Self-employed loans

We can search for personal loans (also known as unsecured loans) between £1,000 and £15,000, for up to five years. 

Personal loans aren't tied to any assets, and for that reason, the amount on offer is smaller compared to secured loans. Without any collateral, unsecured loans can sometimes be tricky to access if you’re self-employed.

As with any type of loan, having a patchy credit history can make it harder (but by no means impossible) to be accepted for the loan you’re after. At Ocean, we help people with a range of credit histories - both good and bad. We will always do our best, working with our trusted lenders, to find you a loan to meet your individual circumstances.

One thing worth remembering is if you do have a history of bad credit, you’re likely to be charged a higher interest rate on your loan to compensate for the higher risk the lender's deemed to be taking when offering you the cash. There are other things you can do to boost your credit score and odds of being accepted though, like:

• Sticking to all your credit commitments on time and in full
• Making sure you’re on the electoral roll
• Checking your report for any errors (and disputing them if there are)
• Reducing any outstanding debt
• Keeping your credit utilisation ratio to around 25%
• Closing any old lines of credit you no longer use

You’ll almost always need to provide lenders with some form of proof, whether that be in the form of bank/business statements or evidence of your income for the last four years (SA302 tax collection). Lenders in the UK are closely regulated and must be able to assess your affordability before lending to you.

It can be difficult to show where your income's coming from when you're self-employed, especially if you accept multiple payment methods.

You can demonstrate that you have a steady income by supplying your bank/business statements or completed tax returns (SA302).