Self employed borrowing

How self-employed borrowers can still get a payday loan

Information verified correct on April 25th, 2017

Here is a method that could help you get money quickly, even if you're self-employed.

If you own your own business, no matter what size, cash flow can be difficult and can put a strain on your personal finances. Individuals who aren't eligible for conventional forms of credit such as personal loans or credit cards, or who need the money more quickly, can consider payday loans as an alternative. If you're in this position, find out what your options are in the guide below.

Ferratum Cash Loans

Ferratum Loans

Ferratum offer a fast and easy online application. You can apply today to get approved for up to $1,900.

  • Loan Amount: $1,000
  • Loan Term: 16-32 Days
  • Turnaround Time: 1 hour - conditions apply
  • Total Cost of Borrowing $100: 20% of principal amount (establishment fee) + 4% of principal amount per month.
  • Bad credit borrowers OK
  • Quick and easy Approval

    Comparison of bad credit personal loans

    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Product Description
    Ferratum Cash Loans
    Up to 6 mths
    Same Day if approved
    20% of borrowed amount + 4% of borrowed amount each month
    A small loan from Ferratum lets you borrow up to $1,900 without a credit check
    Sunshine Short Term Loans
    9 weeks
    30 Minutes - conditions apply
    20% of loan amount + 4% of loan amount each month
    Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Family Business since 1999.
    Nimble Short Term Loan
    62 days to 1 year
    1 hour - conditions apply*
    20% of loan amount + 4% of loan amount each month
    Apply for a short term loan and you could borrow up to $2,000

    Compare up to 4 providers

    Warning about Borrowing

    payday-warningDo you really need a loan today?*

    It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

    Check your options before you borrow:

    • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
    • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
    • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

    The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

    * This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

    Am I eligible for a short term loan if I'm self-employed?

    Short term lenders have more flexible lending criteria than banks or credit unions. To approve you for a loan you will need to show evidence of a regular income, which you need to do by supplying 90 days worth of bank statements. Some lenders will not consider self-employed applicants but others will, you can check the eligibility criteria before you apply.

    How does a payday loan for self-employed people work?

    These loans are usually available for between $100 and $2,000, but you can also get short term loans, also called payday loans, for up to $10,000. They are called "payday" loans because the repayments are structured around when you receive your pay, which is usually regular dates for PAYG borrowers.

    Lenders will look at your banking history if you're self-employed to work out a repayment plan for you or let you select repayment terms to work with your budget. In terms of eligibility, you may be asked for additional documents to verify your income as you cannot provide payslips.

    How you can compare your short term loan options

    • How much you can borrow. When applying for a payday loan you can expect to receive any amount in between $100 to $2,000, although this is subject to the lender looking through your financial situation.
    • The fees you will be charged. Lenders are restricted as to how much they can charge you as fees – they can only charge 20% as an establishment fee and 4% as a monthly fee.
    • How long you will have to repay the loan. In some cases, you have to repay the borrowed money in as little as 16 days or a month, failing which you have to pay additional penalties.
    • What fees apply for late repayments. Payday loan providers often charge a fee is you don’t make your repayments on time. It might be a good idea to compare these too, if you think you’re going to be late with your payments.

    What are the benefits and drawbacks of these loans?

    • Easy availability. Even though some lenders don't offer payday loans to self employed individuals, they are still relatively easy to find.
    • Bad credit accepted. To be eligible for a payday loan you generally don’t need a good credit history.
    • Quick access to funds. In most cases, funds can be transferred into your nominated account within 24 hours.
    • Fees and charges. Carefully go through all the associated fees and charges before applying for a payday loan. Fees and charges you might have to pay include application fees, account-keeping fees, settlement fees, early repayment fees, and late charges.

    Is there anything you should avoid?

    • Applying for too many loans. Remember that all loan applications are listed on your credit file. Avoid applying for too many loans in a row if you are not approved straight away.
    • Accumulating debt. Getting a payday loan requires that you repay it on time, and if you don't, you'll only end up accumulating debt. Remember to budget for your loan repayments before you sign on the dotted line.

    Have more questions?

    Will my credit history be checked?

    Generally a payday loan provider will check your credit history, regardless of whether you’re self employed. There are some lenders who want. Remember to compare before applying.

    How do I apply?

    Choose a lender from the options above and click "Go to Site" to start your application. Fill out the required details and then wait to hear whether you're approved, which usually only takes a few minutes. You can usually receive your money on the same day depending on when your application is approved.

    What is the eligibility criteria?

    This differs between lenders and is something you need to check before you apply. Most lenders require that you are an Australian resident who is at least 18 years of age with a regular income.

    Generally a payday loan provider will check your credit history, regardless of whether you’re self employed. There are some lenders who want. Remember to compare before applying.

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    4 Responses to How self-employed borrowers can still get a payday loan

    1. Default Gravatar
      Oluoch | January 21, 2016

      How can I benefit from your loan services while am in a foreign country, Kenya?

      • Staff
        Elizabeth | January 21, 2016

        Hi Oluoch,

        Unfortunately, the lenders on this page can only consider you for a loan if you are a current Australian resident. You may need to find a lender in Kenya if you are looking for a loan.



      • Default Gravatar
        Oluoch | January 31, 2016

        Unfortunately such a lending institution does not exist in Kenya. Why or what hinders you to establish one here in Kenya even as soon as possible to help us borrow and develop our businesses?

      • Staff
        Elizabeth | February 1, 2016

        Hi Oluoch,

        As a financial comparison service we don’t actually provide the loans ourselves, we only offer a service that lets you compare your loan options. Sorry we couldn’t be of more assistance.


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