subject: Enjoy The Benefit Of Self Employed Bad Credit Loans [print this page] Enjoy The Benefit Of Self Employed Bad Credit Loans
If you find that you are self employed and in need of a loan but you also have bad credit that can be a big hurdle to overcome. No banks will lend to you, and the payday loan companies may not lend to self employed persons. But you do have other options.
There aren't too many self employed loans out there right now either in the UK or the United States therefore it can be hard to gain a loan here. But the UK does offer an unsecured loan for people that are self employed and have bad credit or if you have collateral you can go that route, such as Guarantor Loans.
When many people need a loan then they find that they don't qualify for one. This can be due to bad credit or due to no credit. So Guarantor Loans or co signer loans are a good option if you have someone to ask that has a good credit. It's a good idea to ask a family member as opposed to a friend, you want to make sure that you ask someone you have known for a long time and can trust. Pretty much what happens is the person that is going to sign the loan with you will sign the application in an effort to help the bank know that they will get their money.
If you want to go with the unsecured route, such as Guarantor Loans then the payoff time will be much shorter and the interest rates a good bit higher. This can help you out in the short term but not long term that being the case if it's at all possible you may want to consider going with the secured loan.
The secured loan is where a person will put up collateral such as a house, or a car. If you are willing to do this then usually you will get a better interest rate and a longer duration to pay it off. Sometimes some lenders will offer you more if you have collateral.
You can use this money for anything that you wish the lenders will not interfere with how you spend the money they don't really care as long as they get their funds back. The options are always growing as far as the different kinds of loans and how they work. If you find that you need a loan like this, it's a good idea to research loans.
