Payday Loans for Self-Employed Individuals
Payday Loans for Self-Employed Individuals
Artists, sales consultants, lawyers and other self-employed individuals, once had to make sure their savings are always strong to serve unforeseen needs such as emergencies. Today, the lending market is growing more accommodating to all sorts of professionals and self-employed individuals couldn’t have been left out. Some lenders of payday loans and the payday loan derived installments loans, now extend the benefits of their services to self-employed individuals, as bank verifications become easier by the day.
How do Payday Loans work?
Payday loans, as the name suggests and as many readers would already know, are small short term loans, which are essentially to be repaid on the next pay date of an individual, ideally between 7 and 14 days from the loan disbursement date. These tend to be quick loans with simple to meet requirements of qualification.
Payday loans are available in the US through non-bank direct lenders. To get a payday loan, a borrower has to fill in the application form and provide relevant details and documents. The lender is supposed to verify these, assess the safety of the lending process to a certain extent (some lenders may choose to also perform a credit check) and provide a mutually agreeable offer via an agreement. Once mutually agreed, the loan is deposited (in most cases electronically) into a checking/bank account of the borrower.
Repayment is typically to be done in a single installment on the due date though some states may allow installment/multiple part payments of the due amount and some lenders, in such states, may offer payday loans of various kinds that are designed with such terms of repayments.
How do Payday Loans for Self-Employed Individuals work?
With the banking system being supportive and quicker at response today than it ever was before, payday loan lenders now do not have to use a pay-slip along with a bank statement as a verification of income consistency and source.
Instead, a payday loan lender can simply verify the authenticity of the provided personal bank statements and that data can give the picture that’s needed to assess what amount of a payday loan is likely to be safe for a borrower.
The difference between a payday loan for a salaried individual and a self-employed individual is simply that the self-employed individual – for reasons of practicality – typically gets exactly 14 days to repay instead of a particular pay date on which the repayment is to be done.
What are the eligibility requirements?
Payday loans are fairly easy to qualify for. While various lenders may have different requirements, our requirements a CapitalPaydayCash can be treated like a benchmark – we are perhaps the payday loan lender most friendly to self-employed individuals. Here’s what you as a self-employed individual, would need in order to apply for a payday loan or a short term loans from us:
- A bank account statement for 3 past months
- An income of at least $1000 per month credited in your bank account in the last 3 months
- Bank/checking account details for deposit
- Proof of citizenship/permanent residence in the US along with proof of current address
- Age proof (18 years or older)
- Your SSN
PS: If you take all your earnings in cash, payday loans may not be offered to you.
Are there Payday Loans for Self Employed Individuals with Bad Credit history?
Many payday loan lenders do not use data from your credit history for the loan decision. This is because payday loans are of very short terms and your credit history is designed to indicate credit health for longer term purposes. The income is a better indicator of repayment ability and hence that is what is used by most lenders.
Payday loans from CapitalPaydayCash are amongst the most preferred loans by self-employed individuals in the USA, seeking loans while having poor credit history.
A Line in Caution about Short-Term Payday Loans
Payday loans and their derived short term installment loans are high interest loans. These are designed for emergency use and not intended to be a routine financial borrowing solution. The loans have fees applicable on them. Borrowers are advised to be cautious while deciding to take a payday loan.
How to get a Payday Loan from CapitalPaydayCash being Self-Employed
The application process for payday loans is simple and as self-employed individuals too, the same process of application is to be followed for the loan. A simple form that should take less than 3 minutes to fill and submit, is all that it needs to initiate the process. You shall receive the offer from us shortly and only on your understanding and acceptance of the agreement, shall your loan be processed.