Personal Loan For Self-Employed With No Income Proof
Posted by Creditkaro
Availing a personal loan in today’s time has become very convenient. With so many online comparing portals, you can avail a personal loan for self-employed within minutes just by submitting your identity and income proof. Submitting income proof is must in most cases while applying for instant personal loan online as it is a major factor on which the loan amount depends. When you apply for personal loan online, you are asked to submit a list of documents for verification purpose, and without these documents you won’t be permitted to apply.
If you are salaried employee, you can submit your income proof with other valid documents like your identity proof and your residential proof. Income proof assures the lender that you can afford to pay back the amount in time. The major confusion arises when the borrower is a self-employed person and does not have any formal income statement. It has become a common myth amongst self-employed individuals that availing a personal loan without income proof is not possible.
Today, we are going to put some light on this topic and clear out the myth for once and for all! Yes, it is possible for a self-employed person to avail a personal loan without providing any income proof. In this case the lenders generally offer a secured loan to the applicant by mortgaging his/her property documents. The applicant will need to submit his/her property documents to the lender to get the fund required. If the property documents are legitimate and are complete, then the lender may even allow lower interest rates on personal loans.
Self-employed individuals who do not have a income proof are generally those individuals who own small unincorporated businesses where they are the sole owner. These businesses are tangible assets that can be held as a security against the sum borrowed. This gives the lender a sense of assurance. Once the applicant has presented all the necessary documents, availing a personal loan should be a hassle.
WHAT ARE THE FACTORS THAT A SELF-EMPLOYED MUST CONSIDER BEFORE OPTING FOR A PERSONAL LOAN?
There are multiple factors that may affect the choice of a self-employed person while choosing a personal loan:
So, now that you know that if you are a self-employed individual and you do not have any income statement or proof, availing a loan wouldn’t be a problem. You can easily opt for a personal loan online Creditkaro.com without any hassle and get your loan processed within minutes*.
Hence If you have any further queries regarding this or have any other confusion about any financial agenda, feel free to ask us, we’ll be more than happy to sort out your confusion, who knows we might even do a separate blog just for you!
Till then…. happy buying!
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