Yes. Self-employment does not disqualify you — it changes how your income is proved. Instead of a payslip, a credit provider works from bank statements showing money regularly entering an account in your own name, and assesses affordability from that under the National Credit Act.
Salaried applicants prove income with a payslip. Self-employed applicants prove it with a bank record. Three months of statements on an account in your own name, showing income arriving regularly, is the usual starting point. Some credit providers also consider financial statements or a letter from an accountant.
Many small traders, contractors and informal operators earn well but bank little of it. Income that never enters an account cannot be verified, so it cannot be assessed. If you know you will need credit, depositing your earnings into your own account each month builds the record a lender needs — and it takes a few months to build, so start before you apply.
Few self-employed incomes are identical every month. What an assessor looks for is a pattern over time rather than a flat line. A quiet month inside a consistent year reads differently to income that stopped. Apply for an amount your weakest months can carry, not your best ones.
A personal loan is granted to you as an individual, whatever the structure of what you do. Whether you trade as a sole proprietor, freelance, drive for an app or run a small business alongside a job, the assessment is on your personal affordability. Income from more than one source can count, as long as it is verifiable.
MCB Manco refers your application to FinChoice, which is the registered credit provider and applies its own criteria on which income types it accepts and what verification it requires. No outcome is promised at referral.
Yes, you can apply. Instead of a payslip, income is verified from bank statements showing regular deposits into an account in your own name. FinChoice, as the registered credit provider, assesses affordability from that record and decides the application.
Three months is the common request. The purpose is to show a pattern of income rather than a single good month, so statements that cover a representative stretch of trading help the assessment.
Cash that never enters a bank account cannot be verified and therefore cannot be assessed. Depositing your earnings into your own account each month builds a verifiable record, but it needs to run for a few months before it helps an application.
A personal loan is granted to you as an individual, so the assessment is on your personal income and affordability rather than on a company. Requirements are set by FinChoice and vary with the application.
Verifiable income from more than one source can be considered. As with any income, it needs to be visible in a bank account in your own name for the lender to assess it.
