Bloggers are often in a stressful financial situation. They face a number of monetary problems due to their precarious job status. These men and women often need self-employed loans to start new businesses, buy homes, or otherwise conduct their financial lives. Bloggers have to show financial institutions that they have a steady income and stable financial life if they ever hope to acquire a significant loan.
Show a steady source of income
Banks and other loan institutions are concerned with the creditworthiness of people applying for a loan. They want to know for sure that a man or woman will be able to pay back their loan on time and in full. Many lending institutions are also familiar with a wide variety of business fields. They know that many bloggers receive their income from multiple sources.
The vast majority of bloggers either work for free or only receive a few hundred dollars for their work every year. Very few of the bloggers who do work full-time work for established companies that provide benefits and job security. Instead, they float from job to job and compile money from various freelancing sources in order to secure enough money to pay their bills. These blogging jobs come and go depending on market forces and the fickle nature of the reading public.
As a result, a lending institution will be immediately skeptical of anyone who says that they are a blogger applying for a loan. In order to combat this stereotype, a blogger applying for a loan needs to be abundantly clear that their income sources are trustworthy and reliable. They can even show pay stubs and letters detailing income and the chances that they will be retained for an extended period of time.
Be flexible with terms and amounts
A blogger may have difficulty securing the best possible terms simply because of their job status. Therefore, they must be flexible with the amounts that they request and might accept. A blogger may also have to accept less generous terms than other people who are in the same situation. Bloggers might need to put a significant percentage of money down and may get a shorter loan term than other borrowers. A blogger seeking a loan needs to be prepared for this outcome and find a way to fit the possibility into their business or financial plan.
Have a plan
Bloggers need to have a clear plan and a strategy when they are discussing a loan with a credit officer. They must know all of the potential questions for their profession and their situation. A blogger may also have to show that their loan will result in the financial security required to pay the loan back with interest. They may have to carefully explain their business plan in a way that financial institutions will follow and get behind. Bloggers should spend at least a few days practicing and rehearsing exactly what they will say. They need to invest in nice clothes and an attractive presentation that will help them stand out above their competition.
Bloggers are not completely barred from receiving a loan. Thousands of bloggers receive self-employed loans every year for many different purposes. However, the process is by no means easy. Bloggers may have to work long hours and spend weeks or months perfecting their plans. But that extra work may lead to thousands of dollars if a business plan eventually ends up being successful.