Low Doc Loans When Self Employed
Some of the asset lenders have taken a tough stance on low doc loans during COVID-19.
With the $150,000 Asset Write Off available by the Australian Government, you might ask what is the point when you can’t get finance?
With a finance broker, you may find that you have more than one option to secure the finance that you need for your business.
Loans are based on a case by case basis, and you may be eligible for more than one type of finance option.
Loan Options For Self-Employed People
There are different loan options for the self-employed but depending what the reason is for the loan you may only have certain options presented to you.
If you are running and established business , you may opt for a business loan – But they do come with tougher restrictions and requirements.
For a smaller or newer business this makes it difficult for them to borrow so they can scale the business.
Often their income will vary from month to month for the first couple of years and income potential can be impacted until they do expand with the purchase of new equipment
Often personal loans that come with higher interest may be the only option for self-employed people.
This is where we pride ourselves on standing out from other lenders.
We know how to get the right paperwork together and which lenders to approach so that you can obtain the finance that you need to purchase another vehicle, to upgrade equipment or to purchase suitable land or buildings.
What to prepare and what you need for a low document loan.
- Financials – can you provide your last 2 Years Full Tax Returns & Current Profit & Loss plus Balance Sheet for 2020
- How was your business affected by COVID-19?
- Are your current loans in order, no missed payments
- How is your credit file looking? (applying for smaller loans can be a killer for your credit score)
We understand might find that you are facing a hard time providing documentation of your income.
We are able to help small businesses to come up with a plan of action to get their financials in order or to give them a guide on what they can do over the next several months to show earning potentials and to get their paperwork in order to have the best shot at being approved for the best loan for them.
If you would like to have a chat about expanding your business, checking your eligibility for a a loan, or finding about alternative finance solutions, call or text 0403 211 361 to discuss