Everything that You Need to Know About Self Employed Loans

There are a large number of self employed contractors and workers who are often found to be very happy considering the fact that they have their own business and are their own bosses. However, the same individuals are completely dulled when they realise that they have actually decreased their chances of securing a loan due to the fact that they have left full time employment.

Why Self Employed Individuals are not Assisted Financially by the Loan Companies?

There are many lending organisations that are not willing to offer loans to self employed individuals. This is mainly because their new mode of job does not sit very well with these companies which are mainly financial organisations and banks. This is because the self employed individuals are looked upon by such companies as less reliable individuals in comparison to the people who are regularly waged.

This whole thing has been very frustrating for the self employed business men or the home-based workers who sometime earn more than the regularly salaried individuals. It is nothing but old prejudice that exists among the lenders. However, these days, there is hope for the self employed contractors and workers with a new breed of loan brokers competing for business with old lenders and banks.

New Criteria for Offering Loans to the Self Employed

There are lending organisations that specialise in self employed loans for individuals in the contracting and freelance sector and even for the ones who have their own business. These companies or lending organisations offer loans for self employed only after going through their annualized income history, their work records and the history of the companies they are working for.

The companies come up with their decisions of lending money based on these new criteria rather than going for the old prejudices. However, for the ones who are completely new to such loans, it is better to go for Loan broker services. Brokers are well-informed about loans that best work for the self employed individuals.

You may also read this blog :- http://www.bestunsecuredloans.uk/blog/how-to-borrow-long-term-loan-as-self-employed/

Can I Get Homeowner Loan for Roof Repair Despite Poor Credit Rating?

Home mortgages run for several years. You ought to use your funds carefully or cash crunch may gradually creep in your life. With open mortgage most of us consume our credit limits. We cannot borrow much along the home loans. A couple of credit cards, student loan and auto loan are enough to bring a limit our credit eligibility. 

In wake of rising credit bills and skirmishing salary cheque, looming house repair expenses such as seeping roof of the bathroom or the basement is going to affect your good night’s sleep. It would not be a cakewalk to search for a loan for roof repair with poor credit rating.

Rather than going directly to lenders if you choose to apply for homeowner loans with the help of a loan broker you can conveniently locate an affordable loan according to your repayment capacity. Loan brokers are not the loan sellers. They are loan locaters who help people with credit issues find available deals near them without any hassles.

A lot of private lenders in the UK deal with people with bad credit score. However it is advisable to do your homework well before contacting any of them. 

You should first seek answer to certain questions:

1.     How much do I want to borrow?

2.     Can I repay this loan?

3.     How long it would take to repay this loan?

4.     Do I own assets to help me get a secured loan at cheaper rate?

5.     Is my repayment plan fool proof.

Seeking answer to these questions you could be rest assured about the success of loan. Whether you need long term personal (unsecured) loans or secured debt consolidation loans, a broker can help you find a low cost deal according to your repayment capacity. 

Whether it is small home renovation project or widened repairs, your home equity can fund the expenses. There is no restriction on the use of loan. Being a home owner, you can thus use home equity to raise a loan according to your share in home. It will help you get hassle free at less interest rate.

They assess your credit account and help you locate affordable loans according to your repayment capacity. They help you search the best unsecured loans despite bad credit.

Besides sharing the available financial services brokers also share customised loan advice. Plumbing bills should never be undermined. Many a times, a small seeping could turn out to be a small mole indicating a mountain. Brokers can help you get customised loan deals.

With so much dependence on a broker for searching a reliable deal it is important that you deal with a broker working in lines with FCA guidelines. This way, you could be rest assured of dealing with a reliable lender. Most of the lenders extend their broking service online. This makes it even more significant to be sure of legitimacy of the lenders.

Keeping all these tips in mind, you can conveniently avail an affordable loan for home repair. 

How installment loans work for personal and business purpose

Installment loans are nothing but the personal loans. In such loans, borrowers receive a lump sum amount and repayments can be made on certain specific time bound intervals. Repayment is usually done on monthly intervals and fixed interest rate is accrued. 

Installment loan can be secured or unsecured. In case of secured installment loan, any collateral such as your house or car can be used as a guarantor and if the borrower fails to repay the amount, lender can seize the collateral. On the contrary, unsecured loans do not require any guarantor. Also, these loans are available in poor credit score situations. Installment loans for bad credit situations are found to be risk free because even if you are unable to repay the loan, there is no loss of assets. However, if you default on repayment, you end up damaging your own credit score.

Greater risk factor is involved in case of installment loans with no credit check, as you end up paying more interest in order to compensate future damages, which are probable due to non-repayment.

These loans are usually meant to solve the problem of individuals striving to overcome personal needs; however, start up business can be established with such loans as well. In case of unsecured loan, flexible repayment and no collateral option sounds beneficial in case of new business ventures.  Unsecured business loans for bad credit conditions are available to people, who are willing to set-up their businesses in spite of their poor credit history.

In such loans, borrowers will have the option to repay the loan within certain time frames –term varies from few months to many years, depending upon the amount borrowed.  In case of unsecured loans, your interest rate will be higher in comparison to principle amount. Time frame of the loan is calculated on the total amount. If you have applied the loan for establishing the business, amount may be on higher side, and time frames extend. However, amount of financing would be less if you have taken it to resolve any personal financial problems and in this case, the time period is calculated on amount.

Application procedure for unsecured business loans for start-up ventures, have become hassle free as loan brokers are there to guide your way. With the help of easy repayment options, you do not feel tied up under the burden of loan, and can smoothly run your business.