self-employed

Self-employed personal loans

If you’re self-employed and looking for funds, you may be able to qualify for a personal loan in just 48 hours.

If you’re self-employed and you require a personal loan, you may feel a bit let down by some eligibility requirements, especially if you have difficulty proving your income or any assets you may own. 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, along with how the process works and what documents you’ll need, the better your chances of a lender approving your application.

Citi Personal Loan Plus

Citi Personal Loan Plus

From

8.99 % p.a.

variable rate

From

9.96 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
Security Logo

100% confidential application

Citi Personal Loan Plus

A reusable credit facility of up to $75,000. Receive a tailored interest rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile.

  • Interest rate from: 8.99% p.a.
  • Comparison rate: 9.96% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
Go to site
Promoted

Compare personal loans for self-employed borrowers

Rates last updated December 15th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
HSBC Personal Loan
From 8.5% (fixed)
9.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: $250 establishment fee waived if you apply before 20 December 2018.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% 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.
NAB Personal Loan Unsecured Fixed
Headline rate 13.49% (fixed)
14.36%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate between 11.49% p.a. and 18.99% p.a. 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.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$0
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: $195 establishment fee waived if you apply before 20 December 2018.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
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.

Compare up to 4 providers

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

If you are self-employed, you can get a personal loan in one of three ways. The first way is through a specialist lender who provides personal loans for self-employed people. You can also apply for any standard personal loan if you can meet the documentation requirements as an employed person. If you cannot meet the doc requirements, you can also apply for a low doc loan, which requires fewer documents, although this type of loan is usually more expensive than a traditional loan.

You can find personal loans that have terms ranging from six months to five years or more. You’ll also be making monthly principal and interest repayments on your loan amount. Depending on your lender, you may be required to put up collateral as security for your loan.

Do I need to apply for a low doc loan?

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, so you don’t want to apply for one unless it’s your only option.

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.

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 license, 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 15.99% p.a. $5,000 to $50,000 yes
  • Most recent personal tax return
  • Corresponding ATO Notice of Assessment
  • Both need to be less than 18 months old
Bankwest 11.99% p.a. $5,000 to $50,000 yes
  • Financial statements and tax returns for the last two years
Bank of Melbourne 12.99% p.a. $2,000 to $40,000 yes
  • Recent tax information
BankSA 12.99% p.a. $2,000 to $40,000 yes
  • Recent tax information
bcu 8.94% p.a. $5,000 to $75,000 yes
  • Name of the business
  • Accountant's name and address
Bendigo Bank 12.79% p.a. From $2,000 No -
Citibank 5.9% p.a. $5,000 to $75,000 yes
  • Accountant's name and contact number
  • Name of their accounting firm
Commonwealth Bank 13.9% p.a. $4,000 to $50,000 yes
  • Two years of tax returns or financial statements
  • Most recent ATO Notice of Assessment
CUA 11.89% p.a. $5,000 to $29,999 No -
Gateway CU 9.84% p.a. $3,000 to $30,000 yes
  • Details regarding your income
IMB 9.9% p.a. $2,000 to $30,000 yes
  • Two years of fully lodged tax returns
  • ATO Notice of Assessment
Latitude Financial 13.99% p.a. $3,000 to $50,000 yes
  • Tax return
ME Bank 10.98% p.a. $5,000 to $50,000 yes
  • Two years of tax returns
  • ATO Notice of Assessment
MoneyMe 8.99% p.a. $5,001 to $15,000 yes
  • Industry
  • Company name
  • Work phone number
NAB 12.69% p.a. $5,000 to $55,000 yes
  • Most recent personal income tax return
  • Most recent ATO Notice of Assessment
RACQ 12.95% p.a. $3,000 to $60,000 yes
  • Proof of income
RACV 6.99% p.a. $5,000 to $30,000 yes
  • Proof of income
RateSetter 8.11% p.a. $2,001 to $45,000 yes
  • Proof of your income for the last two years
SocietyOne 7.5% p.a. $5,000 to $50,000 yes
  • Proof of income
St.George 12.99% p.a. $2,000 to $40,000 yes
  • Recent tax information
Westpac 12.99% p.a. $4,000 to $50,000 yes
  • Proof of a regular permanent income

Are self-employed loans more expensive that 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.

Low doc loans require less documentation than traditional loans, which means a quicker and easier application process. However, low doc loans have higher rates and fees than standard personal loans, especially if you’re dealing with a specialist lender. They also usually have fewer features and less flexibility than traditional loans.

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 making a decision 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:

  • Interest rate. Make sure you know the difference between a fixed and variable interest rate. If you’re going with a variable interest rate, check that you will be able to make monthly repayments if the rate happens to spike upwards at any time.
  • Turnaround time. Depending on why you’re applying for the loan, you may need your money disbursed within a certain timeframe. Make sure that any lender you choose is able to provide your money within the time period you need.
  • Eligibility. Before applying for any loan, check what the eligibility requirements are. Also, avoid applying for too many loans within a short period of time, as lenders will often consider you an irresponsible high-risk borrower if you make frequent applications.
  • Application process. When comparing different lenders, be aware of the application process specific to each lender and what kinds of challenges or difficulties you may face when applying.
  • Loan cost. Make sure you’re aware of all fees associated with each loan. This includes any one-off or ongoing fees.
  • Secured vs unsecured. Always check to see if the loan you’re considering is secured or unsecured. In other words, check whether the lender requires you to put up any collateral as security for the loan. Security could include assets such as your home or business equity.

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 you that 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.

Image: Shutterstock

Was this content helpful to you? No  Yes

Related Posts

Personal Loan Offers

Important Information*
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

RateSetter Unsecured Personal Loan - 3yr Fixed

You'll receive a fixed rate from 8.11% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

2 Responses

  1. Default Gravatar
    July 16, 2017

    I need a loans required for business growth and development. Can I help you.

    • Default Gravatar
      DanielleJuly 16, 2017

      Hi Rupesh,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      You may refer to this page for options that may suit your needs, as well as articles that you may find useful.

      I hope this helps.

      Cheers,
      Danielle

Ask a question
Go to site