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Payday Loans for Self-Employed

Many people wonder if there are payday loans for self-employed available.

Managing own business may be difficult, and there may be different situations due to which such people have cash flow gap, for instance, their customers have not paid them on time, there are unexpected repairs that have to be done, new equipment should be purchased because there is a great special offer available, etc.

In this article, we will go through this topic to find out how to get a payday loan if you are self-employed.

payday loans for self-employed

Why It May be Difficult to Find a Lender?

Cash Advance for self employed may be difficult to find even online for a few reasons.

The thing is that most lenders prefer borrowers with a stable job, and not all self-employed people have a steady income.

If you go through the requirements of lenders, you will see that they usually want to know where you work, for how long you have been working for the same employer, what your salary is.

Moreover, lenders also prefer those working for large, reputable companies, such as Walmart.

Federal employers also have a good chance of qualifying.

Generally, many lenders consider self-employment to be a risk factor because such people often do not have a stable monthly income.

Therefore, it may be problematic to find lenders willing providing loans for self-employed.

However, this does not mean that it is impossible, and your success really depends on different factors, including the following:

  • Your average monthly income;
  • How long you have been self-employed;
  • Your credit score;
  • How much money you need to borrow.

When Do You Need to Opt for Installment Loans?

When it comes to personal loans, payday lending is not the only option that you can consider.

If you do not need much money to pay back in up to 31 days, then opting for a payday loan would be the right choice.

If you need more to cover larger expenses, consider applying for installment loans.

Moreover, payday lending is not allowed in all US states, so if you live in one of them, you will not be able to get a payday loan anyway.

How Can You Get a Loan?

It is possible to get a payday loan if you are self-employed.

The thing is that you can show your bank statement in order to prove that you have a regular income.

The longer the period of the statement, the better.

This is how the lenders will be able to check if you have been getting an income regularly.

You can add additional information about your employment and income when filling out your loan application.

Also, you can contact the lender or the customer support reps to find out what chances you have if you are self-employed.

How to Find the Right Lender?

It is possible to apply with direct lenders or send your application through lending platforms.

Remember that sending too many loan applications may affect your credit score.

When choosing a lender, you should pay attention to the following matters:

  • Their requirements (the level of income, employment status, etc.);
  • Conditions (APR, any fees, etc.);
  • The reputation of the lender.

If you have bad credit, you may need to deal with those who run no credit check.

Also, opting for a secured loan may be an instant solution for difficult situations.

APR Disclosure

Annual Percentage Rate (APR) is a measure of the cost of credit, expressed as a nominal yearly rate. It relates to the amount and timing of value received by the consumer to the amount and timing of payments made. cannot guarantee any APR since we are not a lender ourselves. An APR can generally run between 5.99% up to 35.99%. Loan products general have a 61-day minimum repayment term and a 72-month maximum repayment term. Before accepting a loan from a lender within our network, please read the loan agreement carefully as the APR and repayment terms may differ from what is listed on this site.

Representative Examples For APR, Loan Costs & Fees

Loan Amount $1,000 $2,000
Interest Rate 24% 19%
Loan Term (Months) 12 24
Fee 3% 5%
Fee Cost $30 $100
Repayment $94.56 $100.82
APR 29.82% 24.12%
Total Payments $1,134.72 $2,419.68
Total Costs $164.72 $519.68
The operator of this website is not a lender, financial institution, broker or an agent of a lender.

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