Right off the bat, we want to clear up a couple of things. Being self-employed doesn’t or at least shouldn’t limit your chances of being approved for a loan.
If you have your formal business it could give you a little more room to maneuver. As you could essentially take a loan out in the company’s name. If you are an independent contractor that particular option would probably not apply.
Still, there are options that we could explore in these cases to see if we can get you approved for a loan. Not only get you approved but find a deal that makes sense.
What Are My Options As A Self Employed Borrower Without A Formal Business Backing?
Being in this situation could limit your options. But where there's a will there's a way. If you happen to have clear bank records, you shouldn’t have too much of a problem being approved. The problem that many people in this situation have is that they are running cash-heavy personal businesses. This makes it tougher for you to be able to obtain a loan. Let's talk though. The truth is if your business is sound there there's almost always a way to find a lender willing to offer you a loan.
Can We Get A Loan For Everyone?
The quick answer is no. Again, we want to make sure that we are setting clear expectations for anyone who comes to us asking for help. If you are in a situation like the one that we recently described what we would say to you is, what do you have to lose? If you need a loan to expand your business for example, then you would have to essentially create a formal business, and then maybe have to wait sometime to be able to apply for a loan. In any case, we can take a hard look at your case and give you some options that you may have otherwise not had.
I Do Have A Formal Business Backing
When you do have a formal business backing there are naturally more options that we are going to be able to explore. Now, it all depends on what you are wanting to take a loan out for. If you are looking to use your business to buy yourself that can be done, but it may not be ideal. Since it could hamper your ability to take out another loan to expand your business later on. These are of course, are scenarios that we would be looking into once you give us a call or contact us.
Exploring Different Institutions To Obtain A Loan
We talked about this in another area of the site. The reality is we can help you explore more options. We have contacts within a wide variety of institutions that are looking to give out loans to very specific types of clients. You may just be the person who happens to fit their description. The problem is these options are not as clearly out there as some other options that people tend to go for. We can find you more options than you could find on your own for sure.
We understand the highs and lows of being in business. But if you're self employed you know that where there's a will there's a way. The truth is being in business for yourself doesn't mean you can't get a mortgage. We'll help you put together an application that puts your finances in the best possible light and take it to lenders who can see past the typical ABC of a 9 to 5 application. Want to find out how? Let's talk.
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