How to get a loan as an independent contractor
Capital is a must for any business startup. If you are self-employed, then you probably know just how difficult things can become when you have a project just around but can't kick start it because of a lack in capital. In these cases, loans are a viable option. Loans give you the platform to build your business and using the earnings from business operations repay the bank, financial institution or any other organisation owned on a timely basis.
But getting a loan isn’t easy and in recent times, obtaining a loan has been getting tougher and tougher.
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. However, generally it comes with strict restrictions such as three years of IT returns. This makes it difficult to obtain loans for a small business owners, as profits generally vary from month to month when starting up. Alternatively, there are loans with higher interest that 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 might find that you are facing a hard time providing 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.
Here at Max Funding, we understand just how difficult it might be as a self-employed person to obtain a loan, and hence we offer a flexible and tailored option so that you do not have to endure all the hassle from dealing with a traditional bank. 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.
One of the main advantages of our tailored made loan solution is that your past credit history will not be a limiting factor that determines whether or not you are eligible for borrowing. At Max Funding we believe in giving out second chances, and understand that past records do not necessarily reflect a current situation for any given business. Hence, we are bad credit accepting, and even if you have bad credit we can still provide loaning to you so you can better develop the business.
There is very low documentation that is a required to get a loan and then on top of that, even no income tax return statement is required. This improves the conveniency and efficiency on our revised application.
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.
We also 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.
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 was forced to end abruptly due to the event of unfortunate circumstances. Hence, we believe in your potential and extend loans to you as any other financial institution would otherwise say no in the same case. And on top of that, there’s fast approval so that you can kick-start your venture sooner to what even you had expected and start to shape your business to achieve your goal.
With Low Doc loans all that is required of you is to provide little or Low 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 Low 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.