What lenders want from the self-employed
Lenders usually ask for proof of income such as tax returns, SA302 tax calculations or accounts, often for the last two years. Because self-employed income can vary, base the repayment on a quieter month, not your best one.
Worked example
A repayment of £300 a month at 8% over 5 years would repay a loan of about £14,795.53, with £3,204.47 of interest.
Before you apply
This is an estimate. Lenders make their own decision based on your full circumstances and credit history.
Inputs for the self employed loan calculator
Monthly payment you can afford
What you could comfortably repay each month after your other outgoings.
Interest rate (per year)
The annual interest rate on your loan. The rate shown is only an example, so enter the rate from your quote.
Term
How many years you'd repay over. A longer term lets you borrow more for the same payment but costs more interest.
CALCULATOR QUESTIONS
Self-employed loan calculator questions
Can I get a personal loan if I'm self-employed?
Yes, with proof of income such as tax returns or SA302s.
How should I pick an affordable payment?
Base it on a quieter month's income, not your best.
Will a lender use my profit or turnover?
Usually your profit, the income you actually take.
Is this a guarantee?
No. The lender decides.