Payday loans for self-employed people

Lenders typically want to see employment income when they’re approving an application, but there are some lenders, such as payday lenders, that are more lenient with their requirements as long as your income is stable.

Compare payday loans for the self-employed

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Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer	Table description
GoDay Payday Loan GoDay Payday Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI	Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.	Go to site View details	Compare	loading Fetching your data...

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How can I get a payday loan if I’m self-employed?

Lenders generally look at income to determine whether you can afford to repay a loan. Some payday lenders consider self-employment income as a valid source of income, while others do not. So if you want to take out a payday loan as a self-employed borrower, your first step is to find a lender that accepts this income.

Lenders look at stability. To increase your chances of approval, you’ll need to show evidence that your self-employment income is regular and steady enough, which you can often do by supplying 90 days’ worth of bank statements.

Eligibility criteria for self-employed payday loans

You will usually need to meet the following criteria in order to get a payday loan as a self-employed borrower.

• Be 18 years of age, or the age of majority in your province or territory.
• Be a Canadian citizen or permanent resident.
• Have proof of an income. For the self-employed, this could be 3 months of bank statements showing regular income.
• Have a valid bank account.

What is a payday loan?

Payday loans are loans between $100 and $1,500 that you must repay by your next payday (up to 62 days later). The borrowing fee is $14 to $17 for every $100 borrowed depending on your province, making it one of the most expensive types of loans. Only take out a payday loan as a last resort and only if you’re sure you can repay it in time. Because they’re so expensive, everything from payday loan amounts to loam terms are regulated at the provincial or federal level.

How to compare payday loans for the self-employed

When searching for a payday loan, consider the following factors.

• The fees you’ll be charged. Fees can include the borrowing fee and any other fees for late or missed payments. Be sure to read these details before signing a loan agreement.
• Turnaround times. If speed is important to you, search for a payday lender that can e-Transfer your funds within minutes after approval. Also, check operating hours because some payday lenders only operate during standard business hours, while others can approve applications 24/7.
• Reputation of the lender. The payday loan space is known to be predatory. Look for a legitimate payday lender that abides by provincial regulations and properly assesses your ability to repay the loan. To help you out, we’ve compiled a list of legitimate payday loan lenders above.

Benefits and drawbacks of payday loans for the self-employed

Are there self-employed payday loans with no credit check?

Some payday lenders run credit checks, while others don’t. Those who do not run credit checks hone in on the stability of your self-employment income and your existing debts. They may need more time to give you approval as they assess your ability to repay the loan.

Even if a lender does run a credit check, it will consider much more than your credit when looking at your application. Just like lenders of no credit check payday loans, it will also look at your income and debts – a credit check is simply an extra step. So even if you have poor credit, it doesn’t necessarily mean you’ll be denied by a payday lender that runs credit checks.

Alternative loans for the self-employed

Your options as a self-employed worker are not limited to only payday loans. Many other lenders offer loans to the self-employed, but often with stricter eligibility requirements. Depending on the lender, you may have to provide up to 2 years of tax returns showing consistent self-employed income. Besides payday loans, types of lending products you can get with self-employed income include credit cards, personal loans or even a mortgage.

Are payday loans legal in my province or territory?

Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

The Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only. Find out how much lenders can charge across Canada in our full guide here.

Compare payday loans for the self-employed

Common questions about self-employed payday loans

• Is it harder to get a loan if you are self-employed?

  It can be harder to get a loan if you are self-employed because self-employment income tends to be less stable than employment income. A less stable income means higher risk for the lender, which is why some do not accept self-employment as a valid source of income.

• Can you get a payday loan being self-employed?

  Yes, it's possible to take out a payday loan if you're self-employed. You'll just need to apply with a lender that accepts self-employment income as a valid source of income.