Payday loans are easy to get if you have a job and a bank account, but they are not so easy for a person that is self-employed. If you are self-employed and need cash fast, you might need to spend a few extra minutes gathering the right documentation before you apply for a payday loan. While it may be harder to get a payday loan if you run your own business, it is not impossible. Here are some tips to help you get approved for a payday loan, even if operate your own business.
Look for the right lender
The first thing to do is look around at various lenders. Some advertise that they offer payday loans to people that are self-employed, and this is the type of lender you should look for. Your chances of getting approved might be greater if the lender is experienced with giving loans to people in your situation.
Be prepared to give bank account statements
Without a normal, steady paycheck, a payday loan lender has no way of verifying if you actually have the means to repay the loan. This can make it harder to get a loan; however, there is another way to prove you have income. You can submit copies of your recent bank statements to the lender. This will show that you have deposits going into your account, and it will help you prove you can repay the loan.
While the requirements vary, many payday loan lenders will want to see the last two or three bank statements you have. One bank statement might not be enough, because it will only show deposits for a month, but several statements make it easier proving that you actually do have steady income.
Consider proving any other income you have
In addition to showing your income from self-employment, you may want to consider showing income you have from other sources. This could be money you receive for child support or alimony, or it could be money you expect to receive from a trust fund. You do not have to report these types of incomes to the lender, but it can be helpful if you want to get approved quickly for the loan.
Payday loans can be a big help for times when you lack cash, and you can qualify even if you are self-employed. To learn more about the options you have and the requirements for getting approved, contact a fast cash loan lender today.