Can you get a payday loan if you are self-employed?

Getting a payday loan is really easy. Companies who provide these loans aim to ensure that getting the loan is as simple and quick as possible in order to remain competitive in the market of easy credit, and have become the notoriously easy way of getting quick cash. You must meet some very basic requirements to get this kind of loan, too. If you’re over 18 and you have a steady income, then you’re pretty much able to get a payday loan – even if you have a bad credit score!

Payday loans are perfect for those who find themselves stuck for money, and unable to make necessary payments. Self employed people, just like other people who work for an employer, sometimes need a payday loan too. The only issue with this is that it can be relatively difficult to provide proof of employment. If you cannot prove that you have a steady income and are in fact employed, then you will not be able to get a payday loan. Though this is an issue, it’s not impossible to get a payday loan if you’re self employed. There are ways round it, including providing the payday loan lender that you are employed by providing bank statements and other financial documents. Formerly, it was more difficult as many institutions did not consider a self employed individual as technically employed.

When you do provide the payday loan company with a bank statement, the first thing that they will do is kook at how much money you currently have within your bank account. Equally, they will check to see whether you do have regular and sufficient income to be able to afford a payday loan agreement. If you are able to afford the payday loan and you have been approved by the lender, then soon enough your application will be accepted and you’ll find the money in your bank account within 24 hours. Nothing could be easier.

When it does come to taking out a payday loan, remember to discuss with your lender the terms of agreement. You need to be sure that you are responsible, and know yourself that you will not have any unexpected expenditure that could mean you cannot afford to make the repayment. Responsible borrowing is the key to financial prosperity, and failure to do this can cause you financial problems in the future.

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