No Need to Prove Your Income for Loan Approval

15th July 2008

Self employed people find it very difficult to prove their income when applying for any loan. No income proof self employed loans are designed for these people. These loans are easily available without any hassle. People with no employment can also avail these loans as there is no need to prove the employment status of the borrowers.

No income proof self employed loan has two forms. Secured option needs collateral. You have to place any asset as the security against the loan. If you cannot repay the loan, the lender can sell it to recover his money. Your home, car, jewellery and important documents can be put as the collateral for the loan. Unsecured option does not need any collateral. Secured loans are approved quickly than the unsecured option.

People who work as contract managers, freelancers and other people who work for themselves without going to conventional offices are known as self employed people. The loan amount these people can borrow through this loan varies from £1000 to £500000. The interest rate varies with the loan form. Secured option has low interest rate than the unsecured option. There are two loan term options-short and long term. The loan term depends on the loan amount and the repaying ability of the borrower. Some lenders can offer different loan rates as the loan market is full of lenders who offer these loans.

No income proof self employed loans are available to those who are self employed. People who are currently unemployed are also eligible to apply for these loans. They repay the loan as soon as they are employed with a job.
These loans are easily available online. For secured loans applicants have to attach the documents with the application form. Unsecured loan applicants have to fill the online form only. These loans are processed instantly and approved within few hours.  Within the next 24 hours of the approval of the loan the money is transferred to the borrower's bank account.

Summary:

No income proof self employed loans are available in secured and unsecured option. The loan amount varies from £1000-£500000. The interest rate and the loan term depend on the form of the loan. Online lenders offer these loans. People with no income can also apply for these loans.

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