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Getting Bank Loans when you are Self Employed
There was a time when being self-employed meant that you would
have a very hard time ever getting any credit from a bank. This
was pretty much accepted as one of the downsides to
self-employment that would go hand in hand with all the benefits
such as freedom to control your own working life and only
answering to yourself.
It is however, still the case that for people who are new to
self-employment and cannot prove a steady income over at least a
year or more, it can be very difficult to get loans. However, if
you've been operating successfully for even just a year, you
will start to find that banks are more than willing to consider
your circumstances and give you a fair shot at proving your
credit worthiness.
There is a strong view that being self-employed offers less
security than being employed by a well respected and trusted
large company. However, this perception is also changing. Gone
are the days when people were employed by the same company for
their entire working life, where they would gradually work their
way up the corporate ladder and retire to a secure pension.
Banks are increasingly aware that the employment landscape has
changed enormously in recent years and that self-employment,
free lance work and other such 'alternative' working
arrangements are becoming more and more attractive and necessary
for a growing number of workers.
All this means that lenders are more willing than ever to
consider self-employed workers for loans. The terms and rates
for such loans are improving dramatically so that now, they are
offered on virtually identical terms to those offered to
traditionally employed workers. Therefore, if you are
self-employed, you are now just as likely to be approved for a
mortgage as anyone else. The same basis will be applied to
determine the amount of the loan you are eligible for, namely
earnings.
Also, as more and more people are beginning to see the
advantages to setting up in business by themselves, banks are
beginning to view this area of the market as an important source
of customers. Thus, competition is increasing. This can only be
good news for those who are self-employed and are trying to get
credit. As competition increases, the loans on offer and the
terms and conditions that govern them, will get ever more
attractive. Prices and interest rates will come down and getting
a loan will be every bit as possible for the self-employed as it
is for the traditionally employed.
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