Does Loans for Self Employed Really Exist?
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. Basically, expanding your knowledge on all possible options and knowing how it is done and to what are the needed documentations increases your odds 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. What happens with a cosigner loan is, you are allowed to apply for a loan but with the help of another individual who has stronger qualifications. Most of the time, it will depend on the lender you are talking if they will ask you to provide collateral as security for the loan.
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 tax return, the best thing you can do is provide the last couple of years of your company and full personal tax returns. During your loan application, you probably have declared your income and the tax return will be used as supporting document.
Number 2. Financial statement for this, it could include your loss statements and profit which is intended 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 this will include the statement 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 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 in relation to this matter, itll likely fall on your lenders discretion but most of the time, what they are asking are passport, state ID or drivers license. Well, you either have to make a photocopy of your ID and fax it to the lender or you may scan it and attach it to your online application.