Part-time employed & Self-employed

  • Self-employed, Part-time & On Benefits
  • £100 to £25k+
  • Tenants & Homeowners
  • Unsecured & Secured
  • Options inc. no guarantors
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Self-Employed Or Part Time Workers

To be rated as having “bad credit” doesn’t just mean missed payments or defaults. Sometimes lenders will treat you as having a bad credit history simply because your source of income or your flow of income isn’t the norm.

While not having work is always going to cause issues with getting credit – you’ve got to show how you’re going to repay the loan – it is odd to think that being self-employed can also be a problem.

It is also a good idea to ensure that you fix any credit issues that you might have and ensure you are on the electoral roll.

 

Got a question about credit problems? Jump to our FAQs

Which are you?

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Loans for Self-employed people

Lenders prefer to lend money to people who have a regular monthly income. When you apply for a loan they’ll ask about your employment. But the modern world just doesn’t work this way any more. A growing proportion of people work for themselves and on their own terms – they are self-employed. Self-employment can be a lifestyle choice or a choice forced upon someone. And being self-employed is not an easy option. But the rewards can be significant and sometimes it’s great to be able to work flexibly.

With this form of employment can come an unsteady monthly income – and lenders find it really hard to judge the merits of a loan. But there are lenders who will be happy to consider applications, but you will need to be able to show:

  • a steady income on an annual if not monthly basis
  • genuinely good credit repayment behaviour (e.g. paying off credit card bills, etc)

Self-Employed and need credit?

Then consider an unsecured loan from Selfy Loans: a loan company dedicated to helping those who are self-employed, freelancing or are sub-contractors.

Being self-employed is less of an issue than it used to be when it comes to getting a loan. Many of the loans and lenders we work with will be happy to consider your enquiry.

 

Learn about Bad Credit

 

Loans for Part-Time Workers

The issue with part-time working and credit is more to do with generating sufficient income to repay a loan. So obviously the more hours you work the better and the more favourably a lender will view your application. You should have a contract of employment whereas someone who is self-employed will not. This should help you.

 

Loans for the Unemployed or People on Benefits

It will always be challenging to get credit when you don’t have any earned income. Being dependent on some form of benefit payment will mean that there is unlikely to be much surplus income left over to repay a loan. In this sort of situation, we would urge caution and would not recommend that you consider a payday loan or a doorstep loan. Both carry high-interest rates and payday loans have to be repaid very quickly.

 

Compare Loans for Bad Credit Loans

 

Our Money & Credit Guides

If you’re uncertain which type of credit might suit you or you have a money problem then one of our guides may help you. We summarise each type of loan and their pros and cons and address issues regarding debt and credit ratings.

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Monthly repayments £144.32
Total to repay £3,463.68
Representative 14.2 APR

This tool is for guidance ONLY. It is designed to help you estimate loan repayments. It uses the representative APR of the product. Lenders have a duty to conduct affordability checks when you apply for a loan.

Representative example: Borrow £9,000 over 48 months. Repay £246.84 per month. Total charge for credit will be £2,848.42. Total amount repayable is £11,848.42. Representative APR 14.2% (vrbl)

This tool is for guidance ONLY. It is designed to help you estimate loan repayments. It uses the representative APR of each product. Lenders have a duty to conduct affordability checks when you apply for a loan.

Representative example: Borrow £9,000 over 48 months. Repay £246.84 per month. Total charge for credit will be £2,848.42. Total amount repayable is £11,848.42. Representative APR 14.2% (vrbl)

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Written/Reviewed by: Amanda Gillam

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