You can be a self employed person but that will not stop you from getting a loan from the banks as it used to happen previously. The banks these days are designing loans especially for those people who cannot show anything as their proof of income. No income proof unsecured loans are available in quick time and are available also to those who have a bad credit history in the past. All that you need to show the bankers is an updated statement of your bank account along with the proof of your age. The bankers will assess the loan application that you present to them and will thus decide on the principal amount based on this information.

The process of application is very easy. You can either online or visit the branch personally and make the application. The rates of interest for these loans are high as these are given without any kind of security. The amount you can avail through these loans are reasonable enough to care of your monetary needs and it varies from lender to lender along with your repaying capability. The entire amount of the loan will be credited to your account as soon as the loan gets sanctioned.

No income proof unsecured loans have a repayment period of 6 months to 10 years, but that is subject to change depending upon the deal that you strike with the lender. In case of the unsecured loans where you do pledge anything as security the interest rates are high. This is because of the loan being highly risky and also because of the fact that the banks do keep anything as security deposit against the money advanced. You can also get no income proof unsecured loans if you have a bad credit history in the past. The previous history does not really matter in these kinds of loans as they are advanced on your present status and also after looking into the repayment plan that you have placed to the lender.

source : http://www.free-articles-zone.com/

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