Loans for the Self-Employed
No accounts, no tax returns and no minimum time trading.
Working for yourself shouldn't make borrowing harder. Most lenders on our panel accept self-employed applicants, and you apply in exactly the same way as someone on a payslip – one online form, with no business paperwork to dig out.
Representative Example: Borrowing £1,500 over 11 months at £169.69 a month. Total amount repayable £1,866.59. Interest £366.59. Interest rate 46% pa (fixed). Representative 57.1% APR. Rates range from 22.3% APR to 112.5% APR depending on your circumstances. Quick Loans Ltd is a credit broker, not a lender. Warning: Late repayment can cause you serious money problems. For free, impartial help, visit MoneyHelper.
Same Form, One Different Answer
There is no separate application for the self-employed. When the form asks about your employment, you pick "Self-employed" and carry on. Everything else – your details, your income, your bank account – is asked of every applicant in the same way.
You don't need to say what kind of work you do, how your business is set up, or how long you have been trading. Whether you started last month or twenty years ago, the form is the same.
No Paperwork To Send
What a bank often wants
- Two or three years of accounts
- Tax calculations from HMRC
- Months of business bank statements
Applying through Quick Loans
- Tell us you're self-employed – nothing to prove it
- Nothing to upload, post or email
- The same electronic checks every applicant has
Lenders still carry out their usual checks on your credit history and affordability, exactly as they would for an employed applicant. Checking your options with us starts with a soft search, and a lender may only run a full credit check if you accept its offer.
Getting Your Income Figure Right
When your earnings go up and down, it is worth taking a moment over the income question on the form.
Use your net income
To be safe, enter what you actually take home: the money left once your business costs and your tax have been paid. Never use your turnover, the total money coming through the business.
Use a fair average
If some months are busy and others quiet, base your figure on a typical month across the year rather than your best one.
Think about the quiet months
Before you accept an offer, check you could still make the repayment in your slowest month, after putting money aside for your tax bill.
Run A Limited Company?
Company directors sometimes aren't sure which answer to give. It depends on how much of the company you own.
Under 50%
of the shares
Choose Full time or Part time
50% or more
of the shares
Choose Self-employed
Exactly The Same Loans
Self-employed customers borrow the same amounts, over the same lengths of time, as everyone else who applies through us. Loans run from £100 to £3,500, repaid over three months to three years, and you can find out more about how they work on our personal loans page.
The loan is in your own name, and once the money is in your account, what you spend it on is up to you – a household bill, a car repair or something for your work. Just remember that you are personally responsible for the repayments, whatever happens with your business.
Self-Employed Loan Questions
I've only just gone self-employed. Can I still apply?
Yes. There is no minimum trading time, so you can apply from your first month working for yourself. The lender will look at your income and outgoings in the usual way.
Do I need to send accounts or an SA302?
No. There are no documents to send when you apply. Lenders carry out their checks electronically, in the same way they do for every applicant.
I'm a sole trader and also work part time. Which do I choose?
Pick the option that describes most of your income, and include the take-home income from both in the figure you enter.
Will being self-employed mean I'm offered a higher rate?
Not necessarily, but we can't say for certain. Every lender has its own criteria and looks at your whole application, including your credit history and how affordable the loan is for you, so the rate you are offered depends on the lender. If your credit history is patchy, read how lenders view that on our bad credit loans page.