Compare 950+ Self Employed Loans for Homeowners in Seconds

Alex Parsons Alex Parsons | Secured Loan Expert

Self-employed individuals are in a unique position of not only being their own boss, but also being responsible for the financial health of their businesses. Sometimes there is a need for cash to cover business expenses while managing accounts receivables. Other times, self-employed people are looking for personal loans just like salaried workers. In either case, secured self-employed loans are available for homeowners.

Self-employed loans work the same way as the secured loans obtained by salaried workers. About the only difference is one of verifying income. The self-employed individual may have to provide more paperwork to verify he or she can afford to borrow. Provided nothing is amiss, the extra paperwork is usually a formality.

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Be wary of lenders offering secured loans for self-employed individuals without any proof of income requirement. These kinds of loans may come with higher interest rates and other terms and conditions you may not like. If such a loan is your only option due to bad credit, that's one thing. However, consumers with good credit can usually get better deals elsewhere.

Low-Cost Loans

As someone who is self-employed, do not settle for high-cost loans just because you have chosen to be your own boss. Low-cost alternatives are out there to be had. A good way to find them is to use our comparison tables that let you see information from the top lenders from around the country. Our Comparison tables give you a good starting point for investigating individual lenders further.

To ensure you are getting a low-cost loan, pay attention not only to the annual percentage rate, but also to all of the upfront fees and charges lenders apply to loans. The fees and charges can really add up over the long term. A truly low-cost loan will involve minimal fees and charges, accompanied by a reasonable interest rate.

Loans for Any Purpose

The beauty of the secured loan is that it is taken out against the equity in your property. As such, it is a personal loan that can be used for nearly any purpose. You can take out a secured loan to:

  • improve your credit file by settling bad credits
  • consolidate higher interest debt into a single low interest loan
  • renovate your home or make necessary repairs
  • pay for expenses related to expanding your business.

The equity in your home is a powerful tool that you can use to your own financial advantage. You have worked hard to acquire and maintain your home, why not take advantage of that hard work by leveraging the equity you have built up. A secured loan is a great option for meeting your long-term financing needs without breaking your budget.

Getting the Best Deal

Getting the best deal on a secured loan is about knowing the ins and outs of how personal loans work. For example, most lenders will present loan deals along with a representative APR. The representative APR is a number that combines the standard interest rate with all of the upfront costs associated with borrowing. However, keep in mind that a lender must approve only 51% of its loan applications at that representative APR in order to advertise it. The remaining 49% may pay a higher rate.

Another thing to consider is borrowing more to spend less. In other words, lenders establish rate boundaries to determine how much interest they charge on borrowed money. If the amount you want to borrow is near the top end of one of these boundaries, you may actually spend less by borrowing a little more to push you into the next boundary.

There are lots of little tips and tricks to make the best use of secured loans. The good news is that secured self-employed loans are available to business owners who own their own property. Consider taking out such a loan if you have long-term financing needs that you have no other way of meeting.

As a busy self-employed person you can make use of our free services which take the work out of finding and arranging the best deals. Our team of secured loan experts are a phone call away and have the technology to scour the whole of the market and compare the current offers within a few minutes. They will match your requirements and personal circumstances against lenders criteria and make their recommendations based on their professional experience and knowledge of individual lenders.

When you find a deal you are happy with we recommend using our experts to create an optimised application giving you the best chance of a fast approval and the lowest possible rate and costs available. They will submit the application on your behalf and liaise with the lenders underwriters to present your case in the best possible light. If there are any additional costs or charges likely to occur in addition to the loan repayment costs our experts will be able to advise you to ensure there are no surprises later in the process.

Remember, we work for you not the lender so getting the best deal for you is our only concern.  

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