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Self Employed Loan

You can qualify for a personal loan while you are self-employed.

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Applying for a Self-Employed Loan with Sprint Funding

Alternative Income - Bank Statements

• 12- and 24-month bank statements to 90% LTV at 660 FICO to $1.5mm
• 12- and 24-month bank statements to 80% LTV at 720 FICO to $2mm

Asset Utilization Qualification

• Qualify your borrower by dividing their assets over 3 YEARS!
• Up to 70% LTV for cash-out refinance
• Minimum FICO 660
• Max DTI 40%
• Primary Residence, Second Home or Investment

No Ratio Program

• No income or DTI calculation – qualify on asset balance!
• Up to 70% LTV – Purchase and Rate/Term
• Loan amounts to $2.5mm
• Minimum FICO 640

Applying for any type of loan can be stressful with all the requirements you need to submit.  

When you are self-employed, the process can even be more challenging.

A personal loan when you are self-employed can be used for almost any purpose, lenders will need solid proof of income before approving your loan application.

Self-Employed Loan

If you’ve been wondering how to get approved for a loan if you are self-employed, we will lay out the SIX STEPS you can follow.

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1. Check your credit score

If you are self-employed and you want to get a personal loan, the first step is to make sure that you have a good credit score.  It will be a big hurdle if your credit score is low.  

You can check your credit score for free online or you can ask your credit card provider to help you determine if your credit score will qualify you for a loan.

A credit score of at least 610is enough to qualify you for a loan but if you want the lowest interest rates, shoot for a credit score above 720.

If you check your credit score early on, you will have plenty of time to correct possible errors to increase your credit score so that you will get your loan approved.

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2. Gather the required documentation and information

To make sure that your application process will be smooth, prepare all the necessary paperwork beforehand.  

These are the files that we will typically ask you to prepare for a personal loan while you are self-employed:

• Tax statements including tax transcripts and returns or schedules (Schedule C and Schedule SE) that provide more insight into business income and obligations
• 1099’s from companies that paid you for the past two years
• Bank statements
• Profit and loss statements

The general rule of thumb that you need to remember is that the longer you’ve been working for a company even if you are self-employed and earning a steady income, the better your chances of qualifying for a loan.

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3. Shop around and pre-qualify with multiple lenders

Each lender will differ on their policies and requirements for a personal loan when you are self-employed.  

Hence, it is important that you shop around and see which lender will likely approve your loan at agreeable terms.

There are lenders who offer a prequalification process to make you know the terms you may qualify for and the needed adjustments if any.  

Make sure that the lender does a soft credit check to protect your credit score.

Sprint Funding is a premier lending company that conducts a prequalification process and a soft credit check.  

Our loan experts will help you from the day you call us until you get your loan approved.

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4. Choose a lender that fits your needs

Compare the rates and terms offered by different lenders that you scouted. You should not rely on a lender that offers the lowest interest rate but consider other important factors as well such as:

• Lender ratings and reviews
• Specific policies (if any) for self-employed people
• Referrals from your network

We have been providing personal loans to self-employed individuals for several years, and we will help you in the loan application process.

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5. Apply for a loan online or in-person

When you have decided which lender you will work with, apply for the loan.  

Follow the loan application process of the lending company.  You may be asked to complete the application process through a phone call, visiting their office, or fill up forms online.

Be ready with the required documents and be responsive to your lender’s inquiries to hasten the loan decision.

Some lenders conduct a hard credit check at this point of the loan application process.  

To avoid a negative impact on your credit score, make sure that you fixed all possible errors and improved your credit score before applying for a loan.

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6. Wait for the approval of your loan

The amount of time it will take for your lender to review your documents will depend on their policies.  

You can receive a decision almost instantly if it were a regular loan, however, since you are self-employed, your lender will have to scrutinize your documents and other considerations.  

Expect delays on approval of your personal loan as a self-employed individual.  

If you are confident with your credit score, completed all the required paperwork, and you’ve had a steady income for the past two years, it may take a shorter time to get a decision.

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Be Qualified for a Loan Even if You Are Self-employed

You can qualify for a personal loan while you are self-employed.

The key is having a steady flow of income for at least two years to assure your lender that you can make monthly payments.

Know more about self-employed loans by calling us at Sprint Funding. 

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