Loans these days are designed for people from all walks of life. The self employed loans is one of them specially designed for you and thus you can now forget the agony of getting a loan without any kind of income proof. No income proof self employed loans are generally high risk loans because of the change in the income level of the self employed persons like you. You can get these loans at quick time by either applying online or by visiting the branch personally. All you need to show the bankers is your age proof, and the statement showing your bank records.
Usually no income proof self employed loans are unsecured loans carrying a higher rate of interest. But if you can pledge collateral as security to the bankers then you can manage to get a lower rate of interest. It is an easily accessible loan as the banks process the loan applications for 24 hours. The collateral can be of any kind like your house, cars or any other assets that you possess, in this case you make the loans secured. In most of the cases the repayment time is spread for at least 1-10 years, giving you enough time to repay. The good thing about these loans is that some of the lenders do not charge you anything for the first 6 months; it is only after that period you start repaying the loan. The mode of repayment can be either by paying monthly repayments or by paying through one time payment.
The amount that you can borough through no income proof self employed loans can vary from £5000 to £50000. You can use these loans for various purposes like home improvement, buying new vehicle and also for the purpose of debt reconciliation. If you pledge a security against the loan then you can get a principal amount worth 125% of the value of the property that you have pledged as security. Since these loans can be used for the purpose of debt reconciliation it is a great opportunity for you to regain the credit score which you have lost previously. You need to present the bankers with a plan about your repayment in order to get these loans at quick time.
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