Can You Get Loans for Self Employed?
There are so many lenders who will request to see your recent paystubs when you apply for a loan and this is often a problem for people who are self employed. However, there are still several lenders who are sympathetic of your situation. Needless to say, the more options you know together with how the procedure is done and what documentation is needed, the higher the chances of getting an approval.
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 the lender, you might be required to put collateral as a security for the loan you plan 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. Usually, lenders are requiring any or all of the docs below.
Number 1. Tax return for your tax return, the least that you have to provide is the last two 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 for this one, it might include any loss statements and profit, which is also used to support your declared income.
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 as for this one, it is going to require statements showing your transactions and savings. It might even include statements that shows credit cards or other outstanding loans that you have with other lender.
Number 5. Company specific info say for example that you own a business, then it is a must to come prepared with information similar to EIN of your company, address and so forth.
Number 6. Personal identification for this one, it is going to depend on the lender that youre talking to but expect them to ask you if you have passport, state ID or drivers license. You will either need to photocopy your ID and even fax it to the lender or perhaps, scan it and then attach it to the email of your application.