Self Employed Loans For Those Unable Until Now Of Getting A Remortgage Or A Secured Loan.

The self employed suffered more than the employed during the credit crunch.

Smallr firms suffered the most and many ceased trading. Some smaller firms could have survived the recession if they had been in the position to obtain a self employed loan to give them the cash injection needed to keep trading.

Sometimes a few thousand pounds would have been all that was needed to prop up the trader and enable him to fulfil his orders, and come out at the end of the credit crunch, now thankfully behind us, with his business intact.

Even smallish self employed loans or remortgages would have sufficed to help small firms to survive the credit crunch.

Remortgages and self employed loans were curtailed more than any other lending in the course of the recession, and to some extent this is understandable, as after all it was the reckless lending of banks, building societies and commercial lenders that had virtually lead to the recession in the first place.

Many people in business pre recessionn had been advanced commercial loans of such a magnitude that they could never have afforded to pay back the vast sums borrowed.

Many in the property development and buy to let markets were granted huge loans to invest up until the end of 2006, some of whom were regarded as respectable business men, but many of whom in previous decades would have been considered as nothing more than spivs.

This all lead to such a tightening up of lending criteria that even the respectable thrifty small trader, who would have wanted to take out a secured self employed loan or a remortgage, was unable to do so.

Self employed who could not prove their full net profit for whatever reason could neither get a seured loan or a remortgage.

Others may not have been self employed for a sufficient period of time to have accounts at all, rendering it impossible for them to raise capital either by remortgages or self employed loans.

The self declaring of net profit was completely done away with.

Now thankfully, a lender has come back into the secured loans market prepared to advance secured loans to the self employed after only six months trading, although they must provide three months bank statements to prove that he or she is earning.

These self employed loans are available through secured loan brokers who will only be too happy to supply all the information required about these homeowner loans which make excellent self employeed loans.

by: Liz Moir

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