Lenders hesitate to lend loans to those who are self employed. They are looked down up on as a risky borrower as there's no flow of income for sure. So, if they are lent loans, the lender risks his loan amount, uncertain about the loan repayments. Lenders are often wary of lending to someone who is self employed. With self certified personal loan, even this has been overcome, whether you run your own business, or have certified accounts or no proof of income, you can still raise finance with a secured or unsecured self-employed loan.
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The other reason for rejecting the loan is self employed people cannot produce any documents in support of their income, they are not considered to be a favourable choice.
Such loans are not combined with any proof of income for the purpose of arranging loans or mortgages. These loans enable you to declare your current or expected income without financial documents. Isn't that great? Simply, sign in a declaration stating that you will be repaying the loan on time.
Usually, lenders ask self-employed borrowers to provide 2 to 3 years income as proof. Self employed ones will find it daunting to provide proof of income at times. Self certified loans are specially designed to cater to people without the audited income proof too. A free quote will enable you to know whether or not you can afford the loan. You can enjoy the provision of self-certifying your income so that you can borrow as much as you want.
Self employed borrowers can opt for a secured self certified loan, to offer a better credibility to a lender. Self employed people have slightly more restrictions on which forms of cover they can take out, as they are unlikely to be covered for unemployment unless they stop trading. They can also avail a debt consolidation loan to club their debts together and rid of bad debts, home improvement loans for a total revamp, new car, holiday home, no proof of income, poor credit loan.
If you are finding it difficult to prove how much you earn, there's a friendly self employed loan for you. You can now, self-certify your income. You would enjoy similar benefits in terms of the loan rate as would an employed borrower enjoy. Borrow against that equity with a self employed loan to raise cash for whatever you want. Pay off your credits, bills, or over drafts.
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