Personal Loan Tips for the Self-Employed

If you’re self-employed or a small business owner then it’s important you get all your financial ducks in a row, otherwise you may struggle to be approved for a personal loan.
The following guide provides some tips and tricks that could help you to get a personal loan when self-employed.
What to look for in a lender
If you’re self-employed then it’s a good idea to look for lenders that offer flexibility, are understanding about an individual’s circumstances and are sensitive to a borrower’s unpredictable financial future. Things to look for in a lender might include:
Whether the lender accepts alternative documentation for credit approval.
Flexibility regarding repayment periods, drawdowns, payment holidays and recognising alternative sources of income.
A lender that offers fixed or variable interest rates on their personal loans.
We’re here to help
Simplicity, flexibility and clarity are the essential ingredients for anyone who is self-employed and looking to apply for a personal loan. To get you started, find out what your rate and repayments might be before applying, (it won't affect your credit score).
Got a question and looking for more tips for getting personal loans while being self-employed? Call us on 1300 108 794
Information provided is factual information only and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licensed financial or tax adviser.
All applications are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply.
The results of the borrowing power calculator are based on information you have provided and is to be used as a guide only. The output of the calculator is subject to the assumptions provided in the calculator (see 'about this calculator') and are subject to change. It does not constitute a quote, pre-qualification, approval for credit or an offer for credit and you should not enter commitments based on it. The interest rates do not reflect true interest rates and the formula used for the purpose of calculating estimated borrowing power is based on the assumption that interest rates remain constant for the chosen loan term. Your borrowing power amount will be different if a full application is submitted and we complete responsible lending assessment. The results in the calculator do not take into account loan setup or establishment fees nor government, statutory or lenders fees, which may be applicable from time to time. Calculator by Widgetworks.
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