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self employed loans

Self-Employed Loans

Move Forward With A Self-Employed Loan

Being self-employed comes with many perks. Fewer working restraints and greater control of your own money makes working flexible. However, when it comes to applying for financial support, it is a whole different story. Traditional lenders, such as banks often reject self-employed loan applications.

Banks require high amounts of documentation, including proof of tax returns and financial statements. Of course, being a business start-up or self-employed, it can be difficult to provide this information. So, what can you do if the banks say no?

ALC Commercial provide solutions in the form of Low Documentation Loans. As the name suggests, these come with far less paperwork and requirements. Low doc loans are a great opportunity if you are self-employed and don’t have the documentation to gain loan approval from banks.

With over 30 years of finance experience, our specialist team is trained to tailor self-employed loans to suit your needs. When you apply with us, it has no implication on your credit file, so you can apply with confidence.

Secured Self-Employed Loans

  • The loan is secured against an asset that you own, such as a house or car.
  • The asset acts as insurance for the lender to ensure that repayments are made after entering into a contract.
  • Secured self-employed loans come with lower rates and more flexible terms

Unsecured Self-Employed Loans

  • The loan is taken out purely on a trust basis that you will keep up with repayments.
  • Lenders may be less likely to grant an unsecured low doc loan since there is less evidence to back the loan up.
  • Unsecured self-employed loans come with higher interest rates and more rigid terms.

Can you get a loan if you are self-employed?

You can certainly get a loan with ALC Commercial if you are self-employed. In fact, there are a number of different types of self-employed loans that you could qualify for, including:

Bad credit self-employed loans

Self-employed personal loans are also available for people with a bad credit history. ALC Commercial understands that your past is your past for a reason. We believe that bad credit shouldn’t hold you back from getting a self-employed loan. It is unlikely that you will be approved an unsecured self-employed loan if you have bad credit. A bad credit history along with minimal documentation makes the risk too great. However, if you have an asset to secure your debt against then it is certainly possible to get a self-employed loan with bad credit.

Low doc car loans

If you are a self-employed borrower who cannot provide the financial statements or supporting documentation required for a standard car loan approval, then a low doc car loan can be a perfect solution. A self-employed car loan provides you with the opportunity to get the vehicle you need, even when traditional lenders say no.

Self-employed home loans

Just like with car loans, you can also get low doc home loans if you are self-employed. Generally, standard home loans are more affordable and have lower interest rates than low doc loans. Therefore, if you can, it is always best to try and get a standard home loan first.

Why choose a non-bank lender for self-employed loans

Traditional banks base their lending decisions on credit worthiness and extensive documentation as mentioned above. This is because banks are typically risk-averse and therefore take caution when giving out loans in case the borrower doesn’t pay their debt back. For this reason, self-employed people who have limited documentation are simply excluded from finance options. Therefore, no matter how reputable your business is, without the correct documentation, it can be impossible to get self-employed loan from a bank.

This is where private lenders come in to provide solutions that the banks can’t. If your business has limited documentation then non-bank lenders such as ALC Commercial can creatively structure terms to make self-employed loans possible in the form of low doc loans. However, it is worth bearing in mind that naturally, interest rates are higher for low doc loans as a pose to standard business loans. This is because without having documentation to back yourself up, there comes a greater risk to lenders. As a result, interest rates are increased to mitigate this risk.

why choose a non-bank lender for self-employed loans

Self-Employed loans with ALC Commercial

There are a number of benefits to getting a self-employed loan with ALC Commercial as a pose to a bank including:

  • Wide selection of small, short-term loan products
  • Greater lenience & flexibility than traditional lenders can offer
  • Responsible borrowers can be rewarded with better rates the next time they apply
  • Loan terms can be tailored to suit you and what you can afford
  • Secured loans aren’t always mandatory
  • Faster application process, approval & funding.

Check out these online loan calculators to quickly and easily find out how much you can expect to spend by taking out a loan.

Apply for a loan with ALC Commercial

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