Self Employed Loans
Self-employed loans are financial products designed with the specific needs of those who work for themselves in mind. This includes individuals that work as independent contractors, freelancers, or who operate their own business.
Many direct payday loan and instalment lenders have provided limited, if any, access to individuals who are considered self-employed. Instead, they favoured individuals who worked for other employers. The primary reason for this preference related to the perception that those working for a traditional employer posed less of a risk than a self-employed person. Often, it is simpler for a traditional employee to provide evidence regarding their regular income by providing the lender with access to their payslips.
Self-employed persons do not always receive a consistent income for their work, and generally have varying forms of documentation that demonstrate their earning capacity. Generally, this left self-employed persons frustrated when it came to locating options for their borrowing needs.