Finding it difficult to keep up with your finances in order to keep your business running? MoneyTap’s line of credit is perfect to use as a personal loan for self-employed to help your business thrive.
The terms self-employed and small business owners are often used interchangeably. But, not many know that they are different, and the difference is pretty straightforward. A self-employed entrepreneur is a sole proprietor (no employees), independent contractor (no contractors) or is into a part-time business. Whereas a small business owner owns a business and employs resources, hires contractors, or both.
If you are a self-employed entrepreneur growing to be a business owner or an experienced businessman, you may have known by now that getting a business loan from traditional banks can be challenging, especially if you are in the early stages of your business.
You stand a chance of securing a traditional loan for self-employed or business from a traditional bank if you have a comprehensive business plan, a thriving facility and a reliable cash flow. The terms and conditions of getting a loan for business from traditional banks are so difficult that you end up disappointed and frustrated.
In contrast, a personal loan for self-employed or a personal loan for business is given to the individual – the lender evaluates your personal income and creditworthiness rather than that of your business.
Also, a personal loan for self-employed or business allows you more flexibility in repayment and does not need collateral or guarantor.
So, if you find yourself in any of the following scenarios, a personal loan for self-employed business might be the perfect fit.