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

Here’s a method that could help you borrow money quickly, even 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.

LendUp Payday Loans

LendUp Payday Loans

Apply for a payday loan conveniently online and borrow between $100 and $250.

  • Minimum loan amount: $100
  • Maximum loan amount: $250
  • Turnaround time: generally receive the money the next business day
  • Loan term: 7–30 days
  • Good credit not required
  • Confidential and secure

    Are you eligible for a short term loan if you’re 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

    Rates last updated November 20th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    Varies by state
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

    Compare up to 4 providers

    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?

    • Easy availability. Even though some lenders don’t offer short term loans to self-employed people, they’re still relatively easy to find.
    • Bad credit accepted. To be eligible for a short term loan, you generally don’t need a good credit history.
    • Quick access to funds. In many cases, funds can be transferred into your bank account within 24 hours.
    • Fees and charges. Carefully go through all the associated fees and charges before applying for a short term loan. Fees and charges you might have to pay include application fees, account-keeping fees, settlement fees, early repayment fees, and late charges.

    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?

    Frequently asked questions

    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.
    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.
    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.
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    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

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