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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.
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.
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.
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Where can I get a short term loan I’m
Self employed and have bad credit
Hi Michael,
Thanks for leaving a question on finder.
Although some lenders may require that you have a perfect credit score before you apply, there are many out there that will gladly accept applications from people without the best credit. While you may find yourself paying higher interest than other borrowers, if you have a steady source of income and the ability to repay your loan, there is likely a lender that can finance your next personal loan.
Check our guide on bad credit personal loans to compare and read our guide.
Cheers,
Joel