Can you get a bad credit loan when self-employed? Yes, you can get a loan, but the process is slightly different. Around 44% of Americans are self-employed due to the benefits that it brings. However, self-employment seeks a different approach for those found in a challenging situation needing to borrow money. Keep in mind that many companies cater specifically to self-employed individuals with a bad credit score. In addition, we reveal more about these loans and the reputable companies that offer them.

How do these loans work

When you submit an application for a loan, the lender will assess the crucial information to find out if you can repay the loan. This information includes debt to income ratio, credit score, and income. When you are self-employed and don’t have a paystub, don’t worry that you will be rejected for a loan.


The lenders will ask to check your tax forms to assess your income. Keep in mind that some companies might ask for tax forms for more than one year to confirm that you have a stable income. Other lenders will accept bank statements, proving that you had a stable income over the past few months.


Best bad credit loans for self-employed

This lender accepts any credit score meaning that you can quickly get a bad credit loan. The approval process is quick in case you need to solve your situation urgently. If you are self-employed, all you need to do in order to get approved is to disclose proof of bank deposit. Your monthly income should be a minimum of $1,000.

This platform caters to people with less than perfect credit scores since 1998, meaning that you can connect with a lender that matches your needs. The application process is fast and straightforward, and the loan amounts start at $500.

This company can lend you small amounts, starting from $250. This is a reputable lender serving customers since 1998, which will transfer the money even the same day. Even if you have bad credit and are self-employed, you will be approved for your loan.



Citibank is a bank that will give out loans to the self-employed. However, have in mind that they perform hard credit checks to see if you meet their requirements.


Marcus by Goldman Sachs

If you have a score above 660 on the FICO scale, you can qualify for a loan with this lender. They are known for the easy approval process and don’t charge additional fees. The whole customer experience is transparent, with no hidden costs.



NetCredit is a lender that offers reasonable rates for bad credit customers, including self-employed individuals. If your score is a minimum of 550, you can easily qualify for a loan. They are pretty transparent with the whole process, meaning that you won’t deal with unexpected fees. However, have in mind that their APR ranges from 34% to 115%.



MoneyMutual isn’t a lender but an online network of different lenders. It connects borrowers with lenders that suit their needs, with more than two million customers. The application process is easy, and you can receive your money within 24 hours. The best thing is that you can receive different offers from lenders and decide on the one that is the best fit for your needs. You will need to show proof of income to verify that you have a stable income as a self-employed individual.



SoFi is a suitable lender for self-employed individuals that can prove that they have a stable income. Some of the benefits of working with this company are no origination fees and prepayment fees, meaning that you can pay off your loan ahead of time.


Discover, Member FDIC

This financial institution offers loans for the self-employed, which have a minimum yearly income of $25,000. They have credit score requirements of a minimum of 660, so they are a perfect fit if you fall in this range.


Final thoughts

While getting a bad credit loan for self-employed individuals is trickier, it doesn’t have to mean that it is impossible. All you need to do is turn to the right financial institutions that would accept other proof of income rather than a paystub.




Leave a Reply

Your email address will not be published. Required fields are marked *