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Loans for Self-Employed People

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  • Borrow £1,000 to £8,000
  • Repay over 12 to 60 months
  • Check eligibility with no impact on your credit score
Check my eligibility nowThis won't affect your credit score

Representative example: Amount of credit £2,000 for 24 months. Interest rate: 41.2% pa (fixed). 24 scheduled monthly payments of £123.64. Total amount payable: £2,967.43 Representative 49.9% APR.

Can I apply for a loan if I’m self-employed?

If you work for yourself, finding a personal loan can feel less straightforward. Your income may change month to month, and some lenders may focus heavily on payslips or standard employment status.

At 118 118 Money, we’re a direct lender and we look beyond just one part of your situation. If you have regular income, pass our credit and affordability checks, and the repayments are manageable, you may be eligible for a loan.

If you’re not sure where you stand, start with our eligibility check. It lets you see whether you are likely to be accepted before you apply, and it won’t affect your credit score.

How affordability works when you are self-employed

Affordability is about whether the monthly repayments are manageable. As part of the process, we’ll assess your income and outgoings to help make sure the loan is right for you.

This matters if your income varies, you have seasonal work, or your business costs change from month to month. Accurate information helps the lender assess what you can realistically repay.

Before you borrow, check the basics

A loan is a commitment, so it is worth checking your budget before paying interest on credit. If your self-employed income is low or uneven, independent guidance can help you understand your options before you apply.

For independent guidance, you can review MoneyHelper’s support if you’re self-employed or use MoneyHelper’s guide to Universal Credit if you’re self-employed before deciding whether a personal loan is right for you. If your income includes benefits, you can also read our loans for people on benefits guide.

What can impact eligibility if you are self-employed and have bad credit?

Bad credit can mean different things. It might be caused by missed payments, defaults, CCJs, using a lot of available credit, or having a limited credit history. If you are self-employed, affordability can be especially important because lenders still need to understand how repayments would be made.

Every application is assessed individually. If accepted, keeping up with repayments can demonstrate positive repayment behaviour over time.

Check your eligibility before you apply
See whether you’re likely to be accepted for a loan without affecting your credit score.
Check my eligibilityThis won't affect your credit score

Credit is subject to status, affordability and credit checks. Credit is only available to UK residents aged 18 and over. Terms and conditions apply.

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A straightforward way to apply

If you’re looking for loans for self-employed people, these steps can help keep things simple:

1) Start with eligibility. Get an indication before you apply. No impact on your credit score.

2) Complete your application. Provide accurate income and outgoing details so we can assess affordability.

3) Get your money. If approved and set up, you could receive funds in as little as 15 minutes.*

*This can vary from 15 minutes to 2 hours depending on your bank.

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Loans for Self-Employed People FAQs

Potentially, yes. Being self-employed does not automatically rule you out, but your income and outgoings need to show that repayments are affordable.

No. Our eligibility check lets you see whether you are likely to be accepted without affecting your credit score.

If accepted, you can borrow £1,000 to £8,000 and repay over 12 to 60 months, depending on your individual circumstances.

You’ll usually need to share details of your regular income and outgoings. If you are self-employed, that may mean being ready to explain how your income is earned and how steady it is.

Once approved and set up, funds could be received in as little as 15 minutes. This can vary from 15 minutes to 2 hours depending on your bank.

118 118 money helpers illustration

Ready to check your eligibility?

See whether you’re likely to be accepted before you apply. It won’t affect your credit score.

Check my eligibility
118 118 money helpers illustration

Credit is subject to status, affordability and credit checks. Credit is only available to UK residents aged 18 and over. Terms and conditions apply.