Payday Loans For Independent Contractors

The significance of payday loans for independent contractors…

Payday loans for independent contractors are short-term loans for anyone who works as an independent contractor, 1099 employee, freelancer or participates in the gig economy. Working as an independent contractor gives you the privilege of living like your own boss, but sometimes managing your budget becomes difficult.

Independent contractor income is not always predictable, and that's why banks and other financial institutions do not allow them to apply for a loan. That's why most independent contractors and 1099 employees apply for instant approval payday loans for gig workers.

Such loans are also known as cash advances, unsecured loans usually given out against the borrower's future payments. For independent contractors, income means their upcoming payments from projects, client invoice, or their forms of income sources.

Payday loans for 1099 employees or self-employed are beneficial when unexpected financial trouble occurs, especially when you don't have the cash flow to cover them on time.

Can I get a payday loan if I am independent contractor or 1099 employee?

The shorter answer is yes, but lenders are limited to those who offer payday loans for independent contractors or 1099 employees. The few options for personal loans for independent contractors are due to a need for lenders' confidence in the borrower's ability to afford a loan. The unpredictability of contract duration and payment schedules can result in irregular income streams, which might affect the loan repayment, too.

The good news is that GigsCheck has 40+ payday lenders from which you may be eligible for a payday loan, plus they accept income from all gig economy categories. Complete our online application form, and we'll start matching you with the potential lenders most likely to approve your loan, even if you have a bad credit score.

Features of payday loans for independent contractors

• Lightning-fast approval: In most cases, payday loans at GigsCheck are approved in minutes and provide you with immediate decision without waiting. It means no need to hold your cash shortage for extended periods.
• Enough loan amount: Payday loans online offer short-term and small amounts of money ranging between $100 and $2,500. Because of the small amounts, borrowers can easily manage and repay on time. However, interest rates are higher, which we discuss next.
• Higher interest rates: Payday loans for independent contractors quickly get approval and are offered more lenient than other credit options. However, lenders charge high interest rates to cover their lending risks. So, make sure you can repay your loan on the due date.
• Shorter repayment time: Payday loans are designed to provide fast funding and instant approval, but you get a shorter repayment time, usually 16 days to 30 days. The good thing is that modern payday lenders are offering instant cash advances for gig workers for 6-12 months.

Who is eligible for a payday loan for the 1099 workers?

If you are working as an independent contractor, a 1099 worker, or as a self-employed individual and looking to apply for a payday loan, you should be:

• At least 18 years of age or older.
• Have a valid mobile number and email address.
• Currently, be a legal U.S. citizen or resident.
• Have a valid Social Security number.
• Have a bank account registered in your name.
• Be working part or full-time and have a regular income to make repayments.

How to get a payday loan as an independent contractor?

• Apply online: Answer a few details about yourself, your banking details, and your income, and you're done! Within a few minutes of applying, you get instant approval.
• Get approval: Once you apply for a 1099 worker loan, you'll get an instant decision from one of our vendors regarding a loan offer. Just review and e-sign your loan agreement if you find everything OK!
• Receive cash: We'll send the money within 10-15 minutes (subject to bank) into your account after you accept the loan agreement. GigsCheck ensures that our hard-working independent contractors get their money as fast as possible and, on the go,

Why choose us for an independent contractor payday loans?

If you work as an independent contractor, gig worker, 1099 employee, freelancer, or self-employed individual, our payday loans may be for you. At GigsCheck, we offer loans for independent contractors with bad credit up to $2,500.

Applying for payday loans for 1099 employees is 100% online and available 24/7, even if you have bad credit. Application with us will not affect your credit score, and you can get funds within 10 minutes* after approval.

• Our payday loans are designed to provide fast cash to independent contractors and 1099 workers to strengthen them financially.
• Our rates are always transparent, with no hidden charges or fees and no unwanted surprises.
• You can repay the loan early without any penalty.
• Checking offers will not impact your credit score.
• We are one of the few providers who can offer payday loans ($200 – $2,500) and installment loans for independent contractors ($2,500– $5,000).

What can payday loans for independent contractors be used for?

Once you get your payday loan, you can use it per your requirements. However, some common reasons to apply for payday loans for independent contractors include the following:

• To cover short-term cash flow issues.
• Necessary vehicle repairs.
• To get financial help during slow seasons or if a contract ends unexpectedly.
• Paying for an unexpected cost at home
• Helping you pay bills while invoices are cleared.

Even if you have a bad credit score, you can still qualify for payday loans for independent contractors or self-employed through GigsCheck.

What proof of income would I have to provide?

As independent contractors or 1099 workers, lenders may request you show proof of income. It is essential for them, and they take it as an assurance that you can repay the loan without falling into financial difficulty. Following are documents you can use:

• Bank statements and pay stubs.
• Contracts and agreements.
• Employment verification letters from your current employer.
• 1099 tax forms.
• Invoices and other proof of incoming income.

Does a payday loan affect your credit score?

Applying for payday loans doesn't affect your credit score negatively. However, if you do not repay your loan on the due date, it could negatively affect your credit score. If you consistently repay your payday loan on time, it could positively affect your credit score and help boost it. A good message conveys to credit agencies that you can accurately manage your money matters.

If you aren't able to repay your loan, it is recommended to contact your lender as soon as possible. Defaulting on a loan not only decreases your credit score but could also limit your credit options in the future. Almost every lender has a solution that helps you to repay the loan.