Self Employed Loans
Self-employed loans are a type of loan given to people who work for themselves or their own company. Many payday loan and instalment lenders have for years only lent money to people who work for a company, but more recently some loan lenders are willing to lend to self-employed individuals with a regualar income. Up until now many self employed individuals have been annoyed at the restriction of not being able to apply for a loan just because they are self employed and this has made it difficult for them to obtain loan.
Reason many payday and instalment loan lenders prefer to lend to people who work for companies is because they feel it is safer that you are guaranteed to recieve a regular income each month which you would need to prove with payslips. When you are self-employed lenders feel that your income may not be a regular amount each month and they need to feel a loan is manageable based on your income, but it is hard to predict if last month you earnt £1000 and this month you earnt £500 which would mean your repayment may be difficult to fulfil.