There is a steady growth in the number of people who prefer to work from home or stay self-employed rather than depending on conventional 9 to 5 office jobs. A lot of creative professions including painters, writers, graphic designers, fashion designers and many more are choosing work from home option over the fixed work hour jobs.
While one of the best-known rewards of being self-employed is you get to choose work-life balance and experience work satisfaction to the core. However, it is also a hard truth that you do not get as much flexibility to raise funding as a self-employed. For, as flexible are the work hours of the self-employed as are their income cheques. There is an additional risk (or loss) which lingers all through your work life. You cannot be sure of the timing of your next order or customer.
Seeking Funding in the UK as Self Employed
A post-Brexit decision, main street lenders have made it even more difficult to borrow for people with low credit score or without a stable income source. When your income is not regular, you are tagged as a less reliable borrower. Thus, many self-employed find it difficult to borrow loans. Even for small cash loans like payday loans self-employed do not qualify as they lack a constant source of income or proof of previous income.
In face of this cache 22 situations, it is important to know about the available loans for self-employed. Unlike main street lenders, a lot of private loan partners exclusively deal with borrowers with low loan eligibility including those who are working part-time or on a freelance basis. You can consider contacting one of the brokers and find out about the available loans for self-employed in the UK.
Secured loans for self-employed
Like bad credit loans, loans for self-employed come at higher cost. By opting for secured loans for self-employed you can sufficiently reduce interest rate and overall cost of the loan. Being a homeowner, you can certainly raise a loan against your property with greater ease. Many lenders would ask for a loan guarantor.
Can I avail a homeowner loan being self-employed?
A homeowner loan is a second charge loan against a property, despite the current mortgage. Being a self-employed you may find it difficult to find a lender for the same as they would seek a stable income source before extending the loan. A lot of lenders may ask you for proof of your previous year’s income before approving your loan.
If yours is a new business, you may find it difficult to provide the same. Herein you would need professional advice to get approval for a loan. Likewise, many self-employed people have a relatively new credit history and length of history makes them unreliable borrowers. Whatever be the hassle, you need a customised solution being a self-employed person. It is important to avail a loan with affordable repayments.
Benefits of using broking advice:
They are no loan sellers and thus there are no chances of marketing gimmicks.
They are loan experts as in their job is to introduce loan deals to borrowers. You can rely on them for tailored needs. They can help you find the most affordable loan without a delay.
Unlike conventional lenders, your loan application is not dependent on the interview with loan agent. The entire loan processing is conducted online and thus you do not need to live with credit check fears.