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Loans for self employed
As you can probably guess, self employed loans are a form of personal loan offered to those individuals who are self employed. Why are these loans different from those offered to regular people? Well, it comes down to the eligibility criteria.
Running your own business is tricky and earning a regular, stable income is not always possible. Given that most lenders require proof of a regular income, self employed individuals can find themselves being rejected for loans that they could potentially afford. Learn more about no credit check loans here.
Self employed loans may have slightly modified eligibility criteria to ensure that sole traders, contractors and business owners can access the finance they need. In many cases, these loans are also referred to as low-doc personal loans (short for low document).
If you’re self employed and need a loan, Monzi’s lender-finder service might be just what you need. Submit an application today and we can potentially match you with a lender that may be able to offer personal loans from $2,100 to $15,000. Learn more about payday loans here.
Who is Monzi?
At Monzi, we’re one of Australia’s leading lender-finder services. We are not here to offer you a loan, we simply act as the connection between everyday Aussies looking to borrow and licenced lenders willing to offer credit.
We’re here to make life easier for you. In recent years, the world of online lending has exploded meaning there are possibly hundreds of lenders out there willing to offer you credit. If you’re not sure what to look for, you can quickly find yourself swallowed up by the sheer number of options.
Monzi makes finding a lender super convenient. You can have an application completed in minutes and an outcome in an hour.
So, if you need a lender who can offer the loans you need, submit an application with Monzi today.
Unsecured vs. secured loans – what’s the difference?
While they are both forms of personal loans, the difference is that secured loans require borrowers to sign over an asset as security.
Security can take a number of forms but the most commonly used assets include cars, boats and caravans. Security acts as a guarantee that the borrower will make their required repayments.
In the event that the borrower defaults on their loan, the lender is able to take control of the asset and sell it, in order to recover the value they have lost.
Unsecured loans for self employed are a risk for lenders. With no means to recoup their lost value, lenders are counting on the borrower to make their required repayments. Given the greater risk, unsecured loans typically only offered at $2,000 and under.
Loans to suit any need
The cash needs of Monzi’s users vary considerably. While there are some common expenses that most people will encounter, typically no two applications are the same.
In order to meet the needs of all our users, at Monzi, we’ve developed a vast network of lenders. All our lenders offer a range of different loan products to potentially suit a range of different needs. That way, there’s potentially a loan for everyone.
The below table includes examples of the loans our network of lenders may be able to offer. Keep in mind, the information in the table may not necessarily reflect the loan you’re offered.
|Loan||Amount approved (AUD)|
|Personal loan for self employed||$3,000|
|Loan for self employed no credit check||$4,000|
|Cash loan for self employed||$5,000|
If you find yourself applying for a personal loan, you’ll likely fall into one of the following three categories:
Small self employed loans account for amounts ranging from $2,100 to $2,000. All small loans, including small loans for bad credit, are unsecured loans and are typically repaid over a 12 month period.
Loan amounts ranging from $2,100 through to $4,600. Repayment periods typically range from 12 to 24 months. Medium loans are generally secured loans meaning the borrower must sign over an asset as security.
Secured loans of amounts ranging from $5,000 to $15,000. As with medium loans, the repayment period will typically range from 12 to 24 months.
Self employed loans bad credit
Maintaining a perfect credit report simply isn’t easy; if you need loans for people with bad credit, you’re certainly not alone. Unfortunately, banks tend to look upon bad credit less than favourably and if you add in the fact that you’re self employed, securing a loan may feel like a nightmare.
Fortunately, Monzi and our network of lenders are here to help. We know that bad credit doesn’t tell the full story of your financial situation. When you’re matched with a lender, they might be able to look a bit deeper.
Put simply, while your credit history may be assessed, lenders also want to get an idea of if the loan is affordable for you. As a result, your income, expenses and commitments might be just as important.
So, if you’re self employed and have bad credit, consider submitting an application with Monzi. We might be able to find a lender willing to offer you the cash you need.
In saying this, remember that bad credit personal loan approval is always at the discretion of the lender, in accordance with their assessment policy.
Finally, consider how debt consolidation for bad credit may help you.
Self employed loans credit checks
As part of your application, we are unable to say definitively if a credit check will be conducted.
Once you’re matched with a lender, it will be up to them to perform a credit check. Lenders differ in their assessment procedures meaning some may offer emergency cash loans with no credit check, while others may not. It will be solely at their discretion.
What we can say is, lenders will typically look deeper than just a credit check. Your credit history accounts for just one part of your financial situation. In making their decision, lenders may look at your income and expenses to determine if the loan is affordable for you.
If you can display a healthy balance between your income and expenses, there’s no reason you shouldn’t be approved. Although, the final say on approval always remains in the hands of your lender.
Can Monzi find lenders offering car loans for self employed?
While not a traditional car loan, Monzi may be able to match you with a lender offering a personal loan of up to $15,000.
What do we mean by not a traditional car loan? Well, with most car loans, you can use the car you intend to purchase as security against the loan.
On the other hand, if you match with a lender through Monzi, you will need to use one of your existing assets as security. In other words, if you wish to purchase a car, you will need to already own another vehicle you can use as collateral.
You can even apply for car loans for pensioners with Monzi.
Can Monzi connect me with payday lenders?
Moreover, payday lenders may only offer very short repayment terms – sometimes as little as 16 days.
If you use Monzi to find a lender, however, you may not be paired with a payday lender. This is because we will try to match you with a lender offering personal loans.
Monzi’s eligibility criteria
There are no background checks or income thresholds you need to meet. To be eligible to submit an application with Monzi, there are just four simple criteria.
- Be 18 years or older
- Be an Australian Citizen or Permanent Resident
- You must have earned a regular income, deposited into a personal bank account for thee months prior to your application
- Have an active email address and phone number.
Keep in mind, you are not guaranteed to be approved if you meet the above criteria. Approval is granted by the lenders on our panel according to their individual criteria.
How to apply for self employed loans
With Monzi, three steps are all there is to it:
- Apply: Using Monzi’s loan slider, select the amount you wish to borrow. Fill in the required personal details when prompted and submit your application.
- Relax: Once we have your details, Monzi’s automated system will try and match your application with a credit provider from within our network.
- Contact: If there’s a match for you, we’ll be in touch as soon as possible. From there, your lender will be in contact to complete their assessment.
Apply today = cash today?
While nobody wants to wait, if you’re applying for self employed loans, you may need to.
At Monzi, we are unable to guarantee precisely when you will get your fast money. For our part, if you submit an application with Monzi we endeavour to find you a lender in 60 minutes if you apply during business hours. From there though, it’s out of our hands.
Once you’re matched with your lender, they’ll need to conduct an assessment on your application. Different lenders follow different procedures and as such, times can vary.
In most cases, once your application has been approved and you’ve signed your loan contract, your funds will be transferred to you. Inter-bank transfer times will then determine when the cash appears in your account.
If you apply during business hours and provide all the necessary details when you apply, it’s possible to get the cash in your account on the same day you apply. Applications outside business hours typically encounter delays.
Self employed loans provide a manageable solution to your immediate cash shortfalls. While they may seem like an all-conquering saviour, they do not come without risk.
All too often, people end up in over their head with a loan they cannot afford. From there, a range of problems can eventuate. This can include debt spirals, defaults and in the worst cases, bankruptcy.
That’s why it’s important to approach your application with a clear mind. To give yourself the best chance of managing your loan effectively, you need to understand what you can afford. To do this, you need a complete idea of your financial situation.
A few questions to ask yourself include:
- What is my current income?
- What are my current day-to-day expenses plus do I have any upcoming expenses?
- How much do I need to borrow?
- Is there any way for me to cut costs so I don’t have to borrow as much?
- What repayments would fit in my current budget?
Before you sign your self employed loans contract
If approved, you will receive a digital loan contract. It is critical that you read through it carefully before you sign.
While it can seem like a lot of effort, it will detail everything you need to know about your loan. Your lender has no intention of hiding anything from you. However, you have to take the time to find the information.
If you simply agree without reading the contract, you might encounter a nasty surprise somewhere down the line. Typically, this will take the form of a fee you weren’t aware of.
So, before you agree, make sure you take note of:
- Establishment fees
- Penalty fees
- Total repayments
What makes Monzi great?
Monzi makes it simple to find lenders online. We believe in our service and think that you should too.
If you’re not convinced, there are a host of other benefits that come with submitting an application with Monzi.
Easy application and quick outcome
At Monzi, we only ask you to provide the key details. You won’t be tied up for hours, trying to fill in complex financial details because, with Monzi, your application will be submitted in minutes. Just tell us how much you wish to borrow and provide the required details and we’ll get to work.
Once we receive your application, our automated system takes over. In just 60 minutes it’s possible for us to connect you with a lender offering the loan you require.
We promise that from start to finish, everything will be simple and stress-free. Your work will be done in minutes and you’ll have an outcome in no time.
It won’t cost you a cent
As crazy as it may seem, Monzi’s lender-finder service is 100% free to use. We match you with a lender and ask for nothing in return. Surely that’s the best deal out there.
When it comes to finding lenders offering self employed loans, you have nothing to lose by applying with Monzi. It’s quick, easy and free!
Apply at any time from anywhere
The Monzi website is active 24/7 meaning you can submit your application at the time that suits you best. Morning, afternoon or night, our automated system is ready to get to work. All it takes is a few minutes.
Not only that, the fact that Monzi operates using a 100% online model means that we’re not constrained by geography. If you have an internet connection and a few spare minutes, you can access Monzi. Whether you’re at home, on the train or at the local coffee shop, it doesn’t matter. Submit your application at the time that suits you best.
Keep in mind, however, that if you submit an application outside of business hours, you may have to wait until the following day for an assessment to be completed.
Monzi’s trusted network of lenders
If you’re matched with a lender via our service, you can be certain that you’re dealing with a licenced and reputable lender.
At Monzi, we’ve put considerable time and effort into developing a network of high-quality lenders to ensure our users get the loans that are right for them.
All our lenders are totally transparent and comply with responsible lending practices. When you reach an agreement, all of your fees, rates and repayments will be clearly outlined. You know exactly what you’re getting into.
Reach out and we’ll respond
Should you have any questions, feel free to get in touch.
Send through your questions, queries and concerns to [email protected] and we’ll do what we can to get back to you promptly. We guarantee that you’ll get a response from an actual human being. Do keep in mind though that we will likely respond quickest to emails received during business hours.
Empathy and understanding
Unfortunately, life doesn’t always go to plan. We’re here to help and understand that everyone’s circumstances are different. No matter why you need cash, we’ll try to match you with a lender.
The lenders we work with are understanding too. If, through the course of your repayments, you encounter financial hardship, your lender may be prepared to work with you to manage the situation.
While the world of borrowing and lending can seem intimidating, you should find comfort in the fact that Monzi is run by people just like you.
Why was my application denied?
Given that Monzi doesn’t conduct your assessment, it’s not possible for us to provide you with an answer. The best approach would be to contact your lender, who may be able to provide you with the reason why your application was denied.
In all likelihood, you failed to meet their required criteria, however, lenders differ in their requirements so this can be hard to pinpoint. In addition to this, lenders do retain the right to approve or deny applications where they see fit.
If there’s one reason for hope, keep in mind that your application being denied today, you may be approved in the future. All applications are assessed on a case-by-case basis meaning if you’re in a more stable financial position in the future, there’s no reason you won’t be approved.
Can I get self employed loans on the weekend?
Generally, banks do not process transfers over the weekend. As a result, approving your contract over the weekend may result in delays. Specifcially, consumers may not have access to their cash until the following business day.
Therefore, if you urgently need your money for the weekend, it may be worth planning ahead. Furthermore, aim to apply and approve your contract before the weekend. After all, the more time you allow yourself, the more likely it is you’ll receive your cash before the weekend.
Apply for self employed loans today!
You’ve got all the information you need so the only thing left to do is get started. Head to the top of the page and submit your application with Monzi today.