FAQs

Yes. Personal loans for individuals that work for themselves can be approved when the application meets lender criteria.

Personal loans may be used for the purchase of vehicles, boats, motorbikes, caravans, household items, travel, medical costs, weddings and other events and personal purposes.

Secured personal loans are typically arranged with fixed interest rates while unsecured loans may have a variable or a fixed rate. The type of rate can vary with lenders.

Some lenders may allow self-employed individuals to use business assets which are in their own name as security against a personal loan.

Where business and personal income are entwined with self-employed individuals, they may explain this situation to the lender. Some lenders may take business revenue into account when assessing self-employed loan applications.

Where business loans are in the individual’s name, they may be considered in assessing the application.

Both secured and unsecured personal loans are available for self-employed persons.

Personal loans can be approved for the purposes of travel, subject to individual lender guidelines.

Secured loans are used where the goods being acquired provide suitable collateral for the loan. Where the loan is for an intangible purchase such as travel, an unsecured loan may be more suitable.

When applying for a personal loan, individuals must provide details of all types of debts in their own name. These include loans, credit cards, overdrafts and buy now pay later arrangements.