Personal loans for the self-employed

Low rate self-employed loans from 5.54% p.a. (comparison rate 7.16% p.a.)* with no ongoing fees. Now that’s simple.

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award winning personal loans

Enjoy a low rate self-employed loan that is 100% made for you

  • We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
  • Winner of Canstar’s Outstanding Value Award for four years running (2015, 2016, 2017 and 2018). We think that’s pretty outstanding.
  • Flexible loan terms from 6 months to 5 years for loans between $2,001 and $45,000. Use funds to consolidate debt, renovate, travel and more.
  • No monthly or early repayment fees help you save more and pay off your loan faster. Because nobody has ever said ‘yes please’ to fees.
Low Rate Personal Loans

Getting a self-employed loan is as easy as 1, 2, 3.

You’ve got questions we’ve got answers.

What is a self-employed loan?

A self-employed loan is a type of personal loan that allows sole traders, independent contractors and other self-employed individuals to access finance at a competitive rate. Self-employed loans may feature slightly different eligibility criteria to standard personal loans: this provides self-employed individuals with a fair opportunity to demonstrate their creditworthiness.

According to the Australian Bureau of Statistics, some 2.4 million Australians are self-employed, with most of them working as independent contractors. In the past, the ‘self-employed’ designation was often a barrier to Australians seeking credit. However, the rise of self-employment has prompted many lenders to begin offering personal loans with flexible eligibility criteria. RateSetter’s self-employed loan is identical to its standard personal loan, allowing self-employed applicants to take advantage of competitive rates, low fees, and top-notch customer service.

A self-employed loan works just like a standard personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify you’ll need to submit an application and provide us with information to verify your identity and financial circumstances (such as a bank statement). As part of this process we will take into account your borrowing history, employment status, credit score, and other factors. RateSetter allows self-employed Australians to apply for its competitive personal loans by submitting two months of bank statements (instead of one month for salaried applicants).

Personal loans, including self-employed loans, allow you to enjoy a lower interest rate than you would receive with a credit card and also offer a consistent repayment schedule. Many personal loans give you the flexibility to make early repayments, allowing you to reduce the length of your loan and minimise the amount you pay in interest.

What can I use my self-employed loan for?

You can use a self-employed loan for a number of different purposes, including:

  • Consolidating debt
  • Cash flow to help grow your business

We’ll pay funds into your nominated bank account on the next business day following your loan acceptance. This gives you the flexibility to manage and pay for your self-employed costs any way you like.

How much does a personal loan cost if I’m self employed?

If you’re considering a self-employed loan, you may be unsure of how much it will cost. Most self-employed loans comprise of three main factors that impact the total cost over the life of the loan:

  • the interest rate (this may be fixed or variable)
  • a one-time establishment fee
  • ongoing fees (such as account maintenance fees, late payment fees, and other charges)

These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different loans to find the one that best suits your needs.

For an overview of fees and charges (including interest rates) associated with RateSetter’s self-employed loans, see the table below:

Term 1 yr2 yr3 yr4 yr5 yr
Loan typeVariableVariableFixedFixedFixed
Interest rate
5.54% p.a.
5.54% p.a.
7.26% p.a.
9.81% p.a.
9.90% p.a.
Comparison rate*from
7.16% p.a.
7.53% p.a.
9.29% p.a.
10.66% p.a.
10.75% p.a.
Credit Assistance Feefrom
Monthly fees$0$0
Early Repayment Fees$0$0$0$0$0

Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 9am, 3 September 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Am I eligible for a personal loan if I’m self-employed?

RateSetter provides secured and unsecured personal loans to Australian-residents. You can borrow for any worthwhile purpose, including purchasing a car, home improvementsconsolidating debt, planning your dream wedding or travel. Save time before applying by making sure:

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

To see if you may qualify for a RateSetter secured personal loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.

In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply if I’m self-employed?

To apply for a RateSetter loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued drivers licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement

These details can either be entered on our website during the application process and automatically verified online or you can upload as part of the application process.

When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:

  • Income stability based on your previous 2 years notice of assessment from the ATO;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.
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Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 7.26% p.a. the estimated total amount payable including all applicable fees is $11,492. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.54% p.a. (comparison rate 7.16% p.a.) to 12.47% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 9am, 3 September 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.