No income proof loan is ideal for self employed individuals who do not have a regular income and hence cannot submit the proof of it. This type of loan is specially formulated for self employed individuals looking for a loan to secure the amount they want.
Tendency to be self employed has increased over the recent past. Now more and more people prefer to be self employed and do freelancing jobs than have a permanent and regular employment. No income proof loans is suitable for these kind of individuals who has no income proof in getting secured or unsecured loans and fulfil their commitment. There is no restriction imposed upon the borrower about the usage of the loan amount. So an individual can use the loan amount for marriage purpose, buying his/her dream vehicle, repaying off pending debts, improvement of their home, holidays, education, etc.
In UK, to qualify for a no income proof loan, one has to at least 18 years of age and should have a valid bank account of not less than 90 days old. Loan amount can vary between £25,000 and £100,000 depending upon the lender and loan repayment term ranges between 6 months to 10 years. Even tenants who cannot place a security as collateral can avail this loan up to £25,000. Self employed homeowners can also get a secured loan by pledging the house against the loan amount, but the property has to be valued more than the loan, so that the loan amount can be recovered in case of default payment. With this type of loan, one can easily self certify their income. Self employed individuals with bad credit history can also apply and get approval for a no income proof unsecured loan.No income proof loan is ideal for self employed individuals who do not have a regular income and hence cannot submit the proof of it. This type of loan is specially formulated for self employed individuals looking for a loan to secure the amount they want.
Tendency to be self employed has increased over the recent past. Now more and more people prefer to be self employed and do freelancing jobs than have a permanent and regular employment. No income proof loans is suitable for these kind of individuals who has no income proof in getting secured or unsecured loans and fulfil their commitment. There is no restriction imposed upon the borrower about the usage of the loan amount. So an individual can use the loan amount for marriage purpose, buying his/her dream vehicle, repaying off pending debts, improvement of their home, holidays, education, etc.
In UK, to qualify for a no income proof loan, one has to at least 18 years of age and should have a valid bank account of not less than 90 days old. Loan amount can vary between £25,000 and £100,000 depending upon the lender and loan repayment term ranges between 6 months to 10 years. Even tenants who cannot place a security as collateral can avail this loan up to £25,000. Self employed homeowners can also get a secured loan by pledging the house against the loan amount, but the property has to be valued more than the loan, so that the loan amount can be recovered in case of default payment. With this type of loan, one can easily self certify their income. Self employed individuals with bad credit history can also apply and get approval for a no income proof unsecured loan.
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