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How to get a loan when self employed

Capital is a must for any business startup. If you are self-employed, then you probably have figured out how hard things are when you do have a project in the corner yet you can’t kick start it because of lack of capital. In these cases, loans are a viable option. Loans give you the platform to build your business and then you can repay the bank or the financial institution or any other organization on a timely basis.

But getting a loan isn’t easy and in recent times, obtaining a loan is getting tougher and tougher.

Loan Options For Self-Employed People

There are loan options available for a self-employed person but depending upon the purpose, it can be different at times. For example, if you are running a business, then you can opt for business loans but it generally comes with strict restrictions such as three years of IT returns and hence for a small business owner, whose profit may vary from month to month, it can be difficult in obtaining. There are personal loans with higher interest which can attract more self-employed people. There are also loans based upon credit card balance transfer by which you can take a share of credit as a loan.

But in all these cases, you need documents such as IT return, papers of assets or guarantee. You can face a hard time giving proofs of your income as a small business tends to be volatile in nature and hence, it is upon discretion of the financial institution to what it considers as proof of income.

Max Funding Stand Out By Offering Flexible And Tailored Loan Options For Self-Employed People

Since it is very difficult for a self-employed person to obtain a loan, that’s why we offer flexible and tailored loan options for you so that you can kick-start your business without going through much hassle. It will give you the capital which can be used for expenses in the day to day costs that occurs in running a business. And moreover, you can also use it to buy assets which are an integral component of your business such as buying a business vehicle or buying a property etc.

The tailor-made loans come with their own advantages such as even without providing a financial statement of your past transactions; it won’t hinder you from obtaining a loan to expand your business. If you are having a bad credit score, it can be difficult for you to get loans from other institutions but with the tailor-made loans, we provide it to you even with your bad credit so that you can build your base and sustain it.

Low documentation requirement is another convenience for you as a self-employed business owner. You will have to give little documents to get a loan and then on top of that, even no income tax return statement is required.

Self-Employed Loans From Us Can Be Unsecured

Generally, when you are applying for a loan, you have to provide various forms of guarantees to the bank. But we focus mainly on the prospects of your business rather than how many assets you have. Hence we provide you unsecured loans which will be based on how much worth of credit you have in your current business rather than how much collateral you can provide.

And we offer you these loans with flexibility. We understand that startup businesses have a hard time in making consistent profits hence we provide you with these loans in a flexible manner so that, you will have the flexibility of choosing how to repay the loan.

Bad Credit Loans From Us To Self-Employed People

You will find it tough to get a loan if you have a bad credit. Since your credit is at high risk, most institutions will reject your loan application and if indeed it gets approved, it will come at significant high-interest rates.

But we believe that every person needs a base to build an empire. Bad credit could be attributed to business ventures which had tremendous potential but it had an abrupt ending in the event of unfortunate circumstances. Hence, we believe in your potential and extend loans to you as any other financial institution will say no in the same case. And on top of that, there’s fast approval so that you can kick-start your venture sooner than even you expected and start to shape your business to achieve your goal.

No Doc Loans For Self-Employed

With no doc loans, you will have to provide little or no documents at all depending on the credibility of your business. We have an aim to help the self-employed people to stand up on their own feet and grow their business. That’s why we offer no doc loans so that you can get loans as fast as possible, without going through too many traditional checks which may hinder your progress. If you are interested, you can get a pre-approval now to see if you are eligible. Our aim is to help the thousands of self-employed people like you with a loan simple and as fast as possible.