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	APR	Turnaround Time	Serviced Provinces	Offer	Table description
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	24/7 instant approval and e-Transfer funding.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.	Go to siteMore Info Compare	loading Fetching your data...
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 siteMore Info Compare	loading Fetching your data...
Wagepay Wage Advance Loan Wagepay Wage Advance Loan		$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	BC, ON	Lower and transparent fees. No late or NSF fees.	Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.	Go to siteMore Info Compare	loading Fetching your data...
Money Mart Payday Loan Money Mart Payday Loan		$120 - $1,500	1 - 62 days	Varies by province	As little as 1 hour after getting approved	AB, BC, MB, NS, NT, ON, SK, YT		To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.	More Info Compare	loading Fetching your data...
Cash Money Payday Loan Cash Money Payday Loan		$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, MB, NL, NS, ON, SK		Instant decision and e-Transfer funding. Income of at least $1,000/month required.	More Info 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, which for the self-employed 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.

Since payday loans are so expensive, it’s important to double check that you can take on the additional debt load, and can afford to fully pay it back. That’s especially important when it comes to payday loans, because they typically have to be paid back in full with your next paycheque.

Think carefully and check your budget first. If a payday loan will be too much for your budget, check into some of these potentially cheaper payday loan alternatives.

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

• Can you get a cash advance if you're self-employed?

  Yes, it's possible to get a cash advance if you're self employed from several payday loan lenders in Canada that accept self-employed income, including iCash and GoDay.

• 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.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Co-written by

Emma Balmforth

Producer

Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio