Understanding Refinancing with Bad Credit – A 10-Minute Guide
Understanding Refinancing with Bad Credit: A 10-Minute Guide Table of Contents Refinancing your home loan can be a powerful financial tool. It allows you to
If you’re wanting to apply for a self-employed loan, but aren’t too sure if your credit score will be good enough, there might be other ways. Low doc loans can sometimes be used in low credit score situations, depending on your lender. These loans often require less documentation compared to others. Another option is a bad credit home loan, which would work if you specifically need your loan for a property.
If you’re looking to find some options for a self-employed loan, look no further. Read on below to find out your options.
A self-employed personal loan is a personal loan for people who are sole-traders or run their own business. While there is no specific type of loan called a ‘self-employed loan’, there are several loan options available that are tailored to the self-employed. Loans such as secured or unsecured loans, specialist loans, and low doc loans all cater to those who are self-employed.
In some instances, these loans require significantly less documentation than a standard loan, while being specifically designed for borrowers who do not have access to the usual documents required for a loan.
A self-employed loan isn’t too different from a regular loan, depending on which type of self-employed loan you choose. Each lender may have different interest rates for their self-employed options, as well as different levels of flexibility. By choosing a self-employed loan with lower documents, it may take less time to approve compared to the time a regular home loan takes.
In most cases, lenders will want someone who applies for a loan to have a good credit score. However, if you don’t, there are ways around it. Some lenders lend specifically to those with bad credit scores, although the terms of the offered loan may be a little different. It’s not impossible to qualify for a self-employed loan with bad credit.
While there may be other loan options available to you, two good possibilities for someone who is self-employed and has bad credit are:
Generally, anyone who has any type of bad credit can apply for a bad credit home loan. Each lender will have different eligibility criteria, so it’s a good idea to have a broker help you find the right bad credit loan that you qualify for.
Generally, the eligibility requirements from lender to lender will differ, but in most cases, you’ll be required to have an ABN. Anything else that is required will differ depending on the loan that you apply for. However, you may need:
With Tiger Finance, we can help to get you a loan in four easy steps. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved.
We have helped countless Australians with both good and bad credit ratings to get funding. We understand that lending criteria from other lenders are too strict and can stop you from achieving your goals. That is wrong, and it should not hold you back.
Our finance specialists can help you find the right loan for your project. Getting a loan with bad credit can be complicated, but we will find a loan that makes the process that much easier.
If you are one of the many Australians finding getting a loan difficult, Tiger Finance can make the process simple and pain-free. Call our loan specialists today for your free initial consultation.
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Our vision is to make it simple and easy for every Australian to get the funding they need to achieve their big life goals.
National Home Loans Group Pty Ltd trading as Tiger Finance | ABN 57 168 971 346
Tiger Finance Credit Representative: Kiara Patricia Halley | Credit Licence: 468465
*Interest Rates: Conditions, fees and charges apply. Interest rates are subject to change and will vary. We cannot guarantee that the interest rate advertised on our website will be the one offered to you. Interest rates offered will be dependant on your situation.
*Consolidating high-interest personal loans and credit cards into a lower-interest home loan may result in significant savings on interest for some consumers. However, this solution may not be suitable or accessible to everyone.
*The approval timeframe is varied. Approval time is subject to change depending on your circumstances or loan type. Processing times may be subject to your lender.