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28
Jun
How a loan saved a business in a time of crisis and prevented bankruptcy
At the beginning of the pandemic, Mike, the owner of a small coffee brand "BeanStory," faced a sharp drop in sales of almost 80%. Rent, barista salaries, and coffee bean purchases—everything required monthly expenses of around 25,000 USD. His cash reserves were only enough for two months.Mike took out an express business loan on the "BizBoost" platform:Loan Amount: 25,000 USDRepayment Term: 6 monthsInterest Rate: 2% per monthAfter receiving the funds, he reallocated the budget: part went to rent and employee payments, and part went to online sales of coffee sets with delivery. At the same time, he invested in social media marketing and launched a "Takeaway Coffee with a 20% Discount" promotion.Result:Online orders compensated for the decline in in-store sales.He retained all his baristas and avoided penalties for late rent payments.The brand and customer base were preserved.Six months later, thanks to a smart strategy and timely financial support, "BeanStory" returned to its pre-crisis turnover levels and even expanded its product line—it's no longer just a coffee shop, but its own small roastery."This loan became the medicine for my business: without it, I wouldn't have pursued online sales and wouldn't have attracted new customers. Today, I'm confident we can handle any difficulties!"
28
Jun
Unlock Your Dream Home: Explore Our Home Loan Options.
I wouldn’t say it’s harder to get a mortgage if you’re self-employed, but it’s less straightforward than for an employed person. You’ll find that lenders will ask you for more documentation. They’re potentially going to look at your income a little bit more closely, compared with an employed person who will just have to provide payslips and maybe some bank statements.One of the outcomes of Covid last year was that it took a while for mortgage providers to start lending to more self-employed clients. There were minimum deposit restrictions in place. Some lenders still have these – they will ask for a 25% deposit if you’re self-employed.But most are going back to the norm now.Lenders vary in terms of how much they will lend self-employed people and the type of self-employed clients they will accept. That just means you need to do a bit more research before you apply to a lender.What if I only have one year’s accounts?You should still be able to get a mortgage with just one year’s accounts. The majority of lenders usually want two years’ history as self-employed, but some will accept a year’s self-employed income.There are even lenders who in some scenarios would accept the self-employed from day one. For example if someone who had one year’s accounts as an accountant decided to be a self-employed builder, they might struggle because there’s no work experience history. But an employed accountant moving to become a self-employed accountant is more likely to be accepted with a year’s accounts.Imagine a doctor that has worked for the NHS for five years is buying into a local, established practice. Many lenders would consider that from day one because the practice already has history. So it is definitely possible to get a mortgage with one year’s accounts, and sometimes less.As brokers we’re here to help. We’ve got a really good understanding of which lenders are most suitable for every type of client.Are self-cert mortgages still available?Thankfully not, but we have seen some companies try to set up self-certs abroad. I would avoid those companies like the plague.Self-cert mortgages are not a good idea – back in 2008 a major factor in the credit crunch for the mortgage world was self-cert, and so they’re not available anymore.Can you get a joint mortgage if one person is self-employed?It does help to have someone else on the mortgage who’s employed, particularly when it comes to credit scoring. It will also increase the amount you can borrow, because the lender will base the loan on your combined incomes.One thing to do before you apply for a mortgage if you’re self-employed is to have a look at your credit score and register on the electoral roll. Some lenders might score you more harshly when you’re self-employed as the risk to them is higher.With mortgages for the self-employed a broker really comes into their own – we can look at all the different options.What’s the difference in mortgages for a sole trader and a limited company director?A lot of this is to do with how the lenders treat you – firstly in terms of how they calculate your income. If you’re a sole trader or running a partnership, the lender will usually take two years worth of your tax returns. They’ve got various names: tax calculations or SA302s. The lender will usually work off your net profit, which is your income after your expenses. They will usually take either an average of your last two years’ net profits or use your latest year if there’s a steady increase.The main difference for a limited company is that even though you’re self-employed, you’re actually employed by your limited company and receive your income via salary and dividends. The majority of lenders will use your two years’ salary and dividend figures from your tax calculations.But there are also lenders that will disregard your salary and dividends and go for your net profits instead – that will often allow you to borrow a lot more. So, as a limited company the way lenders can view you will vary considerably.How much can a self-employed person borrow on a mortgage?Where affordability can vary is whether the lender uses the average of your last two years or your latest year. The average income might work out at, say, £25,000 but if your latest year is £40,000 that could be quite a big difference.But it’s with limited companies that we see the biggest difference in affordability. A limited company director may have taken a salary and dividend of say £40,000 – some lenders will take that as the income. But perhaps their net profit is £100,000 a year. Other lenders will take that as your income – which means a massive difference in how much you can borrow. NatWest or Halifax will use salary and dividends while Coventry and HSBC, for example, will use the £100,000.If you want a rough idea of how much you could borrow, the very general rule is about 4.5 times your income, up to a maximum of about 4.75 and, in some very rare instances, up to 5 times.
28
Jun
How a Quick Loan Helped Olivia Buy Her Dream Home at a Great Price
When Olivia discovered by chance that a family in her neighborhood was urgently selling their home at a rock-bottom price before moving abroad, she knew it was a once-in-a-lifetime opportunity. However, she was 21,000 USD short of the full purchase price. Without that amount, the deal could’ve fallen through—and another buyer with ready funds would have snapped it up. Olivia turned to the online service ATM Credit for an urgent consumer loan: Loan amount: 21,000 USD Repayment term: 48 months Interest rate: 1.3% per month On the very day her application was approved, the funds were transferred to the seller’s account, and Olivia closed the deal. In the end: The market value of the home was 120,000 USD, but Olivia paid only 84,000 USD—a 30% discount. The loan covered just 17.5% of the purchase price, enabling her to bridge the gap without missing out. Key benefits of the quick loan in Olivia’s story: Instant decision – her application was processed within hours and funds delivered the same day. Timely deal – without the loan, she wouldn’t have seized the discount, and the house would’ve gone to someone else. Long-term gain – even accounting for interest, the loan pays for itself thanks to property appreciation and eliminated rent payments. “Without this loan, I would’ve missed my chance. Now I own a cozy home at a price rarely seen on the market, and I feel completely secure about my future!”
28
Jun
How a quick loan helped purchase a car and improve quality of life
When Jack realized that commuting without his own vehicle would make it difficult to get to his new job in a neighboring city, he started looking for a solution. The cost of a reliable used car was 18,000 USD, and he only had enough savings for a down payment. Tired of inconvenient transfers and constant delays, Jack turned to the online service “ATM Credit” for an urgent auto loan. Loan amount: 18,000 USD Repayment term: 36 months Interest rate: 1.4% per month Just a few hours after submitting his application, Jack received approval, and the next day the funds were transferred to the seller’s account. His new car enabled him to: Reduce commute time from two hours to just thirty minutes. Increase his income by taking on a more prestigious project that required mobility. Lower stress and transportation costs on taxis and buses. One month into his new position, Jack earned a promotion and a salary increase, making loan repayment comfortable and predictable. “Thanks to this loan, I get to the office faster and accomplish more tasks. The car has become not a luxury, but an essential tool for advancing my career!” This story demonstrates how timely financial support not only facilitates the purchase of a car but also unlocks new opportunities for growth and stability.
28
Jun
How a Loan Helped Pay for Surgery and Saved a Life
When Milana was diagnosed with peritonitis and faced the risk of a ruptured intestine, her family found themselves at a dead end: the emergency operation cost 24 000 USD, and they had no available funds. Friends recommended the ATM Credit service, where she could quickly obtain a personal medical loan. Loan amount: 24 000 USD Repayment term: 24 months Interest rate: 1.2 % per month On the very day she submitted the application, Milana received the funds and was operated on that same evening at a private clinic. The surgery was successful, her condition stabilized, and a week later she returned home to recover. Thanks to this timely support, her family not only saved Milana’s life but also avoided serious complications that could have led to prolonged treatment and additional expenses. “If it weren’t for this loan, I wouldn’t have had the surgery in time, and it could have ended tragically. Every day now, I’m grateful to the platform for providing the money so quickly!”
28
Jun
How a Quick Loan Helped Finish Studies and Get a Prestigious Job
When Marina faced unexpected problems paying for her final semester of her Master's in IT Management, she only needed to raise 250,000 RUB to continue her studies and get her diploma. Her family couldn't go into debt, and her friends didn't have that amount either. The application deadline for an internship at the international company "TechVision" was approaching quickly—if she couldn't pay off her tuition and get her coveted diploma, her chance at the prestigious position would vanish.That's when Marina applied for a quick loan with the online service "ATM Credit." The application took just a couple of minutes to fill out, the decision came within an hour, and the money was on her card the same day.Loan Amount: 250,000 RUBRepayment Term: 12 monthsInterest Rate: 1.5% per monthThanks to the loan, Marina was able to pay for her final semester, successfully defended her thesis with honors, and soon started her internship at "TechVision." Six months later, she was offered a full-time position as a Project Manager with an annual income of 2 million rubles."Without this loan, I wouldn't have been able to finish my semester and would have lost an incredible opportunity at the start of my career. This support was the launching pad for my success!
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