Securing a Personal Loan When You're Self-Employed

Being self-employed comes with its own set of financial intricacies. We often see fluctuation in income and the diversity of revenue streams that self-employed individuals encounter, and qualifying can prove challenging compared to salaried employees. Our goal is to simplify the process of securing a personal loan by offering clear guidance and useful tips.

1. Prepare Your Finances.

One of the key aspects of securing a personal loan is planning ahead. Get in touch with a broker in advance so they can help you understand what lenders consider alternative forms of income. Whether it's rental income, investment returns, or other sources, we ensure you are well-prepared to present a comprehensive financial profile.

1. Prepare Your Finances.

One of the key aspects of securing a personal loan is planning ahead. Get in touch with a broker in advance so they can help you understand what lenders consider alternative forms of income. Whether it's rental income, investment returns, or other sources, we ensure you are well-prepared to present a comprehensive financial profile.

2. Financial Documentation

To strengthen your loan application, we emphasise the importance of organised financial records. Complete your tax returns for at least the latest two financial years. Have your financial statements ready if you are trading under a company. Highlight upward earnings trajectories when possible.

3. Plan For Income Fluctuations

Self-employment comes with income unpredictability, which could affect your ability to make loan repayments from a lender's perspective. To address this challenge, consider seeking personal loans with flexible repayment terms. Look for features that allow extra repayments during high-income periods and provide options for repayment holidays during lean times.

4. Lender Selection

Choosing the right lender is crucial. There are certain lenders specifically catering to self-employed borrowers, offering more flexible qualifying criteria. Here at Investors Mortgage, we will always recommend the best suited lenders based on your unique financial profile.

Are you self-employed and considering a personal loan? Investors Mortgage is here to guide you through the process. Our team is ready to provide further information or discuss financing options tailored to your needs. Take the next step towards securing your personal loan by reaching out to us today.