Best Loan Option for Self Employed People
Many people prefer working for themselves or pursuing their hobbies. These people do not have any income proof as they do not work like many people for a company or a particular person. No income proof loans are designed for the people who do not have any income proof.
The professionals who are content writers, freelancers, dancers, artists, writers, etc are the people who may earn in many zeros but do not have any income proof. These are hassle free loans and no proof is required.
The lender does not interfere in the use of the loan money. The borrower can use the no income proof loan amount to pay their bills, to buy car or house and many other personal or for the business purpose.
The loan amount which can be borrowed through these loans can go up to £100000. Secured loans are bigger than the unsecured loans. Unsecured loan amount can go up to £25000. For secured loans the collateral will be required which should be of higher market value than the loan amount.
These loans are repaid within the time period of 5 years to 25 years. The loan term depends on the loan amount and the repaying ability if the borrower. The loan type also affects the loan term. The rate of interest for these loans is high.
No income proof loans are offered to the bad credit people who are suffering from CCJ, arrears, default, late and missed payments. The borrower should have a regular income. The borrower should possess a bank account. For secured option the borrower will have to place collateral. These loans are approved on the basis of the repaying ability of the borrower.
No income proof loans are offered by the online lenders. The online application is easy, fast and simple. Online calculators help the borrowers to calculate the loan features.
No income proof loans are available in secured and unsecured options. The loan amount can be £25000 or £100000 for unsecured and unsecured options. The loan term is 5-25 years with high interest rate. The borrower should have regular income and a bank account is must to have. Online lenders offer these loans.