Does Loans for Self Employed Really Exist?
There are a lot of lenders who will ask to see your recent paystubs whenever you start to apply for a loan and this is a problem for all those who are self-employed. There are still some lenders who are considerate of these kinds of situations. Obviously, the more options that you know along with how the procedure is being done and to what documentation is required, the higher your chances of being approved.
You may also apply for a standard personal loan given the fact that you have met eligibility requirements otherwise, you can file application for cosigner loan. Here, this enables you to apply for a loan with another person who seems to have stronger and better qualifications. Depending on your lender, you may be requested to put collateral as security for the loan that you are planning to apply.
With regards to documents provided, the very first thing that you must do is to check the lenders eligibility criteria to guarantee that you can actually provide the docs and also, to show proof that you receive stable income which is vitally important. In most cases, the lenders would need you to submit any or all documents below.
Number 1. Tax return for tax return, the best thing you can do is provide the last couple of years of your company and full personal tax returns. These would prove any income that you have declared on your loan application.
Number 2. Financial statement in regards to this, you will be asked to provide the loss statements and profit as a support to the income you have declared.
Number 3. Proof of rental income the real estate statements or even copies of the executed lease agreements can be used in order to help you declare incomes that you gained from your rental properties.
Number 4. Latest bank statements this will include the statement showing your transactions and savings. Say that you have outstanding loans to other lenders or credit cards that are being paid, it will all reflect to this one.
Number 5. Company specific info if you do own a business, then you must be prepared to provide info like EIN of your company, address and so forth.
Number 6. Personal identification now this one will depend on the lender you are talking to but they may ask of your passport, state ID or drivers license. In this regard, there are a couple of things that you can do and one is to scan the ID and attach it to your application online and two, photocopy it and fax it to them.