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Personal Loan Tips For The Self Employed

One thing a self-employed individual who wishes to get a personal loan should search for is lenders with flexible repayment plans. For self-employed individuals who wish to take out a personal loan, there are certain dos and don’ts.

Their case is unique when it comes to the way lenders treat and evaluate their loan applications. There are some things you need to consider and put in place if you wish to get a personal loan as a self-employed applicant. I will highlight some of the tips that can help in the sections to follow.

Be informed and organized about your finances

If you are self-employed and you don’t have a regular income that can show you as a serious applicant, then you should try to find out what your lender accepts as an alternative type of earnings. This could be via shares, rent, and other investments. You need to get yourself in a position that will boost your chances especially if you have an income that is not consistent.

You can also leverage your good credit and payment history to show your lender that you are responsible for managing your finances and you have the capacity to repay the loan. You can also show proof that you have saved if you are the type that saves when you have the opportunity to do so.

You need to fix up your credit. Ensure you go through your credit report for errors and make necessary amendments where necessary. You need to be diligent and organized in your documentation. Make sure your tax returns are up to date and accurate; submit a history that covers at least six months to show your lender your level of consistency.

Plan for the hard times

The truth is that, for self-employed persons, there will be times where income might not come or be on a decline. This can adversely affect your plans and ability to pay when due.

Hence, to avoid missing payments during this lean or hard period when income is on the decline or low, try as much as possible to search for lenders that have flexible repayment plans. This will help you avoid being charged or penalized.

And, in case your income soars beyond expectation, make sure you pay more than the minimum amount required or save more during this period so that you have extra left to cover for periods when income declines or fails to come.

You can also ask your lenders to offer you the opportunity to take repayment holidays when income is low or declining. Do not make assumptions, make sure you ask as many questions as possible from your lender.

What you need to look out for in a lender

Lenders who understand the fluctuations in the income of self-employed persons are most suitable for those who do not expect to get paychecks at the end of the month.

Here are some of the important things to consider or look out for when planning to take out a loan as self-employed;

  • Find out if the lender allows alternative documentation for credit approval.
  • Look for a lender that offers variable or fixed interest rates on their personal loans.
  • Find lenders who are flexible in their repayment policies in times when there are drawdowns or declines in income. Make sure your lender offers payment holidays during these periods.

The things that are most important for people who are self-employed when taking out personal loans include clarity, flexibility, and simplicity among others.

Car Title Loans By TFC

TFC Title Loans is a loan company that offers auto title loans for borrowers who want to get a loan using their car as collateral. Getting a car title loan is simple and straightforward.

How Auto Title Loans Work

You can get your loan by applying online and our loan agents will help you complete the process.

We will only place a lien on the title, this lien is lifted as soon as you fully pay off the loan. We will then issue a lien release to show that you are no longer owing on the car.

To get a car title loan from us, you will need the following;

  • The title of your vehicle is in your name.
  • Proof of residence.
  • A government-recognized ID.
  • Poof of income.
  • Car insurance

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a local title loan, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

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DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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