Self Cert Loans - Special Lending For The Self Employed
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James Copper
Apr 26, 2013, 4:50:18 PM4/26/13
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Please consider this free-reprint article written by:
James Copper
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Article Title: Self Cert Loans - Special Lending For The Self Employed
Author: James Copper
Word Count: 561
Article URL: http://www.isnare.com/?aid=146268&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=146268
Easy Publish Tool: http://www.isnare.com/html.php?aid=146268
*********************** ARTICLE START ***********************
Even as recently as a decade ago being self employed was a distinct disadvantage when you went to get a loan in the United Kingdom. UK Lenders just did not like it that they could not ask for that pay stub as proof of employment when you wanted to get a mortgage or other secured loan. Thanks to self cert loans that problem has been resolved for the self employed.
As often happens with change, the market dictated it. More and more people are leaving their jobs behind and becoming entrepreneurs and firms are hiring contractors rather than taking on more full time staff in record numbers. Lenders had to introduce options such as self certification loans or risk losing a vast market.
These self cert loans basically let you state your income without having to provide any pay stub. Some high street lenders but primarily loan specialists offer self cert loans. Of course, with anything that decreases the preparatory verification and increases the risk for the lender there are disadvantages to the borrower, generally in fees or interest paid.
The self cert loans are no different. The catch is that with these loans the borrower almost always pays a lager deposit and yes, interest rates that a little higher than the standard loan or mortgage. The additional fees will run a little more as well.
Different self certification loan companies in the UK will have different lending criteria for the self cert process. Some will concern themselves most with the borrowers affordability, others will place a lot of emphasis on the entrepreneurs job title and credit history while other mortgage or other financial companies will want to look at bank statements or other financial paperwork.
No matter where you get your self cert loan - a specialist lending agency or a high street lender - you will be paying at least a five percent deposit and probably more like ten percent. It generally is true that the bigger deposit you pay up front the lower the interest rate will be for the life of the loan.
This makes simple sense. The more money you spend the less money the lender most risk. A small up front deposit also has the disadvantage of incurring more loan fees.
Even if you have not acquired three years of self employed accounts you may be able to get a loan that is not self certified as well. As lenders apply more and more sophisticated tools for scoring credit without that all-important pay stub they are better able to weigh their own risks with the self-employed as borrowers.
Entrepreneurs and netpreneurs can now realize an additional advantage as well. With a 25 percent deposit on a loan most self-employed borrowers can be assured of choosing from several mainstream loans in addition to their current self cert loan options.
One very important note of caution is that UK legislation frowns on falsifying income on self cert loan applications. Over inflation of income is illegal. They key is to be truthful and borrow only what you must have.
A flexible loan will give you the ammunition you need to overpay, underpay and take an occasional payment holiday as your revenue spikes and drops with your industrys seasonal changes.
About The Author: James Copper works as a Self Certification Loan Broker for Any Loans who offer Self Cert Loans - http://www.any-loans.co.uk/self-certification-secured-loans.shtml
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=146268
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
James Copper
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=146268
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=146268
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Self Cert Loans - Special Lending For The Self Employed
Author: James Copper
Word Count: 561
Article URL: http://www.isnare.com/?aid=146268&ca=Finances
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=146268
Easy Publish Tool: http://www.isnare.com/html.php?aid=146268
*********************** ARTICLE START ***********************
Even as recently as a decade ago being self employed was a distinct disadvantage when you went to get a loan in the United Kingdom. UK Lenders just did not like it that they could not ask for that pay stub as proof of employment when you wanted to get a mortgage or other secured loan. Thanks to self cert loans that problem has been resolved for the self employed.
As often happens with change, the market dictated it. More and more people are leaving their jobs behind and becoming entrepreneurs and firms are hiring contractors rather than taking on more full time staff in record numbers. Lenders had to introduce options such as self certification loans or risk losing a vast market.
These self cert loans basically let you state your income without having to provide any pay stub. Some high street lenders but primarily loan specialists offer self cert loans. Of course, with anything that decreases the preparatory verification and increases the risk for the lender there are disadvantages to the borrower, generally in fees or interest paid.
The self cert loans are no different. The catch is that with these loans the borrower almost always pays a lager deposit and yes, interest rates that a little higher than the standard loan or mortgage. The additional fees will run a little more as well.
Different self certification loan companies in the UK will have different lending criteria for the self cert process. Some will concern themselves most with the borrowers affordability, others will place a lot of emphasis on the entrepreneurs job title and credit history while other mortgage or other financial companies will want to look at bank statements or other financial paperwork.
No matter where you get your self cert loan - a specialist lending agency or a high street lender - you will be paying at least a five percent deposit and probably more like ten percent. It generally is true that the bigger deposit you pay up front the lower the interest rate will be for the life of the loan.
This makes simple sense. The more money you spend the less money the lender most risk. A small up front deposit also has the disadvantage of incurring more loan fees.
Even if you have not acquired three years of self employed accounts you may be able to get a loan that is not self certified as well. As lenders apply more and more sophisticated tools for scoring credit without that all-important pay stub they are better able to weigh their own risks with the self-employed as borrowers.
Entrepreneurs and netpreneurs can now realize an additional advantage as well. With a 25 percent deposit on a loan most self-employed borrowers can be assured of choosing from several mainstream loans in addition to their current self cert loan options.
One very important note of caution is that UK legislation frowns on falsifying income on self cert loan applications. Over inflation of income is illegal. They key is to be truthful and borrow only what you must have.
A flexible loan will give you the ammunition you need to overpay, underpay and take an occasional payment holiday as your revenue spikes and drops with your industrys seasonal changes.
About The Author: James Copper works as a Self Certification Loan Broker for Any Loans who offer Self Cert Loans - http://www.any-loans.co.uk/self-certification-secured-loans.shtml
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=146268
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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