1. Can you provide documentation of your employment income from the past three years



If you said yes, then self certification loans may not be necessary. Because you have a third party verification of how much youre making annually, you may be able to choose types of loans other than self certification loans, such as secured personal loans or unsecured personal loans.

If you said no, then self cert loans could be your ticket to home ownership, a better degree, a second home, a special vacation, the perfect wedding, or an automobile. Self cert loans are set up so you can essentially verify your income individually. Its kind of like an honour system and will enable you to borrow money even though you have no concrete proof of income except for bank statements.

2. Are you self employed

If you said yes, these loans are ideal for you! They are set up so that persons who are in business for themselves can borrow money; thus, you may want to contact some financial institutions to find out what self cert loans they offer.

If you said no, you probably dont need to pursue self certification loans for the same reasons that were noted in the explanations given in question number one above. However, dont forget that employer loyalty has gone the way of the dinosaur; thus, its good to keep these loans in mind if you do find yourself working as a freelance consultant.

3. Is the amount you want to borrow of a modest level

If you said yes, youre definitely going to like self certification loans. They are tailor made for smaller amounts, basically because the lower the amount you need, the more likely you are to get approved for self certification loans rather quickly.

If you said no, then these loans may not be the best move. Many lenders put a cap on the amount that can be borrowed with self certification loans. Of course, you should always investigate on your own; you never know what a lender is going to say until you ask!

4. Are you willing to accept higher-than-average interest rates

If you said yes, you are ready for self certification loans. Self cert loans typically carry with them higher-than-average interest rates simply because they are considered riskier from the financial institutions perspective.

If you said no, self cert loans may not be ideal for you right now. Though interest rates are definitely lower than theyve been in years thanks to global competition, self cert loans do carry higher-than-average interest rates, and theres little way around that reality.

So are you in the running for self certification loans Only you can decide, but if youre leaning toward them, theres nothing wrong with doing research now!