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Self Employed Loans

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
786 Loans is a credit broker and not a lender

What is a Self-employed Loan?

A short-term and unsecured loan that is given to people who are working for themselves. That may include budding entrepreneurs, people starting their own small scale business. These loans are given out without any collateral and a borrower doesn’t even have to present a guarantor to co-sign the loan.

Self-employed loans need to be repaid within a year or less. This tenure is sufficient for a borrower as the amount taken would be small. Hence, a borrower should consider the repayment of the loan to avoid any damage to the credit score.

Traditional banks generally do not lend money to people who do not have a strong financial record and that too to a borrower who is a self-employed person. According to the British Business Bank, 382,000 new businesses are formed in a year that means 1000 per day.  There has been a rise in the number of self-employed persons in the UK lately. Hence, it is not impossible to avail a loan if you are self-employed.

What Can You Use a Self-employed Loan for?

A self-employed loan in the UK can be used for any purpose. The borrower may use it to pay for emergencies, or to repair a boiler, or may invest in their business, or they can use the loan to consolidate their existing debts. There are no restrictions on the usage of these loans and this is one more reason for its popularity in the UK.

Expanding your business using the funds that you have acquired through an unsecured loan is an amazing way to develop your business. However, make sure that you repay the loan on time and in full. These are high-cost short-term credits and the rates of interest are generally high. So, if you fail to make the repayments, your credit score will be severely damaged. And this will impact your ability to borrow a debt in the future. Lenders will take it as a sign that you are not good at managing your finances.

How to Get a Self-employed Loan Online in the UK?

If you’re a self-employed person and you need to avail a personal loan to help your business grow, then you may apply for loans for self-employed with 786 Loans. We have designed a simple and easy online application for borrowers, which will take only a few minutes to be filled up. Also, the process of lending involves minimal documentation and paperwork that will be carried online. This will save you a lot of time and efforts.

Apply for a self-employed loan with these few easy steps:

  • Application Form: The form has to be filled with a few basic but important information about you. This will help the lenders to verify the information provided in the form. Make sure all the information filled by you are correct.
  • Apply: Once you complete the form, submit it online by clicking on the button.
  • Eligibility Assessment: The lenders will conduct their checks to know your loan eligibility and repayment affordability. This may take time and the time may vary from lender to lender.
  • Final Decision: The final decision of the lender will be displayed on the screen.

Self-employed Loans for People with Bad Credit in the UK

Bad credit ratings are often considered while lenders decide whether or not to extend the loan to a borrower. There are lenders who consider only a credit score to offer a quote while there are other lenders who assess the repayment affordability of the borrower rather than only considering the credit history.

786 Loans deals with regulated lenders of the UK who offer self-employed loans for bad credit to help individuals run their business smoothly. While applying for a loan, you need to submit all the necessary and supporting documents for your income to help lenders take their decision.

Before applying for a loan, check the eligibility criteria and all the documents that you need to provide at the time of making an application. Moreover, our lenders will provide you with a soft quote that means for the initial loan assessment, they will perform a soft credit check on your report. A soft credit check doesn’t impact your credit score and hence, helps you to maintain your credit ratings.

Part-time workers in the UK can also apply for this loan as they also have a source of income. A regular source of income works as a supporting act for your repayment affordability. Therefore, lenders may take it into account before offering a loan for part-time workers.

Alternatives to Self-employed Loans UK – By 786 Loans

To make a smart choice while browsing through a range of credit products to choose the right one, you need to understand your financial needs and abilities. Always borrow an amount that you can repay. Ask yourself questions such as why do you need this loan? Will I be able to repay on time? What are the alternatives that I can consider?

786 Loans is an FCA registered loan broker in the UK and it also offers homeowner loans, no guarantor loans, instalment loans, payday loans, 12-month loans. We do not charge any upfront fees to our borrowers.

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0203 633 1034

Customer Support

customer.support@786loans.uk

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Registered Office

786loans.uk is a registered Trading Name of Tiger Lion Financial Limited. Tiger Lion Financial Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 753151. Tiger Lion Financial Limited is registered in England and Wales (Company number 10189367), Registered Office: 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. Licenced by the Information Commissioners Office, (registration number ZA185613)

Authorisation can be checked on the Financial Service Register at www.fca.org.uk.

Disclaimer

786 Loans is a licensed LOAN BROKER and not a lender. The website is registered in the UK and is authorised and regulated by the FINANCIAL CONDUCT AUTHORITY (FCA). WARNING: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.

786 Loans does not charge any fees. If you are contacted by anyone claiming to be from 786 Loans and requesting you to make a payment, report it to www.actionfraud.police.uk.


All Loan approvals & Quotes are subject to Credit Score and Affordability requirements by lenders. If you meet the lender's criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.

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786 Loans
71-75 Shelton Street
Covent Garden, London, WC2H 9JQ United Kingdom
0203 633 1034
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