Warning: Late repayment can cause serious money problems. For help, visit moneyadviceservice.org.uk
Warning: Late repayment can cause serious money problems. For help, visit moneyadviceservice.org.uk

Loans for Self-Employed People

Apply online today and borrow upto £2,000*
How much cash do you need?
How long do you want it for?
Representative Example: Loan Amount - £200 | Borrowed for 10 days | Interest: £9.89.
Total Repayment: £209.89 (Fixed) | Representative APR: 728.9%
Payday Pixie will never call you and will never charge you any fees. Never pay upfront fees for a loan or send money in return for a loan.

Payday Pixie does not provide any loan or consumer credit products directly, we are a licensed credit broker and not a lender.

Loans for People who are Self-Employed - How Payday Pixie Can Help You?

application form

There are over 4 million self-employed people in the UK, and this is a number which is continuing to grow. The ability to work for yourself can offer many benefits, including the flexibility to work when you want and the attractive option of escaping the rat race. However, being self-employed is not all roses and sunshine, especially when it comes to finances.

If you are self-employed, it can be difficult to manage your finances, as you often don’t know when clients will pay invoices. It can be unsteady, which is why many people turn to loans to help them out. If you are wondering about loans for self-employed and whether you might be eligible, the answer is yes – you can get a loan if you are self-employed. Lending in general has become much stricter, especially by high street banks, and with our access to a range of different lenders with varying lending criteria, we can help you get the funds you need. If you have a good credit rating, it can be easier to get a loan than if you have a poor credit history.

Loans for People who are Self-Employed

Although many lenders look for stability in employment from their lenders, not all lenders are the same and you can still get access to a loan, if you are self-employed. If you have bad credit, on top of being self-employed, the number of lenders you have access to will be much fewer than those self-employed people who have a good credit score. You may want access to loans for self-employed people for a variety of reasons.

  • To cover bills while you are waiting for invoices to clear
  • Costs associated with starting a business
  • To pay off debt
  • Holidays – after all, we all need a break!
  • Business expenses – including equipment and travel
  • General business running costs

The purpose of the loan won’t usually matter, as loans are available regardless of the purpose. The lender will want to gain an understanding of your income, and what your predicted earnings will be. This gives them a better insight into whether you can realistically afford to pay the loan back. Of course, with the nature of self-employment, it can be difficult to predict the future, but the lender will usually use your previous accounts to determine your future finances. There is not really a one size fits all when it comes to loans for self-employed people, the type of loan will depend on various factors, including the affordability and your credit rating.

Personal Loans for Those Who Are Self Employed

It can be expensive to run a business, and quite often, you might need to wait for invoices to be paid. You may not be sure when you’ll receive payments, and this can cause cash flow issues. This is one of the common reasons people turn to loans for self-employed people. Although existing capital should always be the first choice, this is not always possible. If you have a good credit history and your income is fairly consistent, you will find it easier to get a loan, and you’ll get a better interest rate.

You may, however, find it difficult to get a loan for self-employed people if you have a poor credit history, even if your income is consistent. In these cases, you might need to take a loan with a higher interest rate, or you may to consider getting help from a guarantor. A guarantor loan means that someone else, with a good credit score, will take the loan out on your behalf, which gives you access to more lenders.

Simple Repayment Plans

Representative Example

We work with a wide range of lenders, with interest rate. This is a representative example of one lender with an interest rate of 49.9% APR.

Loan: £4,000

Term: 36 months

Repayment: £195.16

Total Payment: £7025.76

The interest rate for loans for self-employed people will vary depending on your income, your predicted income and your credit rating.

Does being self-employed change how you apply for a loan?

Even if you are self-employed, you can still apply for your loan online, and these are some of the documents you will usually need to submit as part of your application. Regardless of whether you are self employed, employed or unemployed you will still need to go through the same credit and identity checks to assess your suitability for a loan.

  • Name and address details for the last 3 years’ (in some cases, this may be longer)
  • Company and business details, including what you do and how long you have been doing it.
  • Tax return and bank statements (you can usually find these via your HMRC account)

We look beyond the usual high street lenders to provide you with more options when looking for loans for self-employed people. We aim to provide you with as many options as possible, so that you get a better chance of being accepted for your loan. Your application will be taken on an individual basis and even if you have had problems being accepted for a loan before, we can help you.

It is important to be aware about the consequences of taking out a loan, especially when you are self-employed. Always make sure you only take out a loan you can realistically afford to pay back. It is a good idea to look at your accounts for the last couple of years, as this can give you an understanding of your earnings and the monthly payment you can afford. No matter what your circumstances are, we can help you get the loan you want, whether you are self-employed or a permanent employee with an organisation. Apply online today for the loan you need, regardless of your circumstances.

Helpful Tips!

If you are self employed and are looking for a loan, did you know that you may be able to claim back some of your day to day expenses from your business which may give you a bit more extra cash! Expenses such as fuel costs and even laundry expenses can be claimed back form your business.