When everyone needs money to self-employed, no one wants to wait days, or even weeks to see if they’ve been approved. They also don’t want to fill out a lot of paperwork or answer invasive financial questions. If you are one of them, what you want is easy loans for self-employed.
In the many previous articles, we introduced readers to the most detailed, most complete information about a variety of loans in the US as well as Australia. If you are interested in this issue, please visit the following article link: Unsecured loans for people with bad credit, easy loans for people have bad credit, secured loan bad credit…
LOANS FOR SELF-EMPLOYED
Today, Info Credit Free guides people/readers steps to steps to get the loans for people who want to self-employed. This article includes four parts: “How do you think about the loans for self-employed?”, ” What do you need to do to get the loans for self-employed?”, “The interest rate on the loans for self-employed” and “The advantages and disadvantages of the loans for self-employed”.
1. How do you think about the loans for self-employed?
The Loans for self-employed in the US come with these eligibility criteria:
- Age between 22-55 years
- The business vintage of at least 3 years
- Filing of business IT returns for at least past 1 year
- Previous year’s turnover duly audited by a CA
There are some things every self-employed person should know if want to get these loans:
- Have the paperwork together
- Don’t assume it will be harder to get approved
- Mind the deductions
- Don’t mix business with personal
- Keep the credit clean
2. What do you need to do to get the loans for self-employed?
There are some documents people should prepare because the would-be lender will usually need to see:
- Tax returns. Everyone should be able to produce copies of their submitted tax returns for at least the last two years, to help prove the income that they declare as part of the application.
- The confirmation of three years’ addresses. This is usually acceptable in the form of bank statements, or council tax or utility bills
- The bank statements. The lender can get a picture of customers’ overall financial position, regular income as well as the pattern of outgoings.
- The proof of any rental income. People may need to produce any lease/tenancy agreements.
- The details of any their shareholdings and dividend payments.
- The company/business information.
People should keep in mind some factors when comparing the loans for self-employed offered by different lenders:
- Interest rate.
- Turnaround time.
- Application process.
- Loan cost.
- Secured vs unsecured.
3. The interest rate on the loans for self-employed
- People can borrow up to $40,000 for any purpose.
- The interest rates from 6.16%–35.89%.
- Recommended Credit Score: 660 or higher
- Minimum Loan Amount: $1,000
- Maximum Loan Amount: $40,000
- Loan Term: 3 to 5 years
- No prepayment penalties
4. The advantages and disadvantages of the loans for self-employed
4.1. The advantages
- Decide the own work hours
- Work where people like
- Tax advantages
- More opportunities to earn money
- There is less investment
- Variety of projects that you can execute
4.2. The disadvantages
- The possibility of irregular pay
- Do your own bookkeeping
- No sick pay, annual leave or company benefits
- No superannuation payments
If you have bad credit or low credit score and want to get the personal loan with bad credit, you can read previous articles of us to get more information about these loans in order to choose the most suitable loan. Loans that we have introduced as low-interest personal loans small loans for bad credit, unsecured personal loans bad credit…
Hillary (Team Content) – Info Credit Free