What are your options?

  • Personal loans: You can apply for this type of loan without needing to secure the amount you're borrowing to any assets you own. You will need a good credit record if you want a personal loan.

  • Business loans: You can apply for this type of loan if you need the funds to support your business. The lender will check your business accounts to help them decide whether to lend to you.

Are there any restrictions?

You may find that some lenders will only accept your application if you meet their lending criteria. Some common requirements include:

  • You've been self-employed for at least two years

  • You have your last year's worth of audited accounts

If you're a landlord and plan to use the rent as your income you may not be eligible for some loans. Check with your lender before you apply.

What can you borrow for?

Personal use

If you want to use a personal loan for business use, you may find that some lenders specify that you can't borrow money for business purposes.

You will be asked what the loan is for as part of your application. Be honest so the lender can tell you if you can use the money for its intended purpose.

Business use

If you want to use a business loan for personal use, you may need to secure what you borrow to your business, e.g. a work vehicle.

This means that if you can't repay the loan, your lender could take your asset and sell it to recoup any of the money you owe.