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Self-employed Loans

Self-employed loans are available as either secured or unsecured borrowing. They can be used to improve your business in a number of ways, from expansions to equipment.

A self-employed loan lets you borrow money for your business, whether you’re looking to expand your offering, invest in something exciting or jumpstart a new career. This is typically offered as either a secured loan, held against an asset such as a property, or unsecured loan, based on your business’ credit history. Secured self-employed loans are usually offered at a low interest rate, given the loan’s typical duration, but they can put your business or property at risk if you cannot keep up with the repayments. Discover more information below.
  • Self-employed loans can be used for supporting or expanding a business.

  • They can be offered as either secured or unsecured lending.

  • Repayments can vary from short-term loans (one to five years) to 30 years.

  • Some lenders will only accept your application if the business has been established for over two years or has a positive business credit rating.

  • Failure to meet the repayments could put your business or property at risk.

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What are self-employed loans?

Self-employed loans are designed to help people who run their own business. When applying for this type of loan, lenders will often ask for your business credit history and the length of time your business has been established.

Secured self-employed loans are often used for business purposes, whereas personal loans are usually available for personal use only. They are usually over longer periods and for larger amounts if the loan is secured to the business or a property.

How do self-employed loans work?

Self-employed loans are available as either secured or unsecured funds. If it’s secured, it means you guarantee the loan repayments with your assets, usually a property, whereas unsecured loans are an asset-free arrangement. An unsecured loan will typically be offered at a higher rate.

A self-employed loan can be a short or long-term solution, depending on the amount you wish to borrow and your business’ credit rating.

Benefits of choosing a self-employed loan

Self-employed loans can be more flexible than personal loans, usually offering either secured or unsecured borrowing over short to long-term repayments. They can be used for most business-related spending, from expansion to purchasing equipment or inventory.

Risks of choosing a self-employed loan

Self-employed loans can be connected to your business, meaning if you fail to meet the repayments, the lender can take legal action against your business, which can be costly and damaging to your reputation. If you choose a secured self-employed loan, this can also result in losing your business or other assets.

Lenders may also be hesitant to lend to new or start-up businesses as they have little credit history and can’t necessarily demonstrate good financial form, and so pose a greater risk of missing repayments.

Applying for a self-employed loan

When you apply online for a loan with Norton Finance, we’ll work with our trusted lenders to find a loan that fits your circumstances. It’s a straightforward process, and you’ll receive an instant decision on whether your application is likely to be accepted.

We’re a broker by trade, but we understand that self-employment poses many challenges when you need to borrow money. That’s why we’ve established a network of loan providers that can help you, even if you’ve had problems in the past.

What do I need to apply for a self-employed loan?

With Norton Finance, you can complete your initial loan application online. We will then be in touch to find out more about you and your situation. We recommend you have the following information to hand, to ensure we can process your application smoothly:

With this information, we can help you find you a loan from our wide selection of products.

Commonly asked questions about self-employed loans

Find out more about self-employed loans below.

How much can I borrow?

Norton Finance offers access to loans from £3,000 to £500,000.

How long are the repayment terms?

Choose from repayment periods starting at one year all the way up to 30.

What are the interest rates?

The interest rate you pay will vary depending on the lender you choose, as well as your financial history and current circumstances.

Are there any loan fees?

Norton Finance is a broker, which means we earn commission from the lenders we source for you. We may charge a broker fee of up to 12.5% of the amount you borrow, capped at £3,995. There is no broker fee on unsecured loans.

Am I eligible for a self-employed loan?

We strive to help everybody, whatever their background, employment status or financial circumstances. If you’re self-employed, we can help you find the loan you want even if you have:

At Norton Finance, we want to help customers get the funds they need to take the next step.

What can I use a self-employed loan for?

As the business leader, it’s up to you how you use the funds. Here are some common ways our customers use their self-employed loans:

Building

Starting a business

Use a self-employed loan to launch your own business and invest in your venture.

Debt consolidation

Borrow to pay off your debts by consolidating them into one single monthly payment.
Computer

New office equipment

To ensure your business runs smoothly, a self-employed loan can be used to buy new office equipment, business machinery or update existing devices.

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