fasta >If you are self-employed, you may find it difficult to get a loan for your business. There are several factors you should consider when applying for such a loan, including your income and the type of business you have. Usually, South African lenders will ask for your payslips and other proof of your income each month to assess your creditworthiness. The more proof you provide, the higher your chances of getting a loan approved.
The first step to getting a loan for self-employment is to prove that you are working in an industry that you are passionate about. Aside from proving your ability to pay your monthly instalments, you should also provide bank statements that show the amount of money you make on a regular basis. This way, you will know exactly how much you can afford and when you can pay the loan back.
There are several ways to obtain a loan for self-employment in South Africa. One of the easiest ways is to apply with an African bank. These lenders offer loans up to R 20 000, and their minimum amount is R 500. The loan amount will depend on your monthly income and credit history.
Another way to secure a loan for self-employment is to apply for a business loan. This type of loan will be more difficult for self-employed individuals. Most banks require monthly payslips as proof of income. However, some banks, such as FNB, offer loans to self-employed people, and their requirements are slightly different.