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Secured Loans

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As a contractor, you may find that finding a loan is a difficult process. This is mainly because providers like security. Permanent employees who receive the same sum of money into their bank account each month. On the other hand, contractors receive varying sums each month and even not at all some months.

Proof of income is also difficult as providers need to see payslips to approve a loan or mortgage. For contractors that chose to work through a limited company this problem is exaceberated as those outside IR35 regulations set low salaries in order to provide larger dividends and minimise tax payments. For example, rather than seeing £90k, they won't recognise dividends as income and will only see £12k.

Of course, working through an umbrella can sometimes help as you are provided with regular payslips with actual salary rates (albeit maybe not a regular income).

Securing your loan against an asset can provide the answers, though as with a mortgage, you need to remember that if you don't keep up repayments that asset is at risk.

freelancesupermarket.com members have access to brokers who are experienced in dealing with contractors, a great help when you are looking for the right loan at a competitive rate.

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