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 and cash advance apps, 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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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Wagepay Wage Advance Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	BC and ON	Key features: 24/7 approval and e-Transfer, no credit check	Go to siteView details Compare product selection Compare	loading
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteView details Compare product selection Compare	loading
Venue Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	BC	Key features: Instant loans, no credit check	View details Compare product selection Compare	loading
Cashco Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	AB, BC and SK	Key features: Instant approval, no credit check	View details Compare product selection Compare	loading

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Alternative: Cash advance apps

Cash advance apps, like payday loans, are small, quick loans with lenient eligibility requirements.

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Finder Score	Costs	Loan Amount	Loan Term	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	$75 REWARD Go to siteView details Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $750	Next pay cycle	Refer a friend and get a $20 credit limit increase on your next withdrawal. T&Cs apply.	Key features: Instant e-Transfers, 24/7, no credit check	Go to siteView details Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-Transfers, 24/7, no credit check	Go to siteView details Compare product selection Compare	loading

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Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.

Read the full methodology

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 three months of bank statements showing regular income
• Have a valid bank account

Can you get a payday loan while self-employed with bad credit?

Yes, it’s possible to get a payday loan if you’re self-employed with bad credit. Payday lenders place less importance on your credit score than traditional lenders. If you have a recurring income, there’s a chance of getting approved.

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 for every $100 borrowed, 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.

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

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

Some payday lenders run credit checks, while others don’t. Those who don’t 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’ll consider much more than your credit when looking at your application. Just like lenders of no credit check payday loans, it’ll 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 aren’t limited to 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 two years of tax returns showing consistent self-employed income.

Besides payday loans, types of lending products you can get with self-employed income include cash advance apps, 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 don’t 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

Frequently asked questions

• 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, including iCash and GoDay.

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

  It can be harder to get a loan if you're 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 don't 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

Senior Publisher

Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 185 Finder guides across topics including:

• Personal Loans
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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

Emma's expertise

Emma has written 120 Finder guides across topics including:

• Banking
• Personal Loans
• Car Loans
• Business Loans