Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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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.
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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