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Fast & Easy Loans for Self Employed People

Although self-employed people contribute their fair share to the Australian economy, many banks and the more traditional lenders are still reluctant to approve personal loans for self employed people, this is where Universal Finance can help.

We have access to a wide selection of lenders who specialise in no doc and low doc self employed loans for those who fail to meet the lending conditions set out by banks and other lenders.

If you have tried and failed to obtain a self employed loan from elsewhere and are looking for a company that can give you access to a wider range of lenders look no further than Universal Finance.

Loans for Self Employed with Bad Credit

Although the banks may turn you down for a self employed personal loan, Universal Finance wont, even if you do have bad credit. Each application is assessed on its own merits and in most cases, we can provide a decision within hours. Regardless of if you need a loan to help consolidate your debts, to cover outstanding bills or simply to improve your cashflow, we can help.

We can also help with getting loans for self employed with no proof of income. We know that self-employed people’s cash flow and billing cycles can be vastly different from that of an employee or business owner and as such offer financial products that meet bespoke funding needs.

We specialise in finding the most suitable personal loan for self employed people from all sectors and we can do the same for you. Call us to find out more.

The Application Process

Applying for one of our self employed personal loans couldn’t be easier. Simply get in touch, tell us a little about your requirements and how much money you need. Once you have been approved our team will search the market in order to find the best self employed unsecured personal loan for your needs, it really is as simple as that.

Frequently Asked Questions

What is a self-employed personal loan?

A self-employed personal loan is finance provided to people who are self-employed, rather than applicants who can show employment with a regular salary. Though the conditions from most lenders are similar to a regular personal loan, being self-employed can increase the criteria required to apply, in order for you to be able to prove stable and steady income. Self-employed loans typically involve a more difficult application process. Even though the eligibility criteria are the same as a normal personal loan, self-employed people can be less likely to be approved by traditional lenders due to fluctuating income.

Are self-employed loans more expensive?

Self-employed loans are priced the same as regular personal loans, however many self-employed people opt for low-doc or no-doc loans as an alternative to applying with bank lenders, as it reduces the amount of evidence that needs to be provided during the application process. Low-doc or no-doc loans can be more expensive than traditional personal loans but it all depends on the length, success, and stability of your self-employment as to whether a bank lender would find you eligible for loan approval.

Do I qualify for a self-employed loan?

Eligibility for a self-employed loan is based on the same criteria as a regular personal loan taking things into consideration such as income, savings, credit history and pre-existing debt to decide whether an applicant is successful in their application. Though regular bank lenders can sometimes be stricter with self-employed applicants due to seasonal or fluctuating income, there are a range of alternative lenders who may be a little more flexible with self-employed applicants.

How do I prove my income if I am self-employed?

If you are applying for a full-doc personal loan with a bank, the items required to prove your income as a self-employed applicant will include:

  • 2 years of profit and loss statements for your business
  • 2 years of business tax returns
  • 2 years of personal tax returns
  • Assessment notices from the ATO for the last 2 years
  • Evidence of alternative forms of income from rent or shares

If applying for a low-doc or a no-doc loan as someone who is self-employed, these requirements will be lesser than with a traditional bank. Proof of income with alternative financial institutions will vary depending on the lender you choose to apply with.

Tips for proving income when self-employed

Proving income when you are self-employed takes planning and supporting evidence in order for you to be seen as an eligible applicant by a lender. Showing evidence of saving on a regular basis is important for the lender to see that you are financially stable. Some lenders will accept a lump sum which is help in a bank account as proof of savings, where others may require personal financial statements to show a saving pattern. Keeping tax returns up to date and paid in full is beneficial and using tracking apps to show habitual earning and spending for at least 6 months is preferred by most institutions.

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If you have any questions regarding any of the services we offer, please don’t hesitate to call and speak to one our experienced advisors who will be happy to help.