Do you work for yourself and want to get a loan against your home's equity? Then you'll go through a process that's a little different from what most borrowers do.
Most places that lend money will ask you for at least three "proof-of-income" receipts. So, self-employed people will be glad to hear that there are many online brokers who offer many different types of loans, including self-employed loans that don't require proof of income.
Most lenders require people who are working to show proof of employment in writing, such as tax returns and pay stubs.
As a general rule, self-employed people who want to borrow money must have worked for at least two years. Some home equity lenders will call your employer to make sure you have a job, but if you're self-employed, they can't do this.
As proof that you have been running a business, you may be asked to show audited accounts or a letter from your accountant.
Since there are so many self-employed people, there are many lenders who make it easy for self-employed people to get a home equity loan.
Competitive rates are one of the perks that can help you get ahead of the game. Here are some wise words. If you own a small business and want to apply for a home equity loan for self-employed people, give the agent all the information they need.
The lender will look at your information and search for loans that are good for people who work for themselves. Personal loans for self-employed people that are like mortgage loans are hard to come by.
Most loans for self-employed people are limited to $5,000 cash. But after looking at your information, the lender may think that your business has a lot of potential and should be given extra attention. So, the lender may help you figure out how to make more money.
