How to get a short-term loan if you’re self-employed

If you own your own business, no matter what size, cash flow can be difficult and can put a strain on your personal finances. People who aren’t eligible for conventional forms of credit such as personal loans or credit cards, or who need the money more quickly, can consider short term loans as an alternative. If you’re in this position, find out what your options are in the guide below.

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Am I eligible for a short term loan if I’m self-employed?

Short term lenders have more flexible lending criteria than banks or credit unions. To increase your chances of approval, you’ll need to show evidence of a regular income, which you need to do by supplying 90 days worth of bank statements. Some lenders won’t consider self-employed applicants, but others will. You can check the eligibility criteria before you apply.

How does a short term loan for self-employed people work?

These loans are usually available in small amounts, such as $500. But you can also get short term loans for up to $2,000.

Lenders will look at your banking history if you’re self-employed. They’ll work out a repayment plan for you or let you select repayment terms to work with your budget. In terms of eligibility, you may be asked for additional documents to verify your income since you won’t have regular paystubs.

Comparison of loans for the self-employed

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Name	Product	Filter Values	Loan amount	Turnaround time	Requirements
BadCreditLoans.com			$500 to $10,000	As soon as next business day	Depends on lender requirements, poor credit borrowers may still be able to qualify for a loan. Must live in an eligible state.	With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.	Go to site More Info		loading Fetching your data...
MoneyLion Instacash advances			$250, $300 with RoarMoney account	3 to 5 business days to external checking account, 12 to 48 hours to RoarMoney account	Bank account must have at least 60 days of activity, show recurring deposits and must have a positive balance	Fee-free, interest-free cash advances up to $250.	Go to site More Info		loading Fetching your data...
OppLoans Installment Loans			$500 to $4,000	1 business day	Direct deposit, Meet minimum income requirements, Live in eligible state	Comes with the option to change your due date so you won’t fall behind on repayments.	Go to site More Info		loading Fetching your data...
CashNetUSA Loan			Varies by state	As fast as same business day	Regular source of income, bank account, US citizen or permanent resident, age of majority in your state	Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.	Go to site		loading Fetching your data...
Fast5kLoans Short-term Loans Connection Service			$100 to $35,000	As soon as the next business day	Regular source of income, Verifiable bank account, US citizen, Ages 18+	Get connected with multiple lenders you might qualify with — even if you have bad credit.	Go to site More Info		loading Fetching your data...
LendYou Short-term Loans			$100 to $2,500	Same business day to 1 business day	$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+	Get offers from potential lenders in minutes by filling out just one online form.	Go to site More Info		loading Fetching your data...

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How you can compare your short term loan options

• How much you can borrow. When applying for a short term loan, you can typically expect to receive any amount between $50 to $2,000, although this is subject to the lender looking through your financial situation.
• The fees you’ll be charged. Fees vary by lender and can include things like establishment fees or early repayment fees. Be sure to read these details before submitting a loan application.
• How long you’ll have to repay the loan. In some cases, you have to repay the borrowed money in as little as two weeks. Make sure you can afford the repayment terms.
• What fees apply for late repayments. Failing to pay back your loan on time could result in late payment penalties. Lenders often charge a fee is you don’t make your repayments on time. It’s be a good idea to compare these too, if you think you might be late with any of your payments.

What are the benefits and drawbacks of these loans?

Is there anything you should avoid?

• Applying for too many loans. Remember that loan applications count as an inquiry on your credit report. Avoid applying for too many loans if you aren’t approved right away.
• Accumulating debt. Getting a short term loan requires that you repay it on time. If you don’t, you’ll only end up accumulating debt. Remember to budget for your loan repayments before you sign on the dotted line.

What’s next?

• Need up a loan up to $5,000?
• Want a loan you can pay back in up to 2 years?
• Looking for a low interest short term loan?

Frequently asked questions

• Will my credit history be checked?

  Generally a lender will check your credit history, regardless of whether you’re self employed or not. There are some lenders who won’t. Remember to compare before applying.

• How do I apply?

  Choose a lender from the options above and click “Go to Site” to start your application. Fill out the required details and then wait to hear whether you’re approved, which can take only a few minutes with some lenders. You can sometimes receive your money on the same day depending on when your application is approved.

• What is the eligibility criteria?

  This differs between lenders and is something you need to check before you apply. Most lenders require that you’re a US resident who is at least 18 years of age with a regular income.