A self employed borrower is the one who owns 25% or more of the business from which income is derived. Self employed loans are not new to the loans market; however, they have recently been adorned with flexibility and ease with respect to a self employed. Credit history always plays a crucial role in deciding the different aspects of self employed loans. Good credit history provides benefits that no other qualification criteria can provide. Good credit score makes it easier for the borrower to get the approval for self employed loans.
Procedure to avail these loans:
Secured Self Employed Loans provide you more loans at very low rates of interest. In these loans you need to keep some of your personal assets as collateral to the lender. These personal assets could be any of your own belongings like car, house, land and jewellery. The repayment time will be more as your personal belongings are safe with your lender. Due to the booming competition among the private agencies and government agencies to provide loans of secured type, there is ne need of effort to get loans. But remember that your assets are there with your lender so you should fulfill the terms and conditions.
Secured self employed loans are usually granted for amounts ranging between £3000 and £250,000. This range increases with high-value collateral. The rates vary from 10.9-27.60% APR with an average of around 17.5%. The repayment time varies from 10 to 30 years.