Accept Alternative Documents from Freelancers Getting Personal Loans

The Goal. To convince banks that other forms of documents suffice as proofs of the stability of the work that freelancers are doing.

The Problem. In many Asian countries, there is a great portion of the working population who are home-based and do freelance work. The kind of work these freelancers do range from writing content for online, creating visuals, logos, advertisements, designs, etc. There is a large community in the freelance industry dedicated to providing their creative output to their clients, who are mostly based overseas.

When freelancers apply for personal loans, their work is regarded as unstable, and therefore the process is tougher for them, because they cannot provide the standard employment documents and proofs. They should provide tax return statements, company ID, and many more – of which they don’t have. But that doesn’t mean they should be denied their application.

The Solution. Banks should accept other documents that prove of a freelancer’s employment. Depending on the service the freelancer is giving to client, the document required can be in a form of a compilation of submitted outputs that show what goods and services are exchanged for payment. The freelancer will be willing to comply with this, and if requested, can also give a proof of receipt for payment. Consideration should be given to freelancers, especially those who have been in the freelancing industry for a long time. Their track record should be enough proof of the stability of their monthly income source.

Are you a freelancer? Do you happen to be based in Asia? If you need more information about personal loans in Malaysia, Singapore, Philippines, and other countries in  Asia, visit https://www.gobear.com/my/personal-loan.