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Loans for self employed who want to be self-dependent

Do you have trouble getting the loan approval because you are self-employed? It happens to most people who are earning their own salary but not regularly. The struggle occurs when you cannot ensure the lender can make the repayments based on your bank statements.

If somehow you get the approval, you may have to pay higher interest rates. Further, suppose you may not make the repayments with higher rates, and then you will be labelled as the individual with bad credit status.

This is where self-employed loans in the UK hold significance for you. These are all-round loans options where the borrowers can apply for either shorter-term or longer-term financial goals, depending upon your needs.

Figuralloans provides you with the opportunity to borrow from £1000 to £100000. These loans are ideal for different classes of self-employed borrowers, such as:-


If you find yourself in any of these categories or related to that, you can borrow funds with us to manage your expenses like unexpected bills or payments, merging debts, boosting cash flow and many more.

What are the requirements to fulfil for self-employed loans?

Also referred to as Covid Loans, these loans for self-employed people are available on easy norms. Still, you have to fulfil some requirements to get the loan approval.

Before going on to those requirements, we would like to clarify that we provide loans on affordability and encourage our borrowers to apply for that amount. They feel that they can repay easily throughout the loan term.

Do you want to apply for a self-employed grant? Since we are flexible to our lending approach, we consider each application on its merit. As the self-employed person, here are the pre-requisites that you have to fulfil:-

  • Proof of Income of the last 7 months (the term criteria may differ from one application to another)

  • Presence of the Guarantor if you opt for funds more than £25000 (interest rates will be lower in this scenario)

  • Pledging the collateral if you borrow funds above £50000 (available for people with low credit scores too)


When should you apply for self-employed loans in the UK?

These self-employment loans are advantageous in expanding your business wings at the more UK cities or adding infrastructure to your active venture. Still, their sphere has not limited to these purposes. Many financial needs and desires are fulfilled with these ersonal-cum pbusiness loans, such as:-

  • Home improvement: Do you like to have a new home look this Christmas? You can continue to your home improvement plans by getting sufficient financial support from our self-employed loans.

  • Improving credit file: These personal loans are suitable for enhancing the credit profile too. We allow the loans on easy instalments, and thus, you can manage them from monthly income and improve your credit performance.

  • Financial assistance for students: Yes, our exclusive deals on self-employment loans also assist students, who want to be self-dependent right from their career. They can manage the repayments from their part-time income.

What are the benefits of self-employed business loans?

Self-employed business loans are available on the two doctrines:-

  • Flexibility

  • Affordability

TYes, the flexibility in the lending norms paves the way for choosing the loan deal as per the affordability. Based on that, here are the benefits of Covid small business loans for self-employed:-

  • Soft credit check

    As the responsible direct lender in the UK, we conduct our every borrower's mandatory credit check to analyse their capacity and provide the loans on their repaying capacity. However, we do only soft credit check that does not leave any footprint to your credit profile.

  • Loan approval on income capacity

    We bring the loan approval purely on your earning capacity. We are not interested in approving your loan application on your credit score status or with the presence of guarantor or not. Show us your income proofs and get the desired amount.

  • No upfront charges

    No more surprises or no upfront charges when you apply for our any of the loan deals. The self-employed loans include only the interest rates and the principal amount to pay in the form of monthly instalments.

  • Fee-Free expert advice

    If you have any confusion on the self-employed loan or its features, do not hesitate to call our financial experts. They are always ready to guide you without asking for any fees.

Can I apply for loans for self employed to buy a new car?

Are you self employed? Do you want to finance your next car? Several loan providers hesitate to offer loans for self employed for car financing purposes.

At Figuralloans, you get the opportunity to get car financing despite your status of self employed. The most significant part of our loan assistance is that we offer self employed car finance for all kinds of credit ratings, including those with poor credit scores.

We provide the facilities for instant loan decisions and reasonably lower rates. We can finance cars from £10000 to £50000. Get the desired amount on the same day and choose any car from any highly regarded dealer

Getting the car finance despite self employed is always challenging. Lenders are always worried about the repayments on your part. If you are indulged in self employment, you must be doing any business with any earning. There is no specific income, and that earning can go up and down according to the business.

Lenders always feel unsafe because of the lack of regular income. They worry more if you are out of business for a long time.

We are ready to take the risk by funding your car finance plans. There is not much documentation involved, but we need a few papers to back your car loan application.

You need to provide:

  • Income proof of the last three months;
  • Residence proof of living in the UK for the last 5 years;
  • Past employments and the duration of working there

Your credit score does not matter too much as we follow the approach of soft credit checks. In case you do not have enough proof of income, you can back your loan application with a guarantor.

Can I obtain self employed loans with no proof of income?

With us, you have another significant advantage of getting self employed loans with no proof of income. Yes, we have prepared our deals as such where you get the funding despite not being able to give income proof.

You can also say that these are self employed secured loans. Yes, these can be considered secured loans because you do not have any income to prove your loan repayment.

With mainstream lenders, you may have to submit many documents to get a loan. For example, banks often ask for papers related to company accounts of the last three years and bank statements of your company. Moreover, you may not get a self employed loan if you are not trading for the last three to four years.

When we offer loans with no income proof, you only need to e-sign a declaration where you are guaranteeing your stated income. In such a case, we do not need to receive any income proof.


You have two other alternatives to get acceptance on these loan deals:-

By bringing a guarantor

If you do not have the income proof, you can convince the lender with the guarantor’s backup. Indeed, it is the best way to ensure your credibility of making all the monthly loan instalments on time.

While doing this, you should remember that your guarantor should be the homeowner and carries a good credit history. If you lack income proof, your guarantor can show his or her repayment capacity. In such circumstances, we straightway approve your loan application.

By pledging an asset

As mentioned above, we can approve loans for self employed with no proof of income, making them a secured loan. It means if you apply in such a manner, you have to pledge an asset that should be equivalent in value to the borrowed sum.

By pledging the loan collateral, you have the chance of borrowing a large amount and at a lower interest rate. However, we keep the right of possessing your asset if you default in between the loan term.

Can loans for self employed improve my credit score?

At Figuralloans, we keep the hopes alive of getting loans for self employed with bad credit. This allows borrowers to get the much-needed funds irrespective of their past credit history.

Getting loans with bad credit is always a huge benefit that would be on competitive interest rates. Nevertheless, we offer more than that.

Yes, you have the better opportunity to enhance your credit score after availing of these loans. Our financial experts will guide you on this aspect without charging anything.

You may wonder how it can be possible. Indeed, it is like a boost to your credit profile, despite you are living on self-employed status.

You have the following loan facilities to get this opportunity. These are:-

Affordable Loans: We only offer affordable loan deals. These are finalised after analysing your business income capacity, annual business earnings, and type of business. It helps you to get self employed loan according to your capacity. It also erases the fear for us on the loan repayments.

Flexible Repayments: Another way to get improvement to your credit profile with these loans for the self-employed is to have flexible repayments from our end. We have multiple loan repayment terms, which we put in front of you. Using your skills and proper analysis of current capacity, you can decide any of those terms and repay the loan comfortably. This will have a direct and positive impact on your credit record.

By offering loans for self employed with poor credit, we aim to ensure your complete financial progress. You do not need to worry too much about your past credit performance. Figuralloans approves your loan application on your current financial performance.

The joy of being self-employed is immense. You will earn your own salary and run your business on your terms and conditions. However, fulfilling this dream needs sufficient financial backup.

Do you have enough savings in your bank account?

Have you prepared all the equipment, infrastructure and hired the staff to open a self-employed business?

Are you ready to borrow money if needed?

Is there any chance of loans for self-employed with bad credit?

If you have the answers to all these questions, it is fine to go with the self-employed plans. Otherwise, you need some extra money from the external source. Here, we are talking about borrowing money from direct lenders.

Self-employed loans

The loans for self-employed people are the specialised form of borrowing funds. These are dedicated to those who want to implement their plans of self-employment.

The individuals can be of any industry or skills. Lenders make specialised lending terms for them and approve their loan applications on these factors:-

  • How much are they earning monthly?
  • Can they afford the loan and the prescribed interest rates?
  • What are their credit scores?
  • What are their business plans?
  • How will they repay the loan?

Can bad credit people apply for self-employed loans?

There is no doubt that a credit score is an important factor in the approval of any loan. People with good credit scores have a smooth loan ride. On the other hand, individuals with poor credit scores will work hard to get loan approval.

The UK marketplace has different lending approaches. Some lenders are hard to their lending policies, and they usually deny bad credit applications.

Chances are available on self-employed loans with bad credit from the direct lenders. They are flexible in offering loans according to the affordability of the borrowers. Figuralloans is indeed one of them.

What are bounce back loans for self employed?

The self-employed bounce back loan scheme is for those businesses in the UK, which have been affected by Covid-19 and struggling to continue their cash flow. They can access a few funds to bridge their funding gap due to that pandemic's aftermaths.

These are the Government loans for self-employed helping business owners, especially those running the start-up companies.

There will be some rules and regulations to follow for those looking to apply for bounce back loans. In case you find it complicated to approach the government's bounce back loan scheme, you can approach Figuralloans, offering loans on flexible terms.

The significant benefit with us is that you can apply for self-employed bounce back loan without a business account. We provide a doorstep cash loan facility to apply by sending a loan application through a mobile text.


Does Figuralloans offer loans for self-employed with bad credit?

Yes, we do accept their applications. Our flexible lending policies allow the approval on the loans for self-employed with poor credit from direct lenders. We are not much interested in knowing the borrowers' credit histories. Instead, we want to know their financial capacity to repay the loan throughout the term.

We follow the online procedures to provide loans for self-employed with good credit or low credit score. Moreover, we have further convenient for them to get approval on self-employed loans for bad credit with no guarantor.

The interest rates may be on the higher side, but the approval is there despite applying for self-employed loans with no guarantor.

Figuralloans is committed to offering you the best loan products to solve any financial issue. For the self-employed people, we have exclusive deals on self-employed loans in the UK. Thus, do not think a lot and start applying for these business bounce back loans.


Can I obtain personal laon with self employment?

Yes of course. You are well eligible to avail the loan benefits. But why to go for personal loans when you have more specific option to pursue, i.e. self employed loans. Show your repayment capacity to the lender and grab the approval within a few minutes. Another plus point is that they the direct lenders are offering loans for self employed in the UK in much a flexible way such as minimum paperwork and fewer obligations.

Is there any possibility of self employed loans with no credit check?

According to the FCA guidelines, no lender can offer self-employed loans with no credit check. We follow the same but only deal in soft credit check process that does not impact your credit file.

Can I apply for self employed loans with no income proof?

To apply for self-employed loans, you need to have proof of your income. We only allow loans with no income proof for the students, but they should have good credit scores.

What are the prospects of self employed loans for bad credit people?

By looking at the current scenario of the UK marketplace, the prospects are brighter to avail loans for self employed people with bad credit. The direct lenders like Figuralloans never hesitate to consider their loan application and give approval if everything seems in an accurate manner. The possibility of loan approval has increased largely because of one factor that online lenders have been practicing. It is self employed loans with no credit check policy.

Are payday loans for self-employed in the uk available?

Yes, payday self-employed loans are available in the UK but mostly from the direct lenders. These will be the high-interest rates loans but with no obligations.

Should I apply for secured or unsecured self employed loans?

It largely depends upon your repayment capacity and current financial needs. As a self-employed person, if you want money fast to tackle the financial emergency, then unsecured loans are the best option. On the other hand, secured self-employed loans are preferable for longer financial goals.