Hair Dresser loans, pay checks?

My girlfriend is a hair dresser and her weekly income changes all the time. She was told that she cant get a loan unless she has a steady pay check with the same ammount every time. Is this true? I cant find any info on this and would like to show her that there has to be away for her to get a loan with this job.

Any info will help!!

Hair Dresser loans, pay checks?

No, assuming she has been honest and reported her income on her taxes correctly every year she should be able to get a loan (some self employed people under report the amount of money they make or they over report the amount of materials they purchased, making their income look very bad). If she has been honest in her reporting then she should be OK...if she has been less than honest on her taxes she will probably not be OK.

Check with a reputable bank and they can tell her exactly what she needs to do to get a loan. If they tell her just because she is self employed she can't get a loan then it isn't a reptuable bank (I mean if you had to have a steady paycheck for a loan there wouldn't be any self employed people out there!).

Hair Dresser loans, pay checks?

One way for them to turn her down because she doesn't have a steady pay check. They're afraid that if she doesn't make enough money in one month, she'll not be able to pay back the loan.

Approve for the loan also depends on how much money she has in her saving account. Lots people working with commission do not earn the same amount every month. However, they put the money aside for the month they don't earn as much.

The bank can look at her saving and average it out. If one month she doesn't make enough money but she has a good saving, she should be able to get the loan because she's capable of paying back even when she doesn't bring home as much as she should.

Hair Dresser loans, pay checks?

Who told her that?

If she makes regular deposits at her bank, they will see that she has steady income.

Tell her to deposit a set amount (cash and checks, but make sure it's the same amount each week) on a weekly basis, so it looks like a paycheck.

Her bank will give her a loan.

Hair Dresser loans, pay checks?

From what I have been told and read. If she has had the job for two years she can show what her average income is and use that as a basis for a loan. Two years is an industry standard though if you have good established credit they will sometimes waive the whole two year thing if you have a letter from her employer stating what her average salary is and will be in the future.