Being self-employed means that you have the power to act in your own time and in your own terms. You can earn as little and as much as you work hard and strive for. But of course, it would not always be easy, and it would not always be as quick to earn as much as you would like to. That is why it would be hard for self-employed people to actually have a good credit standing, because monthly income is not fixed like with employed people who receive a fixed amount of salary per month. What if you see yourself in a bad month, and then an emergency happens, and you would to get money right away? Or what if you are in the middle of bouncing back from months of loss with your business, and you are having a really great month with demand soaring high, but you just do not have enough capital to supply all of the demand to meet your sales? Where would you get the money then? If you have a bad credit score, self-employed loans might be tough to come by, but it is not all impossible. With TFS loans, you would be able to apply for a loan and easily get approved.
When you are self-employed and have not built your credit rating yet, you could apply for a loan with a guarantor that would sign off with you. The guarantor that you would choose should be someone you could rely on and trust, and someone that trusts you as well. It should be someone close to you whom you could easily call or go to, and it would not be hard for the both of you to agree and disagree on certain aspects, most of especially, those which relates to the loan you would be applying for. The loan would be totally owned and would 100% be repaid by you, but the basis of the approval of the loan would be your guarantor’s good credit standing. Your guarantor exists so that when the time comes that you would be unable to pay for your loan repayment for a specific month, your guarantor would make sure to pay it off for you.
With TFS Loans, you would be able to get a loan of as little as £1,000 to jumpstart a business you have been dreaming of, and even as much as £7,500 to do a home renovation that you have been long working hard for. No matter how small or large your loan amount would be, it would be completely and totally up to you on where you would like to spend it on. Being self-employed, it would not be necessarily mean that you should spend your loan proceeds on your business, ventures, and other earning channels. You could use it on anything that you would want to, as long as it is of course legal for you to do so. You would enjoy representative APR’s of 69.9%, 48.9%, or 39.9%, depending on the value of your loan. You could also enjoy having a repayment duration between 12 to 36 months for smaller valued loans, and 24 or 46 to 60 months for larger valued loans.
Because you could choose the loan amount you would like to apply for, along with the duration you would be most comfortable repaying it for, you would be able to dictate how much you would be able to afford to pay back each month. Repayments could start with as small as £56.74 each month for a loan amounting to £1,000 which you would payback within 36 months, and as high as £288.13 each month for a loan amounting to £7,500 which is payable within the next 48 months. You actually have the option to spread out your loan into more months so that you would be able to have smaller monthly payments. Which means you have a better management of your finances because you would be able to spend your remaining income on more urgent and important matters that need to be paid for first.
Even if you have a guarantor that would apply with you for the loan, if you would be responsible enough to pay all of the monthly repayments on time and in full, you would easily be able to improve and raise your credit rating. By doing so, you would be able to get lower representative APRs the next time that you would need to apply for a loan, and you would not even have to apply with a guarantor then. Since you have a guarantor that you could trust to make the monthly repayments should you fail to do so, you would be guaranteed an improved credit rating at the end of the term of your loan since you technically, you should not be able to miss making your monthly repayments, most especially through your guarantor.