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A General Discussion about Unsecured Personal Loans in the UK Financial Market
Personal loans are offered by lenders such as banks and building societies and are available in a variety of formats, each of which may differ in the possible size, term and purpose of the loan you need. The internet has widened the choice of...
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Mobile Home Loans give concrete shape to your mobile home aspiration
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Secured business loans: before you take that big business leap
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Secured loans and your options!
Are you having a hard time getting a loan for unexpected expenses? Does your car or home need repairs? Do you have bills that you need to pay? Is your credit record less than good? Have you been turned down for a personal loan? Then you might want...
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Personal Loans For Self Employed Applicants
Many people are attracted to the benefits of self-employment,
from setting your own hours and being your own boss to having
control over the development of your business and career. The
control over your lifestyle and work is a good reward for the
risks involved in setting out on your own. But there are
definite challenges involved also. One of the most daunting
aspects of self-employment is finding credit. Lenders are often
wary of lending to someone who is self employed, particularly if
they are new to it and cannot provide proof of steady income.
However, as the character of the UK economy continues to change,
and lifelong employment from a single company becomes ever more
rare, banks and other lenders are becoming increasingly willing
to lend to the self-employed. In fact, now, a self employed
person is just as likely to get approval for a mortgage or other
loan as someone in more traditional employment. Improvements in
credit checks, which allow lenders to see how you cope with debt
in general, as well as other changes in lending practices mean
that borrowing for the self employed is now easier and faster.
Your Credit Score
Today, lenders can make immediate decisions on whether or not to
lend, based exclusively on your credit score. Credit reports are
becoming more important than proofs of income, and a self
employed person who pays all bills and monthly payments on other
loans on time, will have every chance of obtaining a loan. These
same credit reports are what allow banks to make rapid decisions
for lending to traditionally
employed applicants also.
As self employment increases in popularity, lenders are
beginning to compete for a market share in this increasingly
lucrative market. The terms and rates available are pretty much
the same as for other loans and definitely far better than what
they used to be. In fact, if you have borrowed as a
self-employed worker in the past, now may be the time to
refinance such loans with better rates and terms.
Secured or Unsecured Loan
Another issue to consider is whether you want a secured or
unsecured loan. Secured loans generally offer better rates and
are secured over your home or automobile usually. However, if
you are unable to repay the loan, the security is used instead.
Now that unsecured loans are becoming easier to obtain, you
should perhaps consider this option, particularly if the loan is
being used for business purposes as it means you home or car
will be less at risk from repossession.
The bottom line is that today, the self-employed have more
options than ever before so don't let this become something that
discourages you from seeking credit or makes you accept less
than ideal terms or rates.
About the author:
For more loan information and cheap personal loans
visit the http://www.ukpersona
lloanstore.co.uk. At the Personal Loan Store you can find
some of the latest online loans explained in detail.
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| UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
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