Self-employed personal loans

Running your own business can be incredibly rewarding. However, if you’re self-employed and you require a personal loan, you may struggle to meet some of the eligibility requirements. Lenders often see self-employed individuals as more of a risk due to the fact that most small businesses (60%) fail within the first three years, according to the Australian Bureau of Statistics. Self-employed people may also struggle to prove their income or any assets that they may own, which can make it difficult to be approved.

However, there are options available from both traditional and non-traditional lenders offering personal loans to self-employed individuals. In fact, some lenders may approve your application in under 48 hours, so there’s no reason to feel pessimistic. The more you know about your options, how the process works and what documents you’ll need, the better your chances of a lender approving your application.

NAB Personal Loan Unsecured Fixed

NAB Personal Loan Unsecured Fixed

From

6.99 % p.a.

fixed rate

From

7.91 % p.a.

comparison rate

• Additional repayments without penalty
• No early exit fees
• Borrow up to $55,000

100% confidential application

NAB Personal Loan Unsecured Fixed

NAB offers a fixed interest rate loan. Use your loan for a holiday, home improvement, a special project or even a wedding. It’s even a smart way to take control of your credit card debt.

• Interest rate from: 6.99% p.a.
• Comparison rate: 7.91% p.a.
• Interest rate type: Fixed
• Application fee: $150
• Minimum loan amount: $5,000
• Maximum loan amount: $55,000

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Compare personal loans for self-employed borrowers

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Name	Product	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee	Monthly Repayment
NAB Personal Loan Unsecured Fixed		From 6.99% (fixed)	7.91%	$5,000	1 to 7 years	$150	$10		Go to site More Info	You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.	Compare	loading Fetching your data...
Plenti Personal Loan		From 6.39% (fixed)	6.39%	$2,001	3 to 7 years	$0 to $999	$0		Go to site More Info	You'll receive a fixed rate between 6.39% p.a. and 17.89% p.a. based on your risk profile A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.	Compare	loading Fetching your data...
Citi Personal Loan Plus		8.90% (variable)	9.18%	$5,000	3 to 5 years	$199	$0		Go to site More Info	You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. A credit limit up to $40,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021.	Compare	loading Fetching your data...
Latitude Personal Loan (Unsecured)		From 7.99% (fixed)	9.24%	$3,000	1 to 7 years	$250 (Loans under $5000 - $140)	$13		Go to site More Info	You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.	Compare	loading Fetching your data...
SocietyOne Unsecured Personal Loan (2-3 years)		From 6.39% (fixed)	6.39%	$5,000	2 to 3 years	from 0% to 5% of the loan amount	$0		Go to site More Info	You'll receive a fixed rate between 6.39% p.a. and 17.49% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.	Compare	loading Fetching your data...
SocietyOne Unsecured Personal Loan (5 years)		From 6.39% (fixed)	6.39%	$5,000	5 years	from 0% to 5% of the loan amount	$0		Go to site More Info	You'll receive a fixed rate between 6.39% p.a. and 19.99% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.	Compare	loading Fetching your data...
MoneyMe Personal Loans		From 6.25% (fixed)	7.64%	$2,100	1 to 5 years	from $295 to $495	$10		Go to site More Info	You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.	Compare	loading Fetching your data...
Plenti Variable Rate Personal Loan		From 6.39% (variable)	6.39%	$2,001	1 to 3 years	$0 to $999	$0		Go to site More Info	You'll receive a variable rate from 6.39% p.a and 16.89% p.a. based on your risk profile A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Variable Rate		From 6.99% (variable)	7.91%	$5,000	1 to 7 years	$150	$10		Go to site More Info	You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.	Compare	loading Fetching your data...

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What is a self-employed personal loan?

A self-employed personal loan is a personal loan for people who are sole-traders or run their own business. While the application process is a bit different for self-employed personal loans, there are still plenty of options available to people who are self-employed. Typical options available to self-employed people include the following:

• Specialist loans. The first way is through a specialist lender who provides personal loans for self-employed people. These may include lenders that offer "self-employed loans for tradies" or "personal loans for ABN holders".
• Standard personal loans (secured or unsecured). You can apply for any standard personal loan if you can meet the documentation requirements as an employed person.
• P2P loans. You can also submit an application to a P2P lender if you meet the eligibility and employment criteria.
• Low doc loans. If you cannot meet the doc requirements, you can apply for a low doc loan, which requires fewer documents, although this type of loan is usually more expensive than a traditional loan.

How can I get a personal loan if I’m self-employed?

You will need to check the lending criteria of each to see if you qualify. If you're unsure about a lender's eligibility criteria, it's important that you contact that lender prior to submitting an application with any questions that you may have. There are also specialist brokers who may be able to assist you in preparing the right paperwork.

Keep in mind that for a standard personal loan, you'd usually need to provide at least two years of tax statements in order to qualify as a self-employed person. Depending on your lender, you may also be required to put up collateral as security for your loan.

Do I need to apply for a low doc loan?

Low doc loans can be a useful resource for self-employed people who may not otherwise be approved for a standard personal loan. This is because they require less documentation than traditional loans, which means a quicker and easier application process. So, if you struggle to prove your income or assets, you may find it easier to be approved for one of these loans.

However, the only reason you should apply for a low doc loan is if you can’t meet the documentation requirements set out by a standard personal loan. Low doc loans normally have higher rates and fees than standard loans, especially if you're dealing with a specialist lender. They also usually have fewer features and less flexibility than traditional loans. So, you don’t necessarily want to apply for one unless it’s your only option.

What documentation do I need?

For self-employed applicants, 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. Be prepared to show the last two years of your full personal and/or company tax returns. These will help prove any income you declare on your application.
• Financial statements. These may include any profit/loss statements to also support the income you declare.
• Proof of rental income. If you have any income from rental properties, you can declare this with real estate statements or copies of your executed lease agreements.
• Notice of Assessment. Make sure you have on hand your latest Notice of Assessment (NOA) given to you by the Australian Taxation Office (ATO). This shows tax information such as the amount of income tax you owe(d). Depending on the lender, you may need to provide your NOAs from the last two years.
• Recent bank statements. This includes statements showing your savings and business transactions. It may also include statements showing any other outstanding loans or credit cards you have with other lenders.
• Company-specific information. If you own your own business, be prepared to provide information such as your company’s ABN, address, etc.
• Personal identification. Depending on the lender, this may be your Australian driver’s licence, passport or proof of age card. You’ll either need to copy your ID and fax it over to the lender or scan it and attach the digital file to your application.

Personal loans for self-employed applicants

Lender	Interest rate	Loan amount	Available to self-employed?	What documents are needed?
ANZ	12.99% p.a.	$5,000 to $50,000		Most recent personal tax return Corresponding ATO Notice of Assessment Both need to be less than 18 months old
Bankwest	10.99% p.a.	$3,000 to $50,000		Financial statements and tax returns for the last two years
Bank of Melbourne	12.99% p.a.	$2,000 to $50,000		Recent tax information
BankSA	12.99% p.a.	$2,000 to $50,000		Recent tax information
bcu	8.94% p.a.	$5,000 to $75,000		Name of the business Accountant's name and address Personal tax returns and notices of assessment from the last financial year
Bendigo Bank	12.79% p.a.	From $2,000		-
Citibank	20.49% p.a.	$5,000 to $75,000		Accountant's name and contact number Name of their accounting firm
Commonwealth Bank	11.50% p.a.	$4,000 to $50,000		Two years of tax returns or financial statements Most recent ATO Notice of Assessment
CUA	11.89% p.a.	$5,000 to $60,000		-
Gateway Bank	9.84% p.a.	$3,000 to $30,000		Details regarding your income
IMB	9.54% p.a.	$2,000 to $30,000		Two years of fully lodged tax returns ATO Notice of Assessment
Latitude Financial	7.99% p.a.	$3,000 to $70,000		Tax return
ME Bank	10.98% p.a.	$5,000 to $50,000		Two years of tax returns ATO Notice of Assessment
MoneyMe	6.25% p.a.	$2,100 to $50,000		Industry Company name Work phone number
NAB	6.99% p.a.	$5,000 to $55,000		Most recent personal income tax return Most recent ATO Notice of Assessment
Plenti	6.39% p.a.	$2,001 to $50,000		Proof of your income for the last two years
RACQ	9.34% p.a.	$3,000 to $60,000		Proof of income
RACV	6.49% p.a.	$5,000 to $30,000		Proof of income
SocietyOne	6.39% p.a.	$5,000 to $50,000		Proof of income
St.George	12.99% p.a.	$2,000 to $50,000		Recent tax information
Westpac	9.99% p.a.	$4,000 to $50,000		Proof of a regular permanent income

Are self-employed loans more expensive than standard personal loans?

As mentioned earlier, low doc loans are usually more expensive than standard personal loans. This means that you should try to qualify for a standard personal loan before you look for a low doc loan.
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Keep in mind that many banks and alternative lenders may offer loans that aren’t more expensive than standard loans to self-employed individuals. Make sure you’re comparing all options and that you’re aware of exactly what’s out there before deciding to apply with any particular lender.

How can I compare my options?

Keep in mind the following factors when comparing the loans offered by different lenders:

Frequently asked questions

• How much can I apply for?

  This depends on several factors such as your particular lender, your requested loan amount and how well you meet eligibility requirements. You can always find out the minimum and maximum loan amounts offered by a lender by clicking through to the particular lender's review page using the table on this page.

• What pitfalls should I avoid when applying?

  Make sure you understand exactly what you need the loan for and avoid getting mired into too much debt. This means that you should avoid applying for loans if you don't actually need them. Also, make sure you never apply for more money than you actually need.

• What are some extra tips to help me qualify as a self-employed applicant?

  First, always check that you meet all eligibility and documentation requirements before applying for a loan. Secondly, consider having a guarantor sign off on your loan, which would help alleviate any hesitation on the part of the lender. Finally, you can file a joint application with another person, where you and the second party would be equally responsible for the requested loan.