Getting and keeping a credit
Getting and keeping a credit is a sufficient problem in itself, but being independent and trying to get loans is a whole new game. It is a bit more difficult for someone who is self-employed to get credit for anything than for someone whose taxes are withdrawn from their check every week.
As you probably know, all places require that you prove that you actually have an income before you lend money, but some places require different types of evidence from other places. Depending on whether you are dealing with a large company that runs applications via a computer or with a company where you can talk to the person who is reviewing your application, you may need something, from tax returns to pay stubs or even to your employer’s letter.
When dealing with small businesses, you may want to settle for a record of your income that you personally have kept for a year or more, but when dealing with large companies that approve and reject requests by computer, you will probably need: tax returns from the last two years. If you do not have one, you will probably have trouble getting the loan you are looking for.
Secured personal loan
In any case, a secured personal loan is much easier to obtain than an unsecured personal loan. As an independent, it is very difficult to get an unsecured loan from a large company if you are in the first year of your business. It is often easier to go to a small business where you can talk to a loan officer and explain your situation. If you can make sure that the person you are dealing with is taking care of you, they will often do their best to get the money you need. All you will typically get when dealing with large companies such as OneCap or FSCD is an unnamed person who probably lives in a foreign country and who recites his rules and regulations without leaving any leeway to help you, little matter your situation. the situation is. There is usually no point in wanting these people to care about you, so if you are a new independent and need a loan of any kind, try to deal locally with a real person. It’s the easiest way to get the funds you need, whether it’s a vehicle, equipment, or anything for which you want a loan.