Self-employed loans

While most lenders prefer to see at least 12 months of trading history, some may consider applications from businesses operating for as little as 6 months. New business owners can strengthen their applications by providing a comprehensive business plan and evidence of upcoming contracts or consistent income. Attain works with lenders who specialise in loans for new businesses, expanding the options available to recent startups.

Personal loans can be used for both business and personal expenses, offering greater flexibility. Business loans, however, are restricted to business purposes only. They typically feature higher borrowing limits and potential tax benefits but may have more stringent eligibility criteria. The optimal choice depends on the specific needs and circumstances of the borrower. Attain can assist in evaluating the advantages and disadvantages of each option.

Self-employed loans are available in both secured and unsecured formats. Secured loans require an asset (such as property or equipment) as collateral and often offer lower interest rates due to reduced lender risk. Unsecured loans don't require collateral but may have higher interest rates. The choice between secured and unsecured loans depends on the borrower's individual circumstances and risk tolerance.

GST registration can positively impact a self-employed loan application as it demonstrates an established business with significant income. Most lenders prefer to see at least 12 months of GST registration, although some may accept less. For businesses not registered for GST, alternative options may be available, particularly if other means of income verification can be provided.

Self-employed loans can be used for debt consolidation. This process involves combining multiple debts into a single loan, potentially resulting in a lower overall interest rate and simplified repayment structure. It can be an effective strategy for managing both personal and business debts. However, it's important to consider that extending the loan term may result in higher total interest payments over time. Attain can provide detailed calculations to determine if refinancing is financially beneficial in each individual case.

Interest rates can vary. While some lenders may charge higher rates due to perceived risk, others offer competitive rates comparable to standard loans. We'll help you compare options to find the most competitive rate for your situation.

While a good credit score helps, we work with lenders who consider your overall financial situation, not just your credit score. We'll help you find options that suit your circumstances.

Borrowing capacity depends on factors like your income, business performance, and the lender's policies. We've helped self-employed borrowers secure loans from $5,000 to $500,000 or more.

Many self-employed loans offer flexibility in how you use the funds. However, it's important to clarify this with your lender and consider any tax implications.