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/
