Loans for Self-Employed People

If you are looking to get a self-employed loan, we can help you get the best rates and terms to suit your requirements. We use secured loans which allow you to leverage the value of your property or any other assets. We are a broker and our trusted partner at Lending Expert works with more than 20 FCA regulated firms across the UK so you can receive the most affordable rates across the entire UK market.

You can apply for £1,000 to £1 million repaid over the long term such as 3 to 30 years, with flexible repayment options and bad credit taken into consideration.

Click the “apply now” button below, and complete your online application in as little as 5 minutes. There are no fees for applying and successful applicants can often receive funds in a matter of days or weeks.

What Kind of Loan Should I Get as a Self-Employed Person?

At Proper Finance, we can help facilitate secured loans for self employed people, allowing you to use any property such as your home, office, flat or other commercial properties as security to borrow small or large amounts.

To Be Considered Self-Employed You Must:

• Operate a business or profession as a sole proprietor
• Be a partner in a partnership; or a
• Consultant;
• Independent contractor;
• Someone in changeable employment

Can I Still Get a Loan If I am Self-Employed?

There is no reason why self-employed people should not have access to loans products. Being self-employed just means that there are different administrative steps that go into applying for a loan than for those that have clear monthly salaries from an employer.

If you are able to ensure that your financials are as clear as possible and that you will be able to make your monthly repayments, then there is no reason why you cannot get the loan you need.

Things to Consider:

• Your monthly income – are they regular?
• How you will use the loan and for what purpose?
• How much do you need to borrow?
• Over what period do you wish to take out the loan? (also see long term loans)
• Other essential outgoing payments

How Much Can I Borrow?

As a self-employed individual you are eligible to borrow from £1,000 to £1 million with Proper Finance – and the repayment terms range from 3 to 30 years.

The rate will vary depending on amount borrowed, your financial history and current business performance.

What Are Self-Employed Loans Used For?

Self-employed loans provide finance for people running their own business. The loan can be used for any business purpose you may require. Some examples may include;

• Hiring new staff to meet increased demand
• Paying existing staff
• Buying new machinery
• Paying shipping costs
• Buying new inventory
• Upgrading technology
• Purchase a company car
• Marketing expenses
• Paying invoices

Can I Get a Self-employed Loan With Bad Credit?

Yes you can still get a self-employed loan with bad credit. However, you will require a valuable asset in which you have equity to secure against the loan.

Secured loans online are ideal options for self-employed people with bad credit or a who have a limited history of company accounts. Securing an asset against the loan diminishes the risk to the lender, increasing the likelihood of being accepted for a loan. If the self-employed individual fails to make their loan repayments , the asset will be repurposed and sold to meet the loan requirement.

What Do I Need To Apply For a Self-Employed Loan?

Depending on the lender, you may be required to share the following information:

• Proof of address: council tax or utility bill
• Proof of ID : passport or driving license
• Company information : what your company does and details on anyone who has financial incentives in the company
• Bank statement: to review your monthly outgoings
• Tax return : SA302 form to show proof of income which can be downloaded from HMRC online account

How Does Our Site Work?

• No upfront fees (only lender fees and broker fees may apply)
• Our site is on a secured server (https) to protect your details
• Compare rates from several competitive lenders
• Working with over 30 FCA regulated lenders through our partner at Lending Expert

Because we have partnered with multiple lenders, we are able to offer you the choice you deserve when it comes to finding the right loan for you. With us, you are free of the restrictions and set-rates involved in looking at a single lender.

What Is The Criteria For a Self Employed Loan?

Whilst the criteria may vary between lenders, the eligibility factors include:

• Must be a UK resident,
• Must be over 18 years of age, some restrictions may apply if you are a pensioner over 60
• Must have a working debit account, email address & phone number;
• Must use security such as a property, house or flat
• Must be employed and earning a regular income

What Happens if You Cannot Repay Your Loan

Failing to repay your loan may result in your credit rating being negatively impacted or a county court judgement (CCJ), which could harm your ability to access other financial products in the future. If you take out a loan that is secured against an asset, such as your home or your car, defaulting on your repayment could lead to the repossession of that asset.

Please ensure that you choose a realistic repayment term when applying for a loan with any one of our providers such that you are able to make your monthly payments. If you expect that you will not be able to make a monthly repayment, ensure to let your chosen lender know in advance. Most lenders have sympathetic policies which allow for a grace period of a couple of days if you ensure to notify them of your situation.