How To Get A Loan If You're Self Employed

Wednesday, March 11, 2020

Self employed loans are a great thing but unfortunately, people don't always know that it's possible.  When you're self employed whether it's as a blogger or any other type of career field, you don't get pay stubs or tax documents from an employer that show you're employed so it can be a daunting task to get a loan that requires you to prove you're employed and what your income is.  That's why knowing how to get a self employed loan is very important. 

 A loan can help you in many ways when it comes to an important goal or necessary expense in your life.  When a lender is considering lending you money, they normally need to review your credit, income, and other things so they can see that you're likely to pay the loan back on time.  

Tax Returns
Tax returns are an important part of getting a loan. You can obtain a tax transcript from the IRS that will show your gross income.  That's why it's important to always keep your tax records in a safe place where you can access them later if needed. 

Bank Account
You can use your bank account history to show the deposits of income you make to show.  This shows a potential lender that you have enough to cover the monthly payment to them.  A bank account statement acts as proof of income in this way because it shows you indeed do have money coming in. 

A Co-signer
If you get someone else to co-sign it can be very helpful because it shows the lender that you have someone else that is equally responsible for the payments.  

A Self-Employed Loan
There are several lenders that you can find online that work with self-employed people. There are loans available for credit card debt consolidation, person loans for home improvements and large purchases, and even medical loans!

But here's the best part about a self-employed loan... you don't have to give them access to bank accounts that are so secure to yourself.  In fact they can access your credit history and tax returns and usually have enough information to make a decision on your loan.    You can also find a large selection of lenders because they have opened up their client based to the self-employed.  Lenders know that it's not as uncommon as it used to be to be self-employed so they are being much more inclusive. 

Being able to get a self-employed loan can help you build your credit even more so it's easier to get other loans in the future.  This type of loan also makes it so you don't have to rely on personal loans from friends and families.  It's a messy thing to borrow money from another person so it's best to do so through a loan. 

If you're just starting out it can be very helpful to get a self-employed loan so you can get immediate access to money for start up costs of growing and expanding your business.  

Keep these things in mind if you're self-employed and need a loan!

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