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Getting Financed as Self-Employed

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Self-employment can be an incredibly tempting career path for so many reasons. Being your own boss is particularly freeing and having the flexibility to work when you want to work can have a dramatic effect on the work-life balance that can otherwise be so difficult to achieve.

However, aside from the lack of paid holiday and sick leave, the one thing often holding people back from pulling the trigger and striking out on their own is the lack of capital. Because often, starting a self-employed business requires investment. That’s where different types of self-employed loans come in.

Self-employed loans

You might think that getting a loan as a self-employed individual could be a challenge, however, whilst lenders have indeed become more picky about who they lend to since the financial crisis, it is possible for the self-employed to find lenders willing to give them loans. Though their options might be limited unless they have a good credit history. We’ll go through the options below:

Personal loan – A loan you can take without securing the amount to any physical assets, though you will need a decent credit score.

Secured loan – A secured loan secures your home’s equity against the cost of the loan and might be the simpler option if you work from home. Rates are also often lower.

Guarantor loan – This is where you get a friend or family member with a good credit score to shoulder some of the responsibility of the loan, though be aware that rates tend to be higher.

Car finance loans – Lenders such as Go Car Credit will allow vehicle loans for those with a low credit score who need a car. These lenders will use less restrictive criteria with varying rates.

Business loan – If your self-employed business is a little larger and you employ other workers, then you might be entitled to a business loan.

How to apply

It’s just like applying for any other loan. Simply follow the steps below:

  • Compile all of your financial documents, including your tax returns for the last few years (if you have them to hand) and your bank statements. This will allow the lender to more accurately assess your eligibility. You will also need proof of identification, proof of address (utility bills will suffice) and any business information, including details of anyone else with a financial interest in the company.
  • The lender will then undertake a thorough check of your credit score and match it against the documents you’ve provided. They will then be able to offer you several different loans.
  • It’s now up to you to work with the lender and figure out the deal that best suits your needs.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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Samuel Leeds Buys Shares In Property Tribes; Says He Wants To Make It Better

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People in UK property circles may be familiar with the very public dispute between former MTV presenter, property investor, and community manager of the company Property Tribes, Vanessa Warwick, & property investment trainer and owner of the company ‘Property Investors’, Samuel Leeds; as Leeds has accused Warwick of assisting with racism and discrimination against ethnic minority tenants. In recent news, Samuel Leeds was reported to have bought a 35% share of the company Property Tribes, making him officially now a person of significant control at Property Tribes.

Warwick established Property Tribes to accumulate wisdom from various property owners and landlords to create a place of guidance for people in the industry to do business better. According to the company,

“We wanted to create a free use, safe, and agenda-free place for landlords to get information from a “hive mind”, not a singularity, so that they could learn and grow their property business.”

However, in one of his recent videos, Samuel Leeds pointed out blatant support of racism in some of the advice coming from Warwick herself. As one of the landlords asks on the forum – if they would be implicated by the race discrimination laws in the UK for refusing tenancy to Bangladeshi families as the landlord is not fond of the smell of their staple food, curry; Vanessa Warwick herself is seen advising against mentioning the reason for said refusal, thus averting the legal repercussions altogether.

In the video, Leeds points out several more situations where Warwick has behaved in a racist manner. In fact, she has become a new advisor on the panel of the UK’s Property Redress Scheme and has been under criticism in their forum as well for supporting discrimination against ethnic minorities.

Warwick also expressed strong disapproval of Leeds as a property trainer citing the reason that his students came from the “vulnerable” demographic. Leeds called out the racist mindset in this reasoning, as in reality, his students predominantly come from ethnic minorities and don’t fall in the “vulnerable” category. He began drawing attention to the issue over his YouTube channel and his website, and ended up facing severe disparagement from Warwick and her followers. Leeds finally sued Warwick for defamation and she brought a counter lawsuit for six-figure damages.

In an attempt to put an end to the battle once and for all, Samuel Leeds reports to have bought a share, 35% to be exact, of the company, Property Tribes. Even though he is only a minority shareholder and will have limited control, Leeds believes he can make a difference in “cleaning up the company” and reduce racism in the forum.

He jokingly adds,

“Because they trolled me, I wanted to at least get paid… Like Michael Jackson did to Eminem.”

Leeds pledges that any money he makes off this transaction will be donated to charitable organisations that tackle racism and online bullying. In addition, Leeds will donate an extra £50,000 to organisations that fight hatred in the UK. With this move, he is determined to take a strong stand against all discriminations in the property sector or any other industry.

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