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If you’re employed on some form of short-term contract, it’s normal to think that it may be difficult to get a secured loan due to your pattern of income.
However, every lender knows that no two applications are the same, so each one is processed and reviewed based on a person’s individual circumstances.
Whether you’re a contractor, agency worker or self-employed under an umbrella company, we offer more insight into how eligible you could be for a loan.
Lenders are usually open to accepting applications from people who are working on fixed-term contracts.
As is typically the case with a secured loan application, the lender will ask you to provide proof of employment. This includes your job title, the length of time you have worked in your current role and current salary.
Because a fixed-term contract is different to a full-time role, some lenders may also ask for additional information, especially for shorter term contracts, or if there is a certain amount of time left on your contract.
To get a better idea of your eligibility for a secured loan on a fixed-term contract, get in touch with the lender directly, or you can speak with one of our specialist lenders who can give you advice based on your circumstances. As an example the shortest time acceptable is 3 months subject to having verifiable payslips and being able to evidence a full 3-month continuous track record of employment with the same employer. Some lenders will require a minimum 12 months with at least 1 renewal. If less than 3 months remaining, evidence of renewal is required
Short term fixed contracts are accepted, if less than 6 months remaining on the current contract evidence of the contract being extended is required.
If you are a Construction Industry Scheme (CIS) contractor in search of a secured loan, there are lenders who will be happy to consider your application.
Because you may be registered as self-employed, the documentation required by the lender will be slightly different, as the lender needs to assess your self-declared income using the relevant HMRC forms. Some lenders accept CIS Contractors as employed induvial if tax is deducted at source and shown on payslips
As long as you meet the income requirements and can satisfy the other eligibility criteria laid out by the lender, you stand a good chance of receiving an offer.
Being a subcontractor should not get in the way of you being eligible for a loan, as some lenders include this in their criteria.
There may be differences in how some lenders categorise you, as depending on your individual work circumstances and who is responsible for deducting tax from your pay, you will be processed as employed or self-employed.
This will influence the type of documentation required by the lender, which they will update you about in the early stages of your application.
To get a head start so you can collate and organise your paperwork – which can help to make the application process more efficient – you may find it helpful to speak with a broker who can give you more in-depth advice about your situation, some lenders treated you as employed, provided you can demonstrate continuous employment with your current employer for the last three months and a 12-month income history. You must provide a contract and payslips showing tax and NI deducted at source, some lenders can be classified as employed or self-employed depending on individual circumstances. If tax is deducted by the company or an umbrella firm, they are likely to treat you as employed; otherwise, they are self-employed.
Working as a self-employed individual under an umbrella company should not in itself make it difficult for you to get a loan.
Some lenders will want to check the history and status of your self-employed contract and review the length of time remaining. Others may ask for confirmation about the number of guaranteed days you are contracted to work with the company. We can also look at applicants inside or outside IR35.
If you’re not sure about your suitability for a secured loan due to your employment status, you can speak with one of our advisors, who can help point you in the right direction.
Lenders view umbrella companies slightly differently from one another. For example, one lender may require contractors paid via an umbrella company to provide the last two months of computerized payslips (or the last eight if paid weekly), the current contract.
Some lenders may require a minimum of 12 months with the same agency, or, if the contractor has transitioned from a limited company to an umbrella company, a minimum of three months with the umbrella company. Evidence of tenure is required, along with the last three months’ remittance advice slips showing payments via BACS into their bank account.
You can be on a zero-hour contract and apply for a secured loan, as some lenders will look at the bigger picture to see what kind of job you have and how long you have been on the contract, as well as your affordability and credit profile.
Specialist lenders are usually the best route, as they are more likely to accept an application from an individual on a zero-hour contract. If an applicant is employed via zero-hour contracts, the minimum time is 3 months subject to having verifiable payslips and evidence of a full 3-month continuous track record of employment with the same employer.
Agency work is usually included in a lender’s eligibility requirements, as it is often seen as a stable form of employment.
When reviewing loan applications, lenders want you to demonstrate that you can afford the repayments. The more evidence you can provide, the better your chances will be.
The most important thing is finding a lender that understands how to deal with applications from agency and temporary contract workers.
Speaking with a broker is a good place to start, and you may also find it useful to calculate how much you need and how much you can afford before you get in touch.
Getting a quote won’t affect your credit score
Yes, you can be a temp worker and still apply for a loan, as lenders tend to categorise it as agency work.
As part of the affordability checks, they will usually want to see how long you have been working with the agencies, which will then be factored into their final decision., currently our minimum time is 3months with an agency – subject to having payslips as normal and a full written 3-month track record of employment assignments from the agency or agencies, we have other lenders starting from a minimum of 6 months.
How to get a secured loan as with Short term contracted work?
Short term fixed contracts are accepted, if less than 6 months remaining on the current contract evidence of the contract being extended is required
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if you are currently working in the UK on a visa, our Guide to Secured Loans with a Visa will be helpful. If you are a UK citizen working offshore, our Offshore Working Guide may assist you.
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Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority
Firm Reference Number: 670052
Company Number: 6678545 (Registered in England and Wales)
This document outlines the services we provide. If you need clarification, please contact us at 01656 766158.
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No refund is offered after completion. You may pay upfront or add the fee to your mortgage. Fees and commission will be detailed in your ESIS and Mortgage Agreement.
You will receive a Mortgage Agreement and an ESIS document detailing:
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Missing payments can lead to charges, repossession, and negative impacts on your credit rating.
Consolidating debt may result in higher long-term interest. Securing debt against your home increases risk.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.
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Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
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After processing your application, you’ll receive a Mortgage Agreement and have a 7-day reflection period.
Contact us during this period with any questions. To proceed, sign and return the agreement.
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