Loans for Self-Employed People
Borrow £2,000 - £10,000 to get you ahead
Representative 49.9% APR (variable)
Representative Example: Borrowing £4000 over 36 months, repaying £195.16 per month, total repayable £7025.76. Interest rate 49.9% (variable). Subject to status.
Whether you’re self-employed or starting out, Amigo Loans could be the financial support that takes you further. We don’t mind how you receive your income or even if you don’t have the best credit score. As long as you can afford the monthly payment, and your guarantor has your back, then we can back you too.
Why choose Amigo Loans for self-employed loans?
Straightforward application
Trusted, award winning lender
One affordable monthly payment
What are loans for self-employed people?
Self-employed guarantor loans are for the business-owners and the be-your-own-bosses. We could be the support you need when the banks are saying no or you can't show evidence of a solid financial history.
Our self-employed guarantor loans range from £2,000 - £10,000 and can be repaid over 1 to 5 years, with a representative variable APR of 49.9%. You can use our loans for whatever you need, whether that's to spread the cost of company investments or simply to start a new business. Or if you need a personal loan for household repairs, to buy a new car, or to consolidate your debts into a single payment? You can do that too.
Our self-employed loans are guarantor loans. A guarantor is someone who trusts you to keep up the repayments and who agrees to cover them if you don't. When considering who could be your guarantor, just remember these criteria:
Aged 23-75
UK homeowner or have good credit
Happy to pay if you don't
We always recommend asking a homeowner to be your guarantor first. A guarantor doesn't need to own their home but it will make them more likely to be accepted if they do. They'll also need a good credit score and be able to comfortably afford the loan, just in case you don't keep up with the repayments. But don't worry, we'll always try to avoid your guarantor needing to step in.
Can I get a bank loan if I'm self-employed?
Banks can be strict. Even with a good credit score, you may have to show two to three years' worth of tax statements and company accounts, and have them signed off by an accountant. And if you haven't always had a steady income, they could think you're a risk and end up charging you a higher APR. Or worse still, reject your application completely. That's a lot of hassle for no end product, right?
That's not the way we do things at Amigo Loans. Our self-employed guarantor loans are straightforward and we aim to keep our application hassle-free.
Award winning for a reason
We're not the only ones that think we're doing things a bit special:
Can I get a personal loan if I'm self-employed?
Personal loans aren't secured against any property so they can be ideal for non-homeowners. The downside, that means they're usually also aimed at people with a good credit rating. If that's not you, that can really limit your options.
Here's a couple of things that can cause you to have bad credit:
1 Missed payments
Late or missed repayments on other loans, agreements of bills. These are normally marked as defaults.
2 CCJs
Having a County Court Judgment made against you.
3 Thin credit
If you've never had a credit card or other form of credit, which means you haven't built a credit profile that lenders can check.
Am I eligible for a self-employed loan with bad credit?
If we’re confident the loan is right for you, you’re not in any financial difficulty, and you’re not bankrupt or on an IVA (or similar), then we may be able to approve you for a self-employed guarantor loan.
Even if your credit score isn’t perfect, if you have a friend or family member that trusts you and agrees to back your loan, then we could back you too.
Can I apply for a self-employed loan if I've been rejected in the past?
Applying for a lot of loans at once, hoping that one will accept you, isn't a great way to take out credit. Each application will appear on your credit record, and the more you've been declined for, the worse your chances could be on future applications.
Still, even if you've been rejected in the past, it doesn't mean it's impossible to get the financial support you need. At Amigo Loans, we use common sense when reviewing your application. Even if you've been declined in the past, we could still accept you for a self-employed loan.
By asking you to provide a guarantor, we could provide you with the loan you need, even if you don’t have a ‘perfect’ credit score - and at a fraction of the cost of other ‘bad-credit’ loans available.
How do I apply for a loan if I'm self-employed?
Applying for a self-employed guarantor loan is easy and can take less than 5 minutes. Let's break it down into three steps:
1 Tell us about you
We'll need some personal details, as well as a bit about your finances to make sure the loan you've chosen is affordable.
2 Your guarantor
We'll need to do the same with your guarantor, and we'll have a quick chat over the phone to make sure they're happy with their responsibilities.
3 Sit back, relax, and let us do our thing
Once our final checks are completed, we may need to get back in touch and request some further information if there's anything we can't verify, but we'll keep you in the loop as we go along.
For more information on guarantor loans, head to our guarantor loans page or use our loan calculator to find out how much you could borrow to make your dream wedding even better.
Have questions?
We've got the answers.
