The number of self-employed people in the UK who can apply for a loan is more than ever before. Earlier, lenders were reluctant to offer loans to self-employed people. The reason was the irregularity of income of self-employed people. But now, a large number of lenders are willing to offer self-employed loans.

There are two reasons for the rise in self-employed loans. One of the reasons is the saturation of traditional loan market. The traditional loan market includes borrowers who are salaried and have a regular income. Besides the saturation of the traditional loan market, a number of salaried people are switching over to self-employment. Self-employment offers flexibility and freedom and in some cases, more money than regular jobs.

For lenders, this is a big business opportunity. If a lender does not cater to the needs of self-employed borrowers, there is a very good chance that he will miss the bus. Lenders in the UK cannot afford to ignore such a big market. Lenders are now offering self-employed loanswithout even asking loan applicants to produce income proof.