Applying for a personal loan is a smart way to help pay off high interest debt. The personal loan you obtain can be used for almost anything. From refinancing your property to construction loans, they can be an effective tool to help. You may be thinking, “What if I’m self-employed? Can I still apply?” The quick answer is, yes, you most certainly can.
Although applying for a loan when you’re self-employed requires you to gather more information than those who are not self-employed, that shouldn’t deter you from applying. Here at Midgate Mortgage, we can help you through the steps and make the process as easy as possible. You can call us at 310-791-0854 or fill out a quick form on our Contact Page and we’ll get back to you right away. You can also begin the application process to get a jump start on acquiring the loan.
To learn more about the applying for a loan if you are self-employed, continue reading below.
Proof of income
Being self-employed, showing a reliable source of income when trying to get a loan approved is very important in the application process. They typically accept multiple ways of showing this information:
- Tax statements
- Profit & loss statements
- Bank statements
- Social Security benefits statement
- Court-ordered agreements
If you can provide this reliable information, you have a significantly higher chance of getting approved. However, if you find yourself struggling to qualify by your proof of income, it is wise to consider finding a co-signer for the loan. Somebody, typically a family member or friend, with very good credit and a low debt-to-income ratio (DTI) can co-sign the loan with you to strengthen the loan’s potential to the lender.
What we consider
At Midgate Mortgage, we have a slightly different procedure to considering loans for the self-employed. Our methodology makes the application process more reasonable than some other places. We have four ways of going about the self-employment loan process that sets us apart from the rest.
- You can qualify by using bank statements or P&L and CPA letters.
- We generally only require of a minimum of 20% down.
- We make interest-only loans available as well
- We do not require tax returns, W2s, or paystubs.
If you have been seeking to apply for a loan while being self-employed, search no further. Our mortgage lender team has assembled a system to significantly help individuals like yourself get approved for self-employment loans. Please call us at 310-791-0854 today, or you can fill out a quick form on our Contact Page and we’ll get back to you as soon as possible. You can also begin the application process to get a jump start on acquiring the loan. We’ve been serving the South Bay since 2001, and we would love to be a service to you as well.