How to Obtain a Payday Loan for a Self-Employed Person?
Is it possible to get a payday loan for a self-employed person online?
You will find everything you need to know if you want to receive money in a short period even if you are self-employed
We’ve collected the most popular questions self-employed people ask themselves. These questions will help you to find the answer.
Can I get a payday loan If I am self-employed?
Even if you have your own business and have a good cash flow, everybody has ups and downs in his life, and the same thing could happen with your business. Sometimes self-employed people can face a problem of receiving extra cash for the business. That is the exact time when you should think about payday loans. Everybody has a real chance to receive this type of advance, no matter rather you are a bank officer of a self-employed person. You just need to prove your positive income status of your business. If you prove that you can pay the loan back, lenders will provide you the cash. What you need to do is to fill out the form and wait for approval.
How can I get a payday loan for self-employed? Tips about the process.
While you are filling the form online, you can choose the amount of money you need. Usually, this sum hesitates between $100 and $1000. You will be able to discuss the payback period with the lender. Usually this type of short-term loan, which Is called “payday loan” can be paid during 12 months. But different lenders have their terms and conditions. Also, they will provide you all fees and rates. Some of the lenders can ask you to provide some extra docs so that you can prove your income.
Things you should consider while comparing short-term loan options:
- The amount you can get from the lender. The more you want to get the more lenders will look through and analyze your financial conditions. It is much easier to receive $100 loan than $1000, and you should analyze your demand before applying for a payday loan, especially if you are self-employed.
- Take into consideration the fees you need to pay for the loan. All lenders have strict rules about fees charging. There can be two types of fees charging: monthly fee (4%) and establishment fee (20%). Make sure to recheck this.
- Repayment period. This point should be discussed with the lender as a must have. Some of the lenders can give you a cash advance only for 16 days (sometimes up to a month), but some of them provide loans up to 12 months. So, make sure you know the deadline, and you want to repay any additional penalties.
- Different penalties if you are late to repay. Different lenders have different conditions about that. If you know that you are going to delay you repay, make sure you’ve chosen the best option with the softest additional penalties.
What are the pros and cons of payday loans for self-employed people?
Easy cash. Maybe sometimes it is a problem to get a payday loan for a self-employed person, but there are still a lot of lenders who can provide you this amount of money.
Bad credit is not a problem. Even if you are a self-employed with bad credit history, there is a big chance to be approved for a loan. All you need to find this out is to fill the form.
Fast cash. Usually, the whole process is very quick (it is better to call it – instant decison), and people receive their money during 24 hours. So, if you need extra quick cash – this type of help is the best for you.
High charging fees. Usually, if you pay back everything on time, there are no any problems, but if there is a repayment delay, you can receive an additional penalty to pay. So, be careful and learn everything about delays, additional penalties, etc.
Need an extra piece of advice?
- Do not try to get multiple loans at once. You should understand that all lenders have information about your credit history. It is not recommended to take more than one loan at once. Better to take more cash than making several applications.
- Always repay on time. This factor is very important when lenders analyze your credit history, and if you make constant repayment delays, it is a big chance that you will be declined for a loan for the low score.
How do I apply for a self-employed short-term loan?
That is the simplest part of the story. All you need to do is just to fill out the application form on our website, and then some lender may contact you. And when your application is approved, you will be able to receive the loan the same day (usually it takes 24 hours).
Any additional requirements?
Usually, the only requirement is to be at least 18 years old. That is all! Some lenders have their safety requirements, and you will be able to find them out while filling the form online.