Tradition Credit Co. Pte Ltd

Although qualifying for a self-employed loan can be more difficult than for traditionally employed individuals, it is undoubtedly possible with the correct planning.  Generally speaking, lenders want to make sure you can consistently repay the loan and have a steady source of income. Here’s how to improve your chances of qualifying. 1.        Maintain Accurate Financial Records Good documentation is the cornerstone of a successful loan application . Self-employed people should have accurate bank statements, profit and loss statements, and tax reports for at least two years. These records show how profitable your firm is and how steady your income is. A balance sheet or accounts provided by a professional accountant may also be requested by certain lenders. 2.       Improve Credit Score A key component of being eligible for any loan is your personal credit score. It helps lenders determine how creditworthy you are. Reduce you...