When you are trying to start off any business, anyone with business experience will tell you that the most difficult part is getting the money together to start your new business enterprise. Many people start their businesses all by themselves and so they would be categorised as being self employed. The fact that there is only a single individual involved in the business makes raising funds incredibly difficult if you do not have the necessary capital in your own bank account. This tends to slow down your business plans if you don’t have the necessary money and so it is important that you can turn to a loan provider that can provide you with the money that you need.
Many people who are self-employed worry that they won’t be able to show proof of income and this will make their loan application more difficult than it should be. The good news for all of you sole traders out there is that self employed loans no proof of income are now available to you and they can really help to change the direction of your whole business. It’s likely that your friends and family will warn you away from taking up any kind of business loan but there isn’t a business owner out there who hasn’t reached out to a loan provider at least once.
There are a number of benefits to taking out one of these no proof self employment loans and the following are just some of them.
- No need for a bank statement – When businesses generally apply for a loan, the lending institution wants all kinds of paperwork including your tax returns, a print out of your credit score and so many other things. It makes the whole procedure very difficult indeed and thankfully no proof self employment loans are not as difficult to get as this. They may still want to know about your credit history but they generally will not be asking you to show them a bank statement showing your business activity.
- You get the funds quickly – Starting off any new business can be very difficult indeed and many businesses fail within the first 12 months because they can’t get together the necessary capital needed to pay essential overheads like rent and rates. You will be able to get one of these self employed loans with no proof of income very quickly indeed and this means that you can secure the necessary funding that you need to cover your current costs and any costs that may come up in the future.
As well as providing you with the capital that you need, you’re also taking positive steps towards building up the credit history of your business and that can be incredibly useful in the future when you want to apply for other loans.