Are you self-employed in the South Africa? And searching for urgent loans during your emergency time. usually most of the lenders give the loans to self-employed easily with soft credit check but borrowers have to show proof of income, good credit score or regular income source to get approved fast.
Do lenders offer loans for self-employed people?
The Simple answer is yes, while your options may be more limited, but at Gasta there are still have several options to get self-employed loans. if the self-employed borrower have good credit history and regular income source, can get the urgent loan within 1 hour from direct lender in the South Africa.
Types of loans you can apply for if you’re self employed
Personal loans: A personal loan allows you to borrow an unsecured loans amount of up to R350 000 over 84 months but depend on your lenders terms and conditions. Remember that to get approved this loan you have good credit history.
Secured loans: Secured loans work the same as a personal loan, except if you are not able to pay back the loan amount, that time it is possible to lose your asset being used as collateral.
Guarantor loans: if you have bad credit history or unemployed & your loan application going to be rejected every time from multiple lenders in the South Africa & now frustrated struggling for short term personal loans don’t worry gasta offers guarantor loans that will help you to get personal loans on time, in the guarantor loan case if the borrower not able pay back the borrowed loan amount that time their family, friends, and other relative who take the guarantee will responsible to pay the balance fund.
Business loans: if you want to Grow and expand your business more in the South Africa, with help of FNB Business loans service you can borrower the loan amount range from R1000 to R300, 000 and pay back the loan amount with very simple installments from 1 to 60 months. At Gasta multiple lenders offers this service apply now.
How to apply for a loan if you’re self-employed?
If you are self-employed applying for a loan is very simple just like other loans services. Self-employed Personal loans are typically unsecured product, which means you don’t need collateral.
Gather your financial documents: If someone who is self-employed and want to personal loans from direct lender, remember in mind before applying the loan they have to collect some documents like (monthly income bank statement, resident proof, & active phone and email id etc.) all these documents, helps the lender to proof you are eligible for the loan and the lender will not check your credit score.
Check your eligibility: If you are confused before borrow online money and don’t know your credit score are eligible or not for the borrow fund, don’t worry at Gasta most of the lenders give you option to check your credit eligibility without affecting your credit score. These soft credit check is a great online credit check eligibility option to get more chance for borrowers to get approved for the loan same day by the lenders in the South Africa.
Compare loans: If you are searching online loans on the internet, don’t go with single lender for your loan always try to compare loans from different lenders to find the best loan option that fit according to your needs and your affordability. Always first check the interest rates offered by the lenders for your loan option and how long it will take you to repay.
What documents do you need to apply for a loan when you are self-employed?
Different online loan lenders may have their own requirements in the South Africa for what you need to apply, but there are some points we are showing you that almost all lenders in the South Africa will want to see. Make sure that you have collected all of these before you apply. They include:
Proof of ID: Proof of id can be anything which given by South African Government This can be your driving license or passport.
Proof of address: You can provide residential address proof any one document which must include your name or initials, surname and address printed, like that State-issued ID, Passport, Driver’s license and also Bank Passbook etc. These will considered acceptable as a documents proof of your address.
Bank statements: If you are self-employed provide the 3 months bank statements of your income or annual financial statement for your business but in the case of employed the borrowers have to show the pay slips for the past three months or bank statements back three months
Proof of any rental income: If the borrower self-employed & having a rental income source like rent of car , home rent, office rent or any lease/tenancy etc. again the income of any rental through your bank statements
Company/business information: To apply for the self-employed loans from direct lenders the borrower can provide the status of their business type like (sole trader, partnership, limited company, freelance, property builder, etc.)
Will a loan cost me more because I’m self-employed?
No, if you full fill all the terms and condition and requirements of the lender like: regular income source, good credit score and there is no past bad credit history, there is no reason to pay extra interest on your personal loan.
However, if you have bad credit history or less credit rating than perfect then if your loan approved you have to pay higher interest rates.
Can I get a self-employed personal loan if I have bad credit?
Anyone who have bad credit score will find it very difficult to get a urgent loan, regardless of whether they’re full-time employed or self-employed. But don’t worry just because it’s harder, doesn’t mean it’s impossible for you.
At gasta, you will find multiple best lenders who offers the bad credit loans but with higher interest rates because bad credit personal loans is a unsecured loans before apply check multiple lenders interest rates
Faq’s Loans for Self Employed South Africa ✍️
We’re here to answer your questions
Can self-employed individuals apply for a personal loan in South Africa?
If self-employed individuals have a good credit score in past 3 months with monthly income source can increase the borrower’s chances to get instant personal loans approved.
Do self-employed individuals need a good credit score to obtain a loan?
In the South Africa Gasta have multiple authorized lending partners, who are always ready to give the individuals personal loans to the self-employed but the condition is that the borrower can able to provide the regular income or required credit score.
Can self-employed people obtain a business loan without collateral?
Some lenders in the South Africa may provide the business loans without collateral for self-employed individuals but depend the borrower’s credit history. However, it may depend on the lender’s specific eligibility criteria and the borrower’s loan amount.
How can self-employed improve their chances of obtaining a personal loan?
There are five points keep in mind to get more chances of obtaining a self-employed personal loans, which is as follows:
- Give your credit a little boost best for you
- Determine how much money you need urgently
- Add a cosigner
- Don’t settle for the first lender that comes your way
- Double and triple check your online loans application
What are some alternative sources of financing for self-employed people in South Africa?
if you are searching Alternative online sources of financing for self-employed in South Africa include crowd funding, micro-lending, personal savings, peer-to-peer lending, and government grants. At Gasta individuals self-employed can get it just go on apply now page & fill out the 3 minutes application & grab the loan.
Does capitec offer personal loans to self-employed?
Yes capitec offers online Self Employed loans in the South Africa but if self-employed individuals have any queries regarding the loan ability or past credit score that they can directly visit a branch or call on 0860667789 to get better information.
It Takes Less Than 5 Min
We will try to connect you with a direct lender no matter what your credit score is.Apply Now