Self employed loan are available in the market. But bad credit holders have to pay high rate of interest than the good credit holders. Now there is a loan for bad credit self employed people. Self employed bad credit loan is specially designed for them.
The loan is available in secured and unsecured forms. Secured loan needs collateral. You can place your car, home or anything valuable. Unsecured loan is available without security.
As this loan is availed to the bad credit holders, there is risk involved for the lender. The rate of interest is higher than the secured loans. Generally the rate of interest varies from 15% to 25%. If you negotiate with the lender and search for the lenders who negotiate, your rate of interest can be lowered. Secured loan amount can go up to 125% of the value of the collateral. You can get £25000 through this loan. The repaying term varies from 5 years to 25 years.
For unsecured loan you should prove your income. A letter from your CPA with details of your employment can also do. Copies of your tax presentations are also a good option to apply for this loan. Different lenders have different requirements but any of these will do.
Incase you do not have assets to place as collateral, there is another solution. If you can arrange a co-signer who have good credit score or have good profitable business. Then you can easily avail the loan.
Self employed bad credit loan is available to you if you fulfill the above criteria. Online lenders give cheaper rate of interests. All the loan features will depend on your business profits and the rate of interests.
These days' people prefer working for themselves or pursuing their hobbies. This loan is good for them.
Christian Phelps is a Masters in Accounting and Financial Management from Lancaster University Management School. He has been working with loan since his academics got over. To find self employed loan, Cheap Self Employed Loan visit http://www.loanforselfemployed.co.uk
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