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A common requirement when applying for self-employed loans is proof of steady income, and as one who works to earn a living for yourself, this shouldn’t be a difficult task to attain.
But being your own boss can be a really uneasy task
Your business model makes it an instant easy-hit for you in securing a short-term loan in the case of an emergency. These loans can cater for minor expenses in your business, such as getting new gear while still working to improve the quality of videos in your YouTube channel or even help in cutting down tax cuts for your business.
But, no matter your business type, you are well qualified to get self-employed loans.
What are Loans for Self Employed For?
These loans for self-employed are actually online short term loans gotten to cater for a financial need, and paid back on receiving your next month’s earning – usually 30 days from the day which the loan was gotten.
Loans for self-employed can also be reckoned to as emergency loans…
This is because they are funding options available to small business owners and startups, 24 hours daily, to help in dealing with unpredicted circumstances that they might encounter as they carry on their daily business activities.
Why is InstantPaydayLA Interested in the Self-Employed?
One of our missions at InstantPaydayLA is to provide consumers the best possible kind of funding option that suits their everyday needs, and self-employed small business owners aren’t left out here too.
Our goal is to support the self-employed individuals in the community and give them a good foothold on their daily operations, no matter the cost.
Also, your mindset as a small business owner broadens when you have the necessary cash-in-hand to expand your business operations, thus giving room for more people to engage and be a part of your community.
This is what we hope to achieve here at InstantPaydayLA with our self-employed loans to give small business owners that awareness that somebody cares!
Wait, there’s more…
As with every small business owner starting off, you are bound to incur lots and lots of debt along the way which can restrict your small business cash flow. Most of these debts go as far as hurting your credit score, making it hard to get funding from other traditional financial sources.
But here at InstantPayLA, we’ve taken it upon ourselves to propose funding solutions for self-employed individuals, and even the ones with really poor credit scores.
In fact, we don’t consider one’s credit rating when approving their funding request.
How Does InstantPaydayLA Financing Work for the Loans for Self Employed?
An InstantPaydayLA short-term loan allows self-employed individuals to have access to working capital by selling a certain percentage of their future sales.
Now, we are not trading stocks here… The concept is pretty simple!
You will get the funds you need within a day of applying and would repay the cash advance through automated debits, plus additional service fees on your next paycheck or earning period which is usually for a 30 days’ time frame.
Our major concern here is self-employed professionals being able to show consistency and stable income. Thus, there are no minimum credit requirements when applying for short term loans with us, rather, we consider your bank statements and other financial documents in determining how much financing that you can afford to take and actually payback.
Some other ways to show proof of income include:
- Tax statements
- Business ledgers
- Bank statements
- Social security or other governmental benefits
- Court-ordered agreements
A court-ordered alimony or child support can serve as proof of income too when applying for a self-employed loan. This should be shared alongside your proof of receipt for the past 3 months’ worth of benefits.
The basic requirements to get a self-employed loan with us are pretty simple as you can see, some of which include:
- Applicant must be above 18 years and above to qualify for a self-employed loan
- Applicant must be a citizen and currently be residing in the United States
- Applicant must provide a valid bank account where the funds will be credited to
- Applicant must provide their valid and most recent contact details
- Applicant must be currently employed and show proof of income
How Long Does it Take to Get Self Employed Loans?
Now, you don’t need to go out stressing, standing in long lines for hours just trying to apply for single funding.
Our self-employed loans are online short term loans, that is, applications can be done quickly and easily online.
An application doesn’t take more than 5 minutes to complete, and on approval of your loan, you’ll receive your funding immediately. All this process takes just a day to complete.
As we discussed earlier, we understand the need for consistent cash flow for a small business self-employed entrepreneur, and we don’t want to do anything to jeopardize that.
Thus, our self-employed loans are really fast, simple, and easy to get!
How to Utilize Self-Employed Loans even Better?
Self-employed loans can be further utilized for:
- Business marketing and advertisement
- Investing more in employees
- Replenishing inventory
- Get additional working capital
- Expand your line of products and services
- Refinance another loan
#1: Business Marketing & Advertisement
Business marketing & advertisement is necessary for small business self-employed professionals to grow and expand their operations.
Effective marketing can help you get new customers for your business, helping to improve your brand’s visibility and generating bigger income for your business; and with InstantPaydayLA, you can make this all possible for your business.
#2 Investing More in Employees
Employees are a major factor for business growth – they are your most valued assets.
As a self-employed individual, definitely, you will grow to a point where you’ll need to employ other people to assist in your business daily operation.
Investing in your employees goes way beyond getting new employees for your business, you can also invest in their personal and professional development.
#3: Replenishing Inventory
You can get cash advances to replenish your business inventory that’s currently running low.
An updated inventory goes a long way in opening your business to new markets and attracts new prospects.
#4: Get Additional Working Capital
As discussed earlier, self-employed loans will help you get the necessary capital needed to fund your business. But note, it’s important not to take up as much capital that your business actually needs.
When your business has an excess in business working capital, it could pass out a wrong message to potential prospects that the business is not managing its assets effectively.
#5: Expand Your Lines of Products & Services
Self-employed loans will help you broaden your business niche and get new products and employ new types of services.
#6: Refinance another Loan
Our self-employed loans can also be useful in paying back old debts, thus giving you a better general credit rating.