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What are the differences when I'm applying for a loan if I am self-employed?

If you work as a contractor, are a sole trader, work under a partnership, are a director/owner of a limited company or are a member of a limited liability partnership you are still able to apply for a loan provided that you:

  • Are aged 18 or over
  • Are an existing NatWest personal current account customer
  • Have a regular income

As a responsible lender we will need to ensure that you are able to afford the monthly loan repayments. To do this we will need to see evidence of your income and review the ongoing performance of your business.

You will need to provide the following:

  • Last 2 years finalised accounts
  • Where the latest accounts are more than 12 months old, then confirmation of performance in the intervening period should be obtained from an independent source e.g. accountant, auditor
  • If you own more than one business please provide the accounts for all of these
  • If accounts are not available, please provide the last 2 years Self-employment SA302 Tax Returns
  • In some circumstances we may require additional information

If you are a contractor you will also need to provide:

  • Evidence of a history of employment over the past year
  • Evidence that a contract for further work is in place

When you complete your loan application form, the income figure you provide must match that on your Tax Return Form, SA302 or as detailed in your finalised accounts. If you haven't received a paper copy of your SA302 from HM Revenue & Customs it can be printed online.