Payday Loans For Self Employed

If you are living as self-employed, a.k.a. 1099 employees or independent contractors, there may be a high chances that you are stuck withing financial woes. The big problem is that traditional banks and lenders do not accept the self-employed to borrow money.

Here, GigsCheck is working like a "Superman" to help millions of self-employed workers and allow them to apply for short-term payday loans online. This little cash assistance not only acts as a saviour for them but can also change their current situation.

What are payday loans for self-employed people?

As of January 2023, there are approx. 16.2 million, almost 10% of the workforce in the United States, are self-employed. Self-employed or 1099 workers include freelancers, independent contractors, or individuals who are not permanent employees under any company or organization.

Payday loans for self-employed or independent workers are short-term loans primarily available online 24/7, allowing self-employed to borrow money. Working as a self-employed gives many benefits like time flexibility and the feeling of your boss. But sometimes, it becomes difficult to manage your budget due unpredictability of income.

At this time, many gig workers opt to apply for online payday loans for gig workers at GigsCheck. This short-term financing helps them to borrow money, especially when crucial expenses crop up and they do not have enough cash to cover them.

Can I get a payday loan if I am self-employed?

The short answer is yes. We all know that loan options for self-employed or gig workers are limited due to unstable income and a lack of confidence in borrowers' ability to repay loans. Plus, being self-employed and having bad credit may increase your struggle to borrow money from banks or lenders.

Some lenders at GigsCheck may consider self-employed people and provide them with short-term cash advances or payday loans. You only need to complete our simple online application form, and we will do our work. Our panel of thousands of potential lenders will approve your loan request. So, don't worry at all and apply today!

What can self-employed payday loans be used for?

Usually, payday loans are designed to cover short-term or emergency expenses and shouldn't be used to fulfill impulse or unnecessary purchases. Some most common reasons you may want to apply for payday loans for self-employed include:

• To cover car payments,
• To pay off credit card bills,
• To utilities, cover rent or mortgage payments,
• Helping you pay bills while invoices are cleared and
• To handle unexpected medical expenses.

According to a report, approx. 58% of people who apply for payday loans struggle to meet their monthly expenses.

At GigsCheck, even with bad credit, you may still be eligible to apply for a cash advance for self-employed people. Once you complete and submit our application form, we will match you with one of our best lenders, who will approve your application and help to secure a loan.

Who is eligible for a payday loan for the self-employed?

To apply for online payday loans for self-employed with us, first you should be:

• At least 18 years of age.
• US citizen or permanent resident.
• Social Security number.
• Government-issued photo ID.
• Regular source of income: part-time or gig work.
• Checking account to receive money.

If your loan application is approved, the lender will send the loan agreement to your email ID. Thoroughly read the terms and conditions, and if you find everything OK, then e-sign and email back to your lender. After that, the lender disburses the funds to your bank account within a few minutes.

What proof of income would I have to provide?

As self-employed and without a regular income, your lender may require other documents. It is confirmed that you can afford your loan repayments on time or not without facing more financial difficulties. It can include things such as:

• Tax returns (for the most recent tax year)
• Bank statements (covering a certain period)
• Valid identification proof issued by the US government

How to apply for payday loans for self-employed?

If you are self-employed, a 1099 worker, an independent contractor, a freelancer, or a gig worker, you can apply for online payday loans with instant approval at GigsCheck. Follow the simple steps below and receive a fast decision within minutes.

1. Apply Online: Fill out our short, fast, easy-to-understand application form to find a lender matching your financial needs.
2. Check Loan Offer: Once you get a loan offer from the payday lender, review it carefully, and if all is good, accept it.
3. Get Your Money: Once your loan is approved, your money will be paid directly into your account within 10-15 minutes*.

Pros and cons of payday loans

Does a self-employed payday loan affect my credit score?

Payday loans do not negatively affect your credit score. Your credit score can be only affected if a loan is not repaid on time. Paying your self-employed payday loan on the agreed date could not affect your credit score.

Typically, paying your loan on time positively affects your credit score and boosts it as lenders report to credit agencies that you are a responsible borrower. Defaulting on your loan lowers your credit score and makes it difficult to secure a new loan future.