Self-employed loans have traditionally been hard to find and very expensive even though you were having some collateral as security for lenders. But now a day the nature of lending market is changing, because more and more people are now working for themselves the situation has become a little easier because availability of large variety of financial services providers, self-employed secured loan seekers will be able to find and negotiate very competitive loans. Whatever your self-employed status - whether you're a freelancer, a sole trader or you run a small business - talk to any lending company advisers about a self-employed secured loan and see what they can offer.
Your self-employed secured loan can be for any purpose, whether it’s to invest in your business or for personal expenditure such as a new car, a holiday, home improvements or school/university fees for your children. Loan applications are processed quickly and once approved the money is made available as soon as possible for you to spend as you wish. If taken wisely, Self-employed secured loan can take care of all the financial needs. We know just how frustrating it is to borrow in today’s economic environment.
If you have a property such as home, car or even savings account and willing to put any of these as collateral, getting self-employed secured loan becomes easy. The collateral assures that money is safe and the borrower will make the repayments in time. Once the collateral requirement is satisfied, the borrower is in a stronger position of not only asking for a larger amount but also for lower interest rate.
The loan amount for self-employed secured loan usually ranges from £1000 to £25000, which caters to most of the needs. If the loan is required in excess to this range then the evaluation of the property placed with as collateral will be required. A higher value of the property may ensure greater amount of loan.
Interest rate on self-employed secured loan normally remains lower and at reasonable level because of the collateral as security in compare to unsecured loan. The borrower, however, is in a better position to demand a lowered interest rate when his collateral is of higher value. Self-employed secured loan can be availed for a period of 15 to 30 years and the installments are paid on a monthly or quarterly basis.
Who can avail Self-employed secured loan-
If your answer is yes to the following, you are eligible to get self-employed secured loans:
Self-employed secured loans- benefits:
Christian Phelps is a Masters in Accounting and Financial Management from Lancaster University Management School . He has been working with loan for self employed since his academics got over. To find Self employed secured loan, unsecured self employed loan visit http://www.loanforselfemployed.co.uk