan. The details are always provided by a lender.
It can be much easier than you think
The network of lenders we work with has an easy application for personal loan, which doesn’t contain additional fields for self-employed. You are required to provide your net income and specify if it comes from job or benefits. In short, there is no paperwork at all, though some lenders may request additional information in paper form, depending on a loan amount.
Personal loan or business loan
As a self employed individual you qualify for a business loan as well. Business loans are different and can be more beneficial than personal loans. There are different types of business loans, for instance, a term loan. It is pretty much the same as a personal loan but it is intended for businesses. It comes with a fixed interest rate and it is repaid on an installment plan. A good option is a revenue-based loan. When getting this type of loan, you pay a percentage of your revenue. If your income goes down, so does your instalment payment.