Self Employed with Bad Credit? No problem!

Self employed loans from Logbook Loans.

It seems to be so difficult to get a loan these days! If you are self employed this can be even more the case: and getting a loan if you also have bad credit can appear impossible! Yet thankfully this is not the case. Self employed people can get loans even with bad credit, but you need to go about things the right way.

Some options to consider

The first obstacle you need to overcome if you are self employed is that you will need to prove that you can afford the loan. Gone are the days when self employed people were able to verify their own income, you will need to show a lender evidence that proves your income and the affordability of the loan. You are also likely to have to answer a lot of questions about your financial commitments and spending, and provide detailed accounts of your earnings.

Also be aware that when you apply for a loan the application may be visible on your credit record. This means that it is wise to be realistic before applying for a loan because if you are rejected then this will be visible to other lenders and is likely to adversely affect your ability to obtain further finance.

The second major hurdle is if you have a bad credit history. There are various lenders around who will offer self employed loans for those with bad credit so it is worth looking beyond the mainstream lenders and finding lenders that will take a more holistic view. But always remember to check whether a lender is regulated by the Financial Conduct Authority as they are obligated to abide by rules and regulations introduced to protect the interest of consumers.

How Logbook Loans could help

We are proud to be a progressive lender who treats each case individually rather than operating within a ‘one size fits all’ mindset. We are a responsible lender and will ensure that you are not taking on more debt than you can repay. However we consider each case on its merit, so if you are self employed and need a loan but also have bad credit then do get in touch to see if we are able to help.

This publication do not constitute financial advice and are provided for general information purposes only.