11 March 2005
Personal loans are being made increasingly easy for self-employed people to take out according to new reports.
Unlike previously, a growing number of loan providers are allowing self-employed borrowers the same access to market-leading deals as employed borrowers.
Analysts have put this change down to advances in the underwriting process whilst the ability to apply online has also helped self-starters to get loans.
Charcol senior technical manager Ray Boulger believes it is time for many self-employed borrowers to "reap these benefits".
"The greater efficiency in the way in which data on potential borrowers is shared and communicated between credit reference agencies and lenders means that with some lenders the whole process has become much more streamlined, less admin-heavy and therefore substantially quicker," added Mr Boulger.
"No longer is the burden of proof of income laid heavily on the borrower - instead, if a borrower gets a clean bill of financial health from a credit reference agency, then they can, in the majority of cases, get a decision on the spot."
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