If you own your own business, no matter your income size or stability, you need more money to accomplish your planning. It is where payday loans for self-employed at MoneyStar come in to meet your needs with the most reliable lenders in your province.
You can get faster approval from such lenders than traditional lenders like banks. You have to complete a simple lending process, and you can get yourself funded on the same day. Make sure all your information is correct because any incorrect detail may cause despair in the end.
Can I get short term payday loans if I’m self-employed?
Many online payday lenders are okay with grating short-term payday loans to self-employed borrowers. So you are lucky if you have met with some cash shortage and need some extra funds immediately.
No matter who you are, your financial concern is one of the main concerns of our trustable lenders, who take no time to decide. Banks or other traditional lenders may not help you with money after finding you are self-employed because your regular income is affected by making loan payments on time.
You won’t go empty-handed with us because your emergencies are prioritized to look further once you are with us.
What are payday loans for self-employed?
Payday loans for self-employed are short-term financial aid to borrowers who are sole traders and freelancers but they need more money. Despite this, they work for themselves to enhance their business model.
These unsecured loans can be the only solution for such borrowers because they can get their money instantly without putting anything valuable up front. It is different in that they have to pay off these loans with high-interest rates whenever they make their loan payments.
Banks don’t provide funding assistance until they have your financial solid record which helps them decide to help you if everything is accordingly. In your province, some online lenders are interestingly willing to work with you to meet your short-term goal.
How do urgent payday loans for self-employed work in South Africa?
Urgent payday loans work like other loans, but the only difference is you can get them in a few steps with a small application process. Thus, you should check out what you must do while in the loan process.
Get instant decisions with our simple online application:
- Fill online application form: You must complete a simple online application form with your employment status and some authentic personal details without errors.
- Get approved: For that, you need to be patient because lenders verify your details. It takes almost 5 minutes, and then you have the loan approval or disapproval confirmation on your mail ID.
- Sign loan contract electronically: If you are approved for loans, you have the loan contract on your mail ID to sign electronically. But you shouldn’t ignore its terms and conditions after reading it.
- Get funded: If you complete the process, you can get funded to your bank account in 10 to 15 minutes.
Why do some lenders avoid self-employed people for online payday loans?
Almost all lending institutions require borrowers to have stable income proof to consider their loan applications. If lenders confirm the income level fits their organizations, it also reduces risk factors associated with lending.
Self-employed people with no income and students usually don’t have a stable income source. Therefore, helping them with money has a risk that makes lenders face loss if such borrowers don’t carry a regular income.
Despite all that, some lenders in your province still consider your loan application for online payday loans. No matter what type of income you have to qualify for such money, they are all accepted.
Am I eligible for short term payday loans from direct lenders?
Yes, you can be eligible for short-term payday loans if you apply for funds from direct lenders because they have minor lending criteria to meet. You should check out their loan qualification requirements with fast approval.
Requirement types that you need to meet:
- Age: You must be 18 or above to qualify for funds because all lending institutions require this.
- Employment status: Your employment is a must that helps you make your loan payments, which can be from any source without any specific one.
- Citizenship of South Africa: Your citizenship of South Africa is a must, so you must ensure you are fit for this requirement while applying for money.
- A bank account: You need a bank account to collect your money after approval, and paying it back can also be easy for you.
- Contact details: Your contact details are required, including address proof, a valid e-mail ID and phone number.
What are benefits and drawbacks of online payday loans for self-employed?
You will find some benefits of online payday loans for self-employed because every loan has some features attached. There are some drawbacks as well, which must be considered by borrowers to their benefit.
Talk about benefits first.
- Hassle-free application: The application process is hassle-free in minutes, making borrowers feel comfortable while loaning.
- No collateral: These loans don’t need any because they are unsecured loans so borrowers won’t have to lose anything.
- Service 24/7: You can apply for money anytime whenever you have a cash emergency from direct lenders in your province.
- No paperwork: Borrowers don’t need to get into paperwork because they can apply for such funds online.
- A strong security: A strong encryption security protects your data once you have shared it.
Some drawbacks
- High-interest rates: These loans come with high-interest rates to pay whenever making loan payments.
- Debt cycle: Borrowers might be trapped in debt if they default on their loan payments until they are paid fully.
- Short repayment: You have a small repayment time, which is also a negative factor.
Are payday loans with bad credit score a good option for self-employed?
Your bad credit score can’t always be wrong because you can apply for payday loans with bad credit for self-employed if you have emergencies. Online lenders are always available to help you financially if you agree with their loan agreement.
Also, if you can pay off your loan on time, you can have the money whenever you need it. The only condition is you have some high-interest charges with such funds to pay them off while repaying your loan.
Payday Loans For Self-Employed- Some FAQ’s.
Is there such a thing as payday loans for self-employed people?
Yes, payday loans for self-employed exist for people who urgently need cash to fix their money shortage problems quickly.
Can I still apply for payday loans if I don’t have a bank account?
No, your bank account is essential for receiving money from trustable lenders because they don’t have any other option for sending money.
Can I get self-employed loans with no credit check in South Africa?
Yes, you can get self-employed loans without a credit check, but you must find some lenders in your province who don’t do credit checks.
Is it hard to get a loan when you are self-employed?
No, not at all; a few lenders don’t have a problem working on your loan application if you are self-employed. However, being self-employed indicates lending institutions that you need a fixed income source.
What Can I Self Employed payday loans use for?
You can use self-employed payday loans for various purposes, including home renovation, debt consolidation, vehicle repair and unexpected bills.
Using the MoneyStar, you may get from R100 to R35,000 in just 5 minutes.
Applying won’t affect your credit score
Micah Sedres
MoneyStar expert Micah strives to navigate finance niches like credit cards, loans, and mortgages easily. She helps hundreds of readers in credit building and provides money management tips. After regularly working for brands like Businesslive.co.za, she joined the MoneyStar.co.za team as a staff writer to develop credit product reviews and comprehensive guides mainly focused on credit scores and loan/card offers.
