Loans for the self-employed: what you need
Self-employed applicants are assessed on proven, regular income rather than a payslip. Expect lenders to average your deposits over 6 months or more and to look for a SARS tax record. Keeping business and personal money in separate accounts, and paying yourself a regular 'salary', makes approval much easier.
What lenders check
- Average monthly income over 6–12 months
- Tax compliance and SARS assessments
- Business bank account activity
- Personal credit record
Documents you'll need
- ID document
- 6 months' personal and business bank statements
- Latest SARS ITA34 assessment
- Management accounts or an accountant's letter (for larger amounts)
- Proof of address
Watch out for
- Declaring low income to SARS lowers what lenders will approve.
- Irregular big deposits count less than steady smaller ones.
- Don't use a personal loan for long-term business funding if a business loan suits better.
How long must I have been self-employed?
Many lenders want at least 6 to 12 months of trading history.
Do I need an accountant?
Not for small loans, but an accountant's letter helps for larger amounts.
Can I use my business bank account?
Yes, but lenders also like to see regular transfers to your personal account.
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