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Finding the right secured loan can be challenging enough, as it is a big responsibility to take on, let alone if you want to include income from an additional source.
Whether you earn extra money from a bonus, commission or a second job, you may not know if a lender will accept it as a valid form of income. This can also be the case if you are working a probationary period or have recently started a new job.
To make things clearer, we’ve put all the answers you need in one place, which will help you make a more informed decision about what to do next.
If you are currently employed in a role that provides commission based on performance, we work with lenders that will accept this as a form of income.
They will want to know more about the frequency of the commission and how much of it accounts for your total income. This is usually done by supplying payslips and/or yearly tax statements to verify your income, which is a normal part of any secured loan application.
To get a better understanding about your eligibility for a secured loan if you want to include commission as a form of income, you can speak with one of our expert advisors to get more insight.
Some specialist lenders are happy to lend to people whose income is generated solely through commission, which is decided on a case-by-case basis.
This type of worker does not receive a base salary and instead earns a percentage of their sales without any other compensation.
One of the main affordability criteria lenders will look at is consistency of earnings, which will require you to submit payslips and/or annual tax statements across a certain period, they may also look at your experience in the role. Ideally If we can show consistent income for 12 – 18months we should have a good chance.
Secured loan lenders understand that income can be generated in lots of ways. This is especially true when it comes to income generated from overtime, as it comes in lots of different forms.
For example, if you want to include non-regular or fluctuating overtime as part of your income, this can be accepted by some lenders. There is usually a minimum amount of overtime they are willing to consider, as this helps to ensure that the loan is affordable for you.
Regular and guaranteed overtime is also usually accepted by lenders, which can be confirmed by providing recent payslips and related documents.
If you’re unsure about how much or what type of overtime to use as income in your secured loan application, you can speak with a member of our team today who will be happy to help.
If you are receiving guaranteed bonuses from your employer, some lenders will let you use up to 100% of their value, provided you can prove they are regular.
You will probably be asked to supply recent payslips and annual tax statements, which will give the lender more information about the value of the bonuses and how consistently you received them.
Lots of people have second – or even third – jobs so it is a perfectly normal way of creating a sustainable income.
This is why lenders are generally happy to accept all the income generated from a second job. They may want to know a little more information, such as how many hours you work in both of your roles or how sustainable your total income is, which can be done by providing relevant salary documents.
Get in touch to learn more about the typical questions asked by lenders and documents they usually request, and we can help you find a lender that falls in-line with your budget.
Being on a probation period shouldn’t affect your secured loan application with some of our lenders, especially if you are in a role similar to the one you were previously employed in.
Providing a copy of your employment contract and most recent payslips may also be enough for some lenders to accept your application.
Getting a quote won’t affect your credit score
In most cases, secured loan lenders prefer people to have been employed in their current job for a continuous period of at least 3 months.
But there can be lenders that will accept less, with some able to consider one month of continuous employment, provided it is part of 3 months consecutive employment history.
Depending on the lender you apply with, you’ll need to supply the relevant number of payslips and any other requested documents.
If you are relatively new to your current role and aren’t sure if the employment period will make you eligible, give us a call and we can run through some basic checks to get you started.
We’re extremely proud to be rated ‘Excellent’ for our service standards. We’ve helped thousands of customers across the UK over the last 15 years to find the right finance for their needs – no matter how complicated the circumstances. And we look forward to helping you.
Willows help people who are employed in all types of jobs, and we do everything possible to help them find the best deals at competitive rates, Our Guide on Other income sources may also be helpful.
Our specialist brokers use their experience and expertise to guide you through the different stages of the application process and are there to offer support from beginning to end.
We’re available right now to answer any questions you have about getting a secured loan if you are unsure about your income or employment status. You can get in touch with us by calling 01656 766 158 and they’ll be more than happy to help.
If you have a question – we’d be happy to talk to you – simply call us…
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LOANS ARE SECURED AGAINST PROPERTY. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED UPON IT.
Willows Finance is a credit broker not a lender using a representative panel of lenders. We work with a Panel of Lenders whose particulars will be supplied upon request to find a potentially suitable arrangement for your consideration.
For credit broking, we do not provide or offer advice or recommendation. Whichever lender we introduce you to we will receive commission from. Different lenders pay different amounts based on different commission models and interest amounts. For transparency we work with the following commission models: percentage of the amount you borrow, rate for risk (this is based on the risk profile of the proposal).
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At Willows Finance Ltd, we appreciate that your privacy is extremely important to you. With this in mind, we have put in place a number of measures to ensure that any personal details we obtain from you as a result of visiting this website is processed and maintained in accordance with accepted principles of good information handling and also in accordance with the Data Protection Act 1988.
This statement provides you with details of the type of information we may hold about you, how we obtain and use information and how we protect your privacy.
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.
We offer first and second charge regulated mortgage contracts for business or personal use.
Other finance options may include:
Regulatory Status:
We offer an advised mortgage broking service and provide enough information for you to make an informed decision.
We are not independent financial advisers. Free debt advice is available from the Money Advice Service.
You can view our privacy policy at: https://willowsfinance.co.uk/privacy-cookie-policy/.
Lenders may also have their own privacy policies which will be provided to you.
We charge a broker fee upon loan completion. The average fee is approximately 5%, depending on your situation.
Fee details:
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:
You may cancel your application anytime before completion without any charge. Mortgages cannot be cancelled after completion.
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.
If you wish to complain, contact us at:
Willows Finance Limited
Brocastle, Bridgend, CF35 5AS
Tel: 01656 766158
You may be able to refer your complaint to the Financial Ombudsman Service.
We are covered by the FSCS. You may be eligible for compensation of up to £85,000 per person per firm for mortgage advice and arranging.
More info: www.fscs.org.uk
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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