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Loans for Self-Employed People

Being self-employed can be a rewarding way to work - being responsible for your own time and business. However, when it comes to getting loans, it can be a bit trickier for those that are self-employed people to borrow from mainstream lenders. This is usually because they’re not salaried. This can also be true for those setting up a new business

For us, it doesn’t matter whether you get your income via a salary, dividends, or from your contracts. Instead, the key thing we look for when deciding whether to lend to someone is whether they can afford the payments on a loan with Amigo along with all of their other normal monthly commitments. We also offer loans for self-employed people regardless of their credit score. So, even if you’ve made a mistake in the past, providing that you can afford the repayments and can provide a guarantor who trusts you to make the payments and will make them if you don’t, Amigo should be able to help you.

Amigo Guarantor loans - as seen on TV

Guarantor Loans for Self-Employed People

Both setting-up and running your business can be an expensive undertaking, and sometimes you will need to front costs to see the benefit later down the line. While we would always recommend using any existing and free capital you have before getting a loan, sometimes it’s not possible to achieve what you need to without seeking a helping hand.

If you’ve decided that a loan is the right option to take your business to the next level it can be tricky working out the best option for you. Amigo won’t be right for everyone, if your business has a proven track record and you’ve been deemed by the banks or high-street lenders as credit-worthy in the past then you should be able to find a cheaper option elsewhere.

However, high-street lenders can have strict guidelines when it comes to borrowers who are self-employed and might ask them to show two or three years’ worth of tax statements or company accounts, signed by an accountant. If you’re new to business, this could be very difficult and this can be even more difficult if your credit score isn’t good. This is when Amigo could be a good option for you.

Loan Calculator

Representative Example:

You're borrowing £4,000

Over a term of 36 months

Repayment £195.16 per month

Total repayable £7025.76

Interest rate 49.9% (variable)

Representative 49.9% APR (variable)

If you’ve decided that Amigo might be a good option for you, then you need to know a little bit more about how our loans work. Amigo was set up to help people who may find their access to mainstream credit restricted. We believe in old-fashioned values when making our decisions and believe that they should be based on trust, not a computer. Instead of looking at someone’s credit score (a computerised number) when deciding whether to lend, we ask all our borrowers provide a guarantor. A guarantor is someone who trusts you to make the payments and agrees to make any that you don’t.

This means that as long as you’re 18-75, not bankrupt, not on an IVA (or similar) can afford the repayments and can provide a guarantor, Amigo could help you.


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