Self Employed with Bad Credit

Bad Credit?

County Court Judgements?

Defaults?

Mortgage Arrears?

Missed Payments?

If you can answer yes to one or more of these questions and you're self employed you may believe it would be impossible to get a loan.

Not necessarily though. Secured Loan lenders will allow some form of impaired credit when approving you for a Secured Loan. If you have many CCJs, Mortgage Arrears then you may only be allowed to borrow up to, for example, 80% of your properties value. However, this still means you can borrow money. Unsecured Loans would be nearly impossible for you to achieve being self employed with adverse, impaired or bad credit. A Secured Loan may be your only option.

Previously Bankrupt?

Your chances of getting a Secured Loan will be limited if you are discharged bankrupt. It isn't impossible though. There are lenders that will allow you to borrow money on a Secured Loan basis providing you do have your Discharge papers.

Some lenders will require you to have been Discharged from Bankruptcy for 5 years although there are lenders that will just require you to be Discharged and won't mind how long for.

An important thing to remember is that you may be charged a slightly higher APR than customers with excellent credit ratings. However, don't be put off by this, if the monthly payments are affordable then a Secured Loan may be your only option to raise money for Home Improvements, Car or Consolidation.