Being self-employed is the ultimate dream. With no boss to answer to, making all the business decisions on your own, and choosing your workdays and hours. What could be better? Of course, it also comes with a lot of responsibility, not to mention an investment of both time and money to make it work.
If you are in need of a little financial boost to get your business dreams off the ground and running, then self-employed loans could be the perfect option for you. They provide you with the necessary capital to get your business on its feet. In this article, we discuss the benefits of self-employed loans and how you can get one.
What Are Self-Employed Loans?
Are you on the path to fulfilling one of your business dreams, but needing a little financial help? This is where self-employed loans come into the picture. They provide you with access to the funds you need to grow your business and get it off the ground.
One of the greatest benefits of self-employed loans is that they don’t require lots of documentation. This means if you are just starting out and don’t have a solid history of borrowing and paying off debts, you still have the ability to take out the loan you need. It’s about doing your research and thinking outside the box when it comes to finding a lender who will accommodate your needs and see you on the path to success.
Types Of Self-Employed Loans
Wondering about the different options when it comes to self-employed loans?
Secured self-employed loans: generally when applying for a loan, you have to be able to provide some sort of guarantee to your lender. This often comes in the form of an asset that can be seized if you fail to pay back the loan. A secured loan is just this, where an asset, such as your home or car, is used to secure your loan. These types of loans often come with lower interest rates and you are more likely to be able to borrow larger sums of money as they are considered less of a risk to the lender.
Despite this risk, these two advantages alone, make the benefits of self-employed loans even greater if secured against an asset.
Unsecured self-employed loans: on the other hand, there are lenders out there who are willing to take a chance on an unsecured loan. This is where your loan is not secured by an asset, so the lender takes on all the risk. As you might expect, this type of loan comes with a much higher interest rate.
Why You Need A Self-Employed Loan
There are many benefits of self-employed loans and working for yourself can be extremely rewarding. But it also comes with its own set of challenges. Whether you have only recently embarked on this self-employment journey, or have been going for a good few years now, having access to funds when you need them can make all the difference between success and failure.
A self-employed loan can help you:
- Fund the start-up costs of the business, such as opening an office.
- Expanding your business into a new area.
- Investing in product.
- Expenses for running the business.
- Buying furniture or other supplies for your business.
- Purchase long-term assets, such as machinery or equipment to help in the running of your business.
Benefits Of Self-Employed Loans
There are so many benefits of self-employed loans, which can give your business the financial boost it needs. These include:
- They are designed specifically for people in your situation. If you find the right lender, they will take into account your individual circumstances to help find the right loan for you.
- Low doc loans: self-employed loans are usually low doc loans, which means they are quick and easy to apply for and don’t require you to submit large amounts of documentation in order to get approved.
- Unsecured or secured loans: you can choose from unsecured or secured loans depending on your needs, giving you even more freedom when taking out a loan.
- Quick access to money: when running your own business, you often need to access cash as quickly as possible. Self-employed loans can be approved in as little as 24 hours, so you have the cash in your account almost immediately.
- Keep your finances separate: being self-employed, it can be all too easy to dip into your own finances in order to fund your business. This is a big risk to your personal finances. Keeping them separate offers huge advantages.
Taking Out A Self-Employed Loan
Are you looking at taking out a self-employed loan today? Speak to the expert team at ALC Commercial and get the support you need to bring your business dreams to fruition.
At ALC Commercial, we will look at your individual circumstances to find the right loan option for you, so you have access to the funds you need to help your business soar. Speaking to the right lender just increases the benefits of self-employed loans, so if your business could do with a cash injection, then pick up the phone and give us a call today.
