If you're self-employed or earn an irregular income you may still be eligible for a loan – find out about your low doc options.
If you're in need of a personal loan you may feel limited by some of the eligibility requirements. Income and assets can be difficult to prove if you are self-employed or your wealth is tied up in investments. If this is the case, opting for a low doc personal loan may be an option for you to consider.
Compare self-employed personal loans
How do low doc personal loans work?
Low doc personal loans are sought by people who may not have the documentation required to apply for more traditional personal loans. They can be an option if you can't prove a regular income, for example if you're self-employed, or if your income comes from investments. As these loans are risky for lenders, they may come with higher rates and fees.
What features come with these loans?
Low doc personal loans generally come with the same features as other personal loans as well as flexible eligibility features which can make them an option for people who do not qualify for other forms of credit. Some of the features include:
- Standard application. These loans require less documentation than others, but the application process is usually the same as a regular personal loan. The lender will still need evidence that you're able to repay the loan, whether it be through tax statements or bank statements.
- Fees and rates. As these loans require less proof of financial stability, lenders may charge higher fees and rates to offset the risk of lending the money.
- Variable or fixed. Depending on the loan you opt for you may be able to select a fixed or variable rate option to suit your financial needs.
- Flexible loan purposes. Low doc personal loans may allow you to borrow money to finance personal or business needs, making them a suitable option to consider for various types of loan requirements.
How self-employed applicants can be approved for loans
There's no one way to make sure you're approved for a loan, but here are a few options to keep in mind if you're looking for financing while receiving an irregular income:
- Consider a guarantor. By applying with a guarantor you can give a lender a guarantee that the loan will be repaid.
- Apply with another person. A joint application is different to a guarantor – you and the person you're applying with are equally responsible for the loan. You both need to meet the criteria but it can also help to bolster your application.
- Have at least two years of tax returns. This is a standard requirement for lenders, so ensure you have this when you are comparing.
Weigh up the benefits and drawbacks before applying
- These personal loans are an option for people who may not be able to apply for traditional personal loans
- Less documentation is required to apply for these loans, which makes for a quick and easy application process
- Low doc loans tend to have higher rates and fees
- You might find fewer features and less flexibility than other personal loans
Is there anything to consider before you apply?
Before you apply for a low doc personal loan, consider the following:
- Do you need the loan? The low doc features of these loans may attract borrowers for the wrong reasons. If you do not have a reliable income or stable assets to show as evidence to a lender then you may want to consider your ability to make the repayments. Decide if your financial situation is stable and if any changes could occur that may affect your ability to repay the loan.
- Have you planned your repayments? Not planning for a loan and how you're going to repay it is a common mistake, but one that can cost you if you miss any payments. Calculate your repayments and work out whether they will be manageable on your budget. This is even more important for low doc loans if you earn an irregular income or have unstable assets.
- Why are you applying? The purpose of the loan should also be considered. For instance, if you are looking at financing a car then you can consider a secured personal loan as you may be able to get a lower rate. If you want to make improvements to your home you can consider a home equity loan/line of credit.
Here's how you can apply
To apply for a low doc personal loan you can click on the "Go to Site" button for any of the brands you see on the page above. From there you will need to provide proof of your identity and also certain financial details. Eligibility requirements differ for each loan, and you can check these by clicking on the name of the loan and reading the review page before applying.
To apply, you will generally need to be over the age of 18 and be a permanent Australian resident. Lenders will differ on their requirements regarding your credit history.
If you are looking for a low doc home loan, you can compare those here.
i want the APPLY payday loan
Hi Meng,
Thank you for reaching out.
If you wish to take out a payday loan, you may visit this page to check on our panel of lenders who are able to assist you on your request to apply. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I plan to quit my job and go travellling for 4 months – I will have some savings to do so, however would look to borrow between $7-9k to do the remaining of my travel. I would obviously unemployed for this time, however plan to commence work again as soon as i am home again. I have a strong credit history and have always worked full time with a very good salary. What is my best option for a personal loan (preferably one that i dont need to make repayments whilst i am travelling and can repay back quickly once i return)?
Hi Michelle,
Thank you for getting in touch with finder.
While we are not allowed to provide specific recommendations, let me give you general information to help you make a better choice.
We can’t recommend personal loans but your eligibility will depend on your current work situation, i.e. if you are currently employed, then you will list that on their application as well as how long you have worked there and your type of employment (full time, part time etc). You can tell the lender the loan is for travel but your eligibility will depend on their current capacity to repay it. Make sure that you have sufficient funds to repay the loan while you are away.
In the event that you would choose to apply as self-employed, lenders usually require any or all of the following documentation. Keep in mind that applying for a low doc loan may mean you won’t need some of these documents:
– Tax returns
– Financial statements
– Notice of Assessment
– Recent bank statements
– Company-specific information.
– Personal identification.
Lastly, there’s no one way to make sure you’re approved for a loan, but here are a few options to keep in mind if you’re looking for financing while receiving an irregular income:
– Consider a guarantor.
– Apply with another person.
– Have at least two years of tax returns.
I hope this helps.
Have a great day!
Cheers,
Jeni
I want personal loan.can you give
Hi Dilip,
Thanks for your inquiry
There are a number of loan options available for you. Please compare your loan options by clicking on this link. Please note that lenders have eligibility requirements you may have to meet to be considered for a loan.
Hope this information helps
Cheers,
Arnold
I have a car already but want to use it as security on a personal loan.I have never had defaults but have a low credit score due to a high number of home refinance applications over 12 months ago.I ended up selling the house.I now have regular income and can show pay slips and bank statements and am seeking $25K.Is there a lender that will not give a heavy weight to my Credit File?
Hi Brian,
Thanks for reaching out to us. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
Negative marks on your credit file can seriously impact your ability to access credit. If something unexpected comes up and you need quick access to cash, you may feel you have limited options for loans if you have bad credit. If you’re in this position, you can consider a no credit check loan. Lenders who offer these loans have more flexible lending criteria than with other loans, making it possible for people with bad credit to apply. You can know more on this page and compare your options.
Best regards,
Rench
I am looking for a loan $20,000-$30,000. I am self employed for one year. Slight inconsistency with tax returns. Small pay lots of bills. Can someone help me get across the line with the best possible outcome STAT.
Hi Napoleon,
Thanks for your inquiry
Actually, you are already on the right page to view your options. Please do understand that we can’t assure that you’ll be approved for a loan but there a few things you’ll need to keep in mind when applying for a loan on irregular income.
Guarantor Loans.
– By applying with a guarantor you can give a lender a guarantee that the loan will be repaid.
Apply with another person.
– A joint application is different to a guarantor – you and the person you’re applying with are equally responsible for the loan. You both need to meet the criteria but it can also help to bolster your application.
Have at least two years of tax returns.
– This is a standard requirement for lenders, so ensure you have this when you are comparing.
Hope this information helps
Cheers,
Arnold
If you have regular work but have only been working for 2 months how do you get a loan?
Hey Marie,
Thank you for reaching out to us.
You may check out the lenders featured on this page on New Employee Personal Loans.
Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.
I hope this helps.
Best,
Maria
I need a personal loans required
Hi Rupesh,
Thanks for reaching out.
Please note that finder.com.au is a financial comparison and information website that helps users make better decisions.
Unfortunately, the loan products that we feature on our website are only available to Australian residents. You may want to check out some of the local lenders in your country for your borrowing needs.
Cheers,
Anndy
Hi I would like a personal loan of $50k, I am a casual worker but earn around 60k per year, would a low doc loan be the easiest way?
Hi Justin,
Thank you for getting in touch.
At the moment, we do have any lenders available to compare that offer low doc loans, but you can review the criteria/requirements and discuss your eligibility or options for a loan with a lender featured on this page, some of them offer loans up to $50K.
Cheers,
May
I am self-emplyed with an income of about $60K pa, and I am after a personal loan of about $30K. For various reasons, I am having trouble securing a loan from the bank, so I am looking for a low doc personal loan. On your site on this page, it says ‘To apply for a low doc personal loan you can click on the “Go to Site” button for any of the brands you see on the page above.’ but I cannot see any GTS options above? Can you please confirm that I am not being silly and it isnt right under my nose? Or do you not have any low doc personal loan providers to recommend?
Thanks
Hi Finn,
Unfortunately we don’t have any lenders currently available to compare. You can find a range of alternative finance providers offering larger loans on this page, but the maximum loan amounts are usually up to $15,000. You might find some other providers by searching on Google.
Sorry I couldn’t be of more assistance.
Elizabeth
I am a disabled pensioner and I need to borrow $2000 for legal fees. I’m in the middle of a messy divorce, the soon to be ex has emptied all the bank accounts. I’ve now found she had a delinquent credit card debt of $3000 in my name. I can’t sell the house and she is denying me access to my car, boat, van, all my tools and personal effects. How can I get a loan ?
Hi Greg,
Thanks for your question.
If you are a pensioner, some of the lenders and banks on this page may consider you for a loan. Once you have selected a lender or bank, please do click on its name to see your loan options as well as the eligibility criteria to apply.
Cheers,
Anndy