Being self-employed sometimes can be challenging when getting loans because you don’t have a regular income as a self-employed worker. Many such borrowers, today too, struggle to prove their loan repayments due to not having a fixed income.
In such a situation, loans for self-employed are an excellent option for you at CoreLoans from some trustable online lenders in your province. You can get instant loan approval in a few minutes with us because our reliable lenders understand your financial concerns more than traditional lenders.
What does it mean being self-employed?
Being self-employed means you work for yourself, and your income might be irregular compared to someone employed with a fixed salary package. One more example of being self-employed is someone who runs their own business.
But they are liable for its benefits and loss to themselves only because there is no role of anyone else in between. They are independent in doing any business, which affects their financial career at a large scale with time. Such people might be in various occupations, but they have a good command of their business knowledge.
Can self-employed people apply for loans in South Africa?
The simple answer to this question is yes. However, you may have limited options in South Africa and some types of loans available for borrowers with good credit scores. Some online lenders are interested in helping self-employed people.
However, they will have to follow all the terms and conditions of a loan contract because lapses may trouble them further financially. You should also ensure loan repayment ability before applying for these loans because such funds come with high-interest charges.
What are loans for self-employed individuals?
Loans for self-employed individuals are available quickly to buy a new vehicle, tools, business growth, shipping cost and pay your taxes. They can also be used for home renovation, medical bills, and unexpected expenses.
Borrowers usually need more time to make their loans because defaulting on loans makes their pockets tight. These funds are transferred to your bank account in minutes only once our direct lenders approve your loan application. These loans can be secured and unsecured to you based on your business credit history from online lenders.
How to apply for self-employed loans from direct lenders?
You can apply for self-employed loans online with a small application process from direct lenders in South Africa. You can complete this process in 4 easy steps with no paperwork required at CoreLoans.
- Fill online application: You have to fill out an online application form with income proof and some personal details. Every detail should be error-free because they might be the cause for loan disapproval.
- Get a quick decision:You need to hold your patience until our lenders verify your loan application. It will take minutes for verification, and then you will have a notification for either loan approval or disapproval on your mail ID.
- Sign a loan agreement:If approved for the funds, you need to sign your loan agreement with a digital signature. Ensure terms and conditions aren’t ignored before signing the loan contract.
- Get funded same day:You can get funded in 10 to 15 minutes the same day by our reputable online lenders in your bank account.
What documents do self-employed persons need for R50,000 loan?
If you’re self-employed, you need some basic requirements for R50,000 loans to meet your needs. You have to first match with the following basic requirements:
- Age: Our direct online lenders require 18 years of your minimum age, so you need to meet these criteria.
- A bank account: You need an active bank account to receive such funds after getting approval in minutes from direct lenders.
- Employment: Your employment shows you must be getting a salary for loan repayment, but you can show any income.
- A citizenship of South Africa: Your citizenship is required of South Africa so you need to be with it for requirements of some reliable lenders.
- Contact details: A valid email ID, permanent address proof and contact number are mandatory.
What are benefits to apply for personal loans for self-employed?
There are some attractive benefits with personal loans for self-employed so you need to check them out before applying for these funds.
The benefits of applying for personal loans for self-employed are:
- Quick access: You can get quick access to funds from our financial experts when you are in a hurry for such loans.
- Instant response: Borrowers can only get instant responses in minutes with a small online application process. You don’t need to wait days for approval if you’re among borrowers.
- No hidden charges: There are no hidden charges that you may have to pay for personal loans while applying for funds with us.
- 24/7 available for you: These types of loans are available 24/7 in South Africa, so you also have this type of advantage.
- Bad credit approved: You can get a loan approval with your poor credit score with our lenders in South Africa.
Are personal loans possible to get with bad credit score?
Yes, personal loans can now be obtained with your bad credit score, but you can’t get them from every lending institution you have around. Specific lenders offer such loans with poor credit with high interest rates.
You can apply for these funds from them with your low credit. You need to prove your loan repayment ability if your credit score differs from borrowing with some of the most reliable lenders in your province. Fortunately, you can get the loan approval decision immediately with a small lending process.
Loans For Self Employed- Some FAQs
Can I get a loan without income proof in South Africa?
No, you need to prove your upcoming any type of income in South Africa to be eligible for loans. Your income helps make loan repayments.
Is it possible to use self-employed loans for debt consolidation?
Yes, you can use such online funds to consolidate debts into one and then pay it back. Apart from that, you can take the money into use for anything with no restriction.
Why do lenders need an income proof for loans?
Your income proof is the most essential factor which gives your lender a confirmation that you can afford your loan for its repayment.
Will I need to pay high-interest rates on my loan during repayment?
Yes, some loans come with high-interest rates to pay them back while making your loan repayments on time.
Can I get self-employed loans with no credit check?
Yes, self-employed loans are among the loans that don’t require a credit check because our lenders believe in your loan repayment ability. So it would help if you made sure of paying back your loan on time.
Ready to apply with a trusted lender?
Applying does NOT affect your credit score‡