We assist individuals working for themselves to overcome the obstacles faced when applying for personal finance. Whether they are running a small operation with employees or operating as an independent one-person contractor, the self-employed can face challenges in meeting lender criteria for the best interest rate loans for personal purposes.
While employed individuals can verify income with payslips, some self-employed individuals may have less reliable and consistent income, with business and personal income and expenses entwined. Making it challenging to prove creditworthiness to lenders.
We work with individuals in this position to achieve affordable personal finance through the right lenders and at the best interest rates.
Engage with us from the outset and take full advantage of our experts to source your business owner loans.
Personal loans for business owners and contractors differ from finance for their commercial operation.
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Personal loans may be secured or unsecured, and be used for a range of purposes including purchasing cars, motorbikes, boats, furniture, travel, medical costs, special event expenses and to pay out other debts such as credit cards.
Personal loans are extremely popular and available through many banks, finance companies and other credit providers. Lenders in this market must adhere to the ASIC rulings around Consumer Credit Laws.
Beyond those regulations, the features of specific credit products offered by an individual lender, the interest rate and the approval criteria can vary across the consumer credit market. Variations which can lead to challenges for the self-employed.
Challenges faced can include having a consistent and reliable personal income separate from the business revenue, having a high enough income, having insufficient assets for security, and finding the credit provider that does suit their specific circumstances.
To find the most suitable lender, individuals face the prospect of a negative effect on their credit score when they apply for multiple loans to compare.
Through engaging with Jade, individuals working for themselves can have the right lender obtained for them from across a vast market and have an expert broker source and negotiate funding to suit their requirements.
Avoid the challenges, engage with us today online or by phone.
Our guides offer quick comparisons and simple explainers to help you cruise through the financing process with confidence.
While many individuals that work for themselves do so solo, there is no need to go it alone when requiring personal finance. In fact, individuals can realise significant benefits and advantages by using our services.
We are accredited with over 80 lenders and have extensive technical resources to quickly match each of our customer profiles and requirements with the most suitable lender. The time factor can be extremely important to the self-employed. If not being productive with client work, they may not be generating income. The time spent trying to find the best personal finance option can mean downtime and less income that week or month. Using our services saves significant time which can be better spent generating an income.
Our service is extremely individual and personal. Each person is assigned their own broker to handle their financing requirements. We have extensive experience in working with the unique situations of self-employed individuals, understanding what is required, and sourcing credit that works with their circumstances.
Our brokers are highly skilled at not only finding the right lender, but negotiating on the lowest interest rates, the most flexible terms, and minimising the documentation required to meet lender criteria. Our impressive track-record and reputation built over 25+ years is your assurance that Jade can provide significant benefits for individuals working for themselves.
Get in touch today to leverage the benefits Jade offers.
Personal finance is regulated through Consumer Credit Laws by ASIC. Credit providers offering loans to individuals must abide by the laws and meet the guidelines for lenders. These include applicants:
In addition to these essentials, credit providers set their own minimum requirements for income, credit ratings, loan amounts and their individual eligibility criteria. There are also variations around the purposes that personal credit will be provided to cover.
To prove they do meet the criteria, individuals will need to provide:
Many self-employed individuals will have assets and debts for their business held in their name and their personal income and commitments may be less easy to separate from the business revenue. Your Jade broker will be assisting you through every stage of the application process including what documents to provide. We will be explaining your specific circumstances to our industry-level lender connections to secure a workable outcome.
Options for self-employed individuals may include using assets owned by their business operation as security against personal loans and using the strength of the business revenue to support personal income levels. However, loans and debts for the business held in the name of the self-employed individual may also be considered by lenders. The length of time that an individual has been successfully self-employed, especially if solid, long-term contracts are in place, may contribute to easier approval, better rates and outcomes.
Where an individual is in doubt about their eligibility, for how much they may be approved and at what interest rates, we can arrange pre-approval of personal loans for business owners. This enables contractors to have their credit approved to an estimated limit prior to committing to the purpose for the funding.
To discuss your personal situation in regard to eligibility for personal credit, please reach out to us for a no obligation pre-application discussion.
Individuals working for themselves essentially have two options in sourcing personal credit – handle the process on their own or engage the services of highly experienced brokers. Opting for Jade to handle your self-employed personal loan will save you extensive time, allow deep lender market coverage and will not impact your credit profile.
Jade’s services and options provide a comprehensive and deep coverage of the consumer credit market. Identifying the right lender that will negotiate on rates and terms and has the criteria to suit our customers. Many traditional bank loans and credit through other financial institutions, have strict criteria and guidelines. Where an applicant does not meet all the criteria, the application is simply not approved.
With our access to over 80 lenders and our experience across the lending sector, we know which lenders suit which applications. We can expedite applications by sourcing quotes and offers directly from the most suitable lenders.
The Jade approach offers individuals the opportunity to access both specialist services and areas of the lending market which are not readily available to individuals. We have lenders that only consider applications from their select broker network. Our services include individual negotiations with lenders. Your Jade broker will explain your unique circumstances, those faced by many self-employed individuals where business and personal income and commitments are entwined, to our lenders. Ensuring a workable interest rate and flexible repayment terms are secured.
For a streamlined, fast and straightforward way to a personal loan as a self-employed, contact us.
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THE COMPARISON RATE IS CALCULATED ON A SECURED LOAN OF $30,000 FIXED FOR A TERM OF 5 YEARS, NEW GOODS, EFFECTIVE 22/12/2024 AND SUBJECT TO CHANGE. WARNING: THE COMPARISON RATE IS TRUE ONLY FOR THE EXAMPLES GIVEN AND MAY NOT INCLUDE ALL FEES AND CHARGES. DIFFERENT TERMS, FEES OR OTHER LOAN AMOUNTS MAY RESULT IN A DIFFERENT COMPARISON RATE.
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.
