A Self Cert Personal Loan.
When self-employed people are trying to find a lender, they may be seen by the lending institutions to be a borrower of higher risk because they have no way to show that they have a source of income that is steady. If these types of borrowers are granted loans, the lender will be risking his loan amount while being uncertain about the loan repayments.It does not matter if you run a business or have certified accounts or no visable proof of income, you can still be awarded your financing through a secured or unsecured self-employment loan.
Another reason a self employed person may be rejected on their loan is that they are unable to show any documents to support the amount of income they have and this will make them seem to be an unfavorable choice for the loan.Self-certified loans are not used in combination with any proof of income for the purpose of arranging loans or mortgages, loans such as this enable you to declare your current or expected income without financial documents.You will just have to make a declaration of your intent to repay the loan on time in a signed statement.
Self-employed borrowers usually have to provide documented proof of their income of two or three years to show that they can repay the loan.Self-certified loans are specially designed to cater to people who do not have audited income proof because it can be difficult for a self-employed person to provide documented proof.The handy provision of self certifying your income in order to borrow as much as you want can be utilized when you ask for a free loan quote to find out if you can afford the loan.
Self employed borrowers can choose a secured self certified loan as a way to offer more credibility to the lender.The self employed person may have more restrictions on the types of collateral they can use as they are unlikely to be covered for unemployment unless they cease to do business.
