Self-Employed Loans

Whether you’re a sole trader, freelancer or independent contractor, there are a few different loan options for self-employed people in the UK, including:

• Personal loans: This is a standard loan designed for personal use, such as home improvements, buying a new car or debt consolidation. You pay this back with a fixed monthly payment over a set period.
• Secured loans: These loans work similarly but use assets such as your home to back up the loan in case you fail to keep up with repayments. Offering this security means you could get a higher loan amount, and your chances of getting approved may increase.
• Self-employed loans: This loan is designed for business purposes, like investing in your premises, buying new equipment, or boosting your marketing.
• Guarantor loans: If someone close to you has a good credit history, they could pick up the repayments if you can’t make them. With a guarantor, you could take out a loan that may be out of reach on your own. However, guarantor loans may put extra pressure on your relationships.
• Business loans: These are for business purposes and can be unsecured, secured or guarantor loans, with different options for sole traders, partnerships, and limited companies.

We offer secured loans for the self-employed with no guarantor required, and you could use them for a wide range of business and personal reasons.

Self-employed people could potentially borrow between £5,000 and £105,000. Our repayment terms range from 3 to 20 years, so you could spread out the cost in a way that suits your budget.

Secured self-employment loans could provide you with the funds you need, regardless of how you earn a living. They offer the following advantages:

• Increased accessibility: Offering security shifts the focus away from your credit score or income and onto collateral, such as your house or car, increasing your chances of getting approved.
• Better deals: Secured loans for the self-employed are less risky for lenders than unsecured loans. Because the loan is backed, lenders could offer you more favourable terms, such as lower interest rates and longer repayment periods.
• Flexibility: Longer loan terms provide flexibility by reducing your required monthly payment, making it easier to manage the cash flow fluctuations that are common with self-employment.
• No need for a guarantor: Without the need for a guarantor, you don’t have to ask a family member or friend to vouch for you, which can sometimes be a stressful or difficult process.

If you’re self-employed and looking for a business or personal loan, Evolution Money could be the answer.

• Our approach means we’ve been able to aid thousands of people by helping them find a loan that suits their needs.
• Looking beyond your credit history, we review how you receive your income to assess your situation as a whole.
• We share information on all fees and charges throughout the process, ensuring transparency.
• Our ‘Exceptional’ rating on Feefo is a testament to our commitment to supporting customers. We’ve also won the Feefo Platinum Trust Service Award.
• We’re authorised and regulated by the Financial Conduct Authority and are a member of the Finance and Leasing Association. We’re committed to lending responsibly.

If you’re looking to obtain credit, our secured loans could be used for a range of purposes, including:

• To carry out home improvements if you’re a homeowner, such as an extension or kitchen renovation.
• For bigger personal items such as cars or motorbikes.
• Consolidating existing debts.
• To invest back into your business.

We understand that life happens, and financial challenges can occur, especially for self-employed individuals. However, even if you have poor credit and work for yourself, we’ll assess your unique circumstances and work with you to try and find a solution.

While we conduct an assessment to ensure each loan is affordable, borrowing money always comes with a degree of risk. With a secured self-employed loan, if you repeatedly fail to make your agreed repayments, you could put your home at risk of repossession.

If you are your own boss, the application process is as follows:

• Check your eligibility.
• Apply for the loan.
• We’ll talk to you.
• Complete your application.
• Get your money.

There are a few things we’ll ask for when you apply for one of our secured loans for the self-employed, which will help with our affordability assessment:

• Proof of income, such as certified or stamped accounts from your accountant, or a submitted SA302 form
• Proof of address, such as utility bills
• Proof of identity, such as a passport or a driver’s licence
• Your mortgage account number and home insurance documents
• If you’re a subcontractor, we’ll ask for six months of remittance slips

There are a few different types of loans for self-employed people in the UK, which include:

• Personal loans for self-employed people are designed for personal use, like home improvements, new cars and debt consolidation.
• Self-Employed Loans are designed for business purposes, like investing in your premises, buying new equipment or boosting your marketing.
• Secured Self-Employed Loans are ‘secured’ by valuable assets such as property, whereas Unsecured Loans are not. Offering security can improve your chances of getting finance and accessing higher loan amounts.

We offer Secured Loans for the self-employed with no guarantor required, and you can use them for a wide range of business and personal reasons.