finances

Options For The Self-Employed Who Need Cash Now But Have Bad Credit


Options For The Self-Employed Who Need Cash Now But Have Bad Credit

Being self-employed is a good way to earn a living because you have all the freedom and flexibility that never comes with a full-time job. You are your own boss and may even work from home. Exciting as the prospect may be, it has some downsides as well. One of these is that you may get into a fix if you want a loan for fulfilling immediate cash needs. Since you will probably not have a regular paycheck to prove your financial viability, a majority of traditional lenders could be apprehensive about extending a loan to you.

Things can be even tougher if you don’t have a great credit score because this is one parameter that decides your eligibility to a considerable extent. So what do you need to do to get a quick loan when you need cash now but have bad credit? Thankfully, you have some options because there are lenders who would still be willing to provide bad credit loans. However, you need to know the hard facts about these options before you choose the one that works best for you. Here are the alternatives that self-employed professionals can explore.

Need cash now with bad credit? Know your options! 

As someone who works for oneself, the biggest challenge to get approval for a loan lies in proving your repayment capacity. In such circumstances, lenders may not be really keen to ignore your credit score when it comes to approving your application. With some hard work, you may be able to find someone who will but they will probably demand extensive documentation to validate your capacity to repay. They may even want collateral for security or ask you to get a co-signor for the loan. Does it have to be so tough just because you are self-employed and have a low credit score? No, it need not because you can apply for a cash emergency solution online. Here is a range of solutions that you can get at a loan website.

Cash advance online 

Immediate cash needs can be a challenge for anyone, whether you are working full time or freelancing. You will need money right now and time is the essence. A cash advance online is the best thing that can come to your rescue, specifically if you are struggling with your credit score. All you need to do is just access a loan website, fill a small form and your application is good to go with just one click. 

Bad credit is not a big deal because your application goes to multiple lenders, which gives you a high probability of approval. Not working in a full-time job is also not a concern because you just need to provide proof of regular income, whether it comes as self-employment income or salary. Whenever you need money immediately, go ahead and apply for a cash advance online.

Online payday loans 

Another easy option that freelancers who need money now despite bad credit are online payday loans. Essentially, this is a very short term loan that lets you access cash right away but pays it back with your next paycheck. The loan period extends to only a few weeks, which means that you can choose this option if you want to fulfill your instant cash needs without piling up a long term liability. Payday loans are ideal for individuals with a bad credit history because the paycheck itself acts as your credit.

Online lenders are actually willing to ignore the hard credit checks (as they happen with traditional loans) because of the short term nature of the loan. And it hardly matters whether the paycheck comes from your employer or independent clients you serve as a freelancer. If you can show proof of regular income, the lender will be convinced about your ability to pay back and will overlook a weak credit score.

Personal loans online 

You can also apply for a personal loan online if you don’t want to access a secured loan from a traditional lender. The upside of applying with a loan website is that their formalities are minimal and you need not provide security. Further, bad credit is not a major concern with this form of online borrowing, just as with cash advance and payday loans. As long as you are in a position to pay back, lenders will not be concerned whether you are a working professional or a self-employed individual. 

You can even apply for an installment loan with this option if you want a larger amount that can be paid back comfortably in smaller installments. The best part is that cash is available right now but you have to return it over an extended time span. Further, you can discuss the loan term and installment terms with the lender and work them out according to your comfort level with your self-employment income. 

Discover the ease of online loans if you need cash now with bad credit

When you need money immediately, the ease and speed of borrowing really matter and this is exactly what you get by applying online. The easy steps of an online loan include filling the form, getting an approval, signing a contract and getting the cash. You need not do much to qualify and extensive documentation is not a requirement. Moreover, facts like the borrower being self-employed or having a bad credit score do not have anything to do with approval. As simple as that! Whether it is a mortgage payment or utility bill, medical bill or monthly rent that you need to pay right now, an online loan has you covered. 

Despite the ease of online borrowing for fulfilling immediate cash needs despite bad credit, you must not take things frivolously. A responsible attitude towards borrowing is essential because not paying on time will only worsen your credit score. On the other hand, being regular with clearing your loans can actually have a positive impact on the score and improve your chances of getting a loan in the future. 


Samantha hails from Virginia and is a proud wife to a retired Deputy Sheriff and mother to two amazing little boys named Jack & William. A veteran product reviewer; Samantha has been reviewing products for 8 years and offers high quality product reviews with original photography.

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