Self-employed borrowers might be able to submit tax returns, bank statements, or other documentation as proof of income for a personal loan.
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A common requirement when applying for a personal loan is proof of income. This could be a challenge if you’re self-employed, especially if your income is irregular or difficult to prove.
However, there are several lenders willing to work with self-employed borrowers that offer other paths to approval besides a typical pay stub or W-2, such as tax returns and invoices, or that allow borrowers to attach a cosigner or collateral to the loan. Approval will be easiest if you have good to excellent credit. For example, the average APR for borrowers with a FICO score of 720 to 779 was 16.59% in November 2023, according to Credible data on three-year loans.
As an entrepreneur and self-employed individual, access to funding is crucial for starting and growing your business. Whether you need money for equipment, inventory, marketing, or day-to-day operations, small business loans can provide the capital you need to take your company to the next level.
In this comprehensive guide, I’ll walk you through everything you need to know about getting a loan as a self-employed borrower With the right information and preparation, you can position yourself to qualify for the financing that matches your needs and circumstances
Overview of Loan Options for the Self-Employed
When you don’t have a regular paycheck, lenders look at your business revenue, assets, and credit score to evaluate your ability to repay a loan. Here are some of the main lending sources to consider:
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Business Loans – Term loans and lines of credit designed for funding a company. Can be secured or unsecured.
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Personal Loans – Unsecured loans based on your personal creditworthiness Can be used for business purposes
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SBA Loans – Government-backed loans meant to support small business. Offer favorable terms.
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Invoice Financing – Use unpaid invoices as collateral to obtain a cash advance
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Equipment Financing – Funding to purchase equipment. The equipment serves as collateral.
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Merchant Cash Advances – Receive a lump-sum in exchange for a percentage of future sales.
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401(k) Business Financing – Use retirement savings as financing without early withdrawal penalties.
Each option has its own pros, cons, and qualification requirements. Assess your needs to determine which type of funding aligns with your goals and financial circumstances.
What Lenders Look For
As a self-employed borrower, you’ll go through greater scrutiny compared to traditional employees. Here are the main criteria lenders evaluate:
Credit score – Most lenders require a minimum score around 600-650. The higher your score, the better the loan terms will be.
Time in business – Lenders often want to see you’ve been operating for 6 months to 2 years. Longer time in business improves eligibility.
Revenue – Proof of steady sales and ability to make loan payments. Revenue from $25,000-$100,000 per year is commonly required.
Cash flow – Consistent cash coming in that exceeds regular expenses. Demonstrates capacity to handle debt.
Assets – Business and personal assets that could potentially serve as collateral. Real estate, equipment, and investments are considered.
Equity – For secured loans, the amount of equity available in collateral like real estate. More equity allows larger loans.
Credit history – Personal and business credit reports are checked. Good credit means better chances for approval.
Providing documents to verify these factors will strengthen your loan application. Tax returns, bank statements, profit/loss statements, and business plans help demonstrate your qualifications.
Documentation Needed as a Self-Employed Borrower
Since you don’t get regular paychecks, lenders will request alternative documents to verify your income sources. Here are some of the main items needed:
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Tax Returns – Provide personal and business returns for the past 1-2 years. This helps show your earnings history.
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Profit & Loss Statement – Demonstrates the financial performance of your business over time.
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Bank Statements – Personal and business statements confirm revenue deposits and expenses.
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Accounts Receivable Report – For service businesses, shows outstanding invoices owed.
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Business Plan – Illustrates your company’s objectives and outlook.
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Contracts/Agreements – Documents that guarantee future work and income.
Having clear records makes it easier to prove your ability to handle loan payments over the term length. Keep your documents organized annually so they are ready when you need them.
How to Improve Your Chances of Loan Approval
As a self-employed applicant, there are steps you can take to boost your likelihood of getting approved:
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Maintain a high personal credit score – Lenders look at your personal score, so keeping it over 720 will provide better loan options.
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Show consistent revenue deposits – Smooth monthly income rather than spikes and dips are ideal.
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Have 2+ years in business – Seasoned businesses often get better terms than brand new startups.
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Provide collateral – Assets to secure the loan minimize risk for lenders.
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Lower debt-to-income ratio – Keep personal and business debt low relative to your income. Below 40% is preferable.
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Bring in a co-signer – Having someone with good credit guarantee the loan improves eligibility.
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Limit recent credit inquiries – Too many applications in a short timeframe can be a red flag for lenders. Space out your requests.
Taking steps to put your best foot forward can help you stand out for lenders reviewing your application.
Compare Lenders to Find the Best Loan Terms
Rates and terms can vary significantly between lenders. Comparing options from different providers is important to secure favorable financing.
Here are some factors to evaluate:
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Interest rates and fees – The APR and origination fees affect the total cost of borrowing.
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Loan amount – Consider amounts offered relative to your funding needs.
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Repayment timeline – Choose terms that align with your budget and projections.
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Eligibility – Confirm you meet the minimum requirements before applying.
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Funding speed – Faster access to capital may justify a slightly higher rate.
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Customer service – Having support when issues arise provides peace of mind.
Weighing these aspects against your specific situation will help you zero in on the right lender. Prequalification lets you check rates without a hard credit inquiry.
Common Loan Uses for Self-Employed Borrowers
Versatile lending products allow you to fund a variety of business needs:
Equipment – Essential machines, tools, vehicles that are directly used for your operations.
Inventory – Raw materials and finished product to sell. Ongoing inventory purchases.
Expansion – Renovations, additional locations, acquisitions to grow your company.
Marketing – Advertising, branding, websites, trade shows for acquiring new customers.
Payroll – Funds to hire employees and pay salaries/benefits.
Debt consolidation – Combine multiple debts into one monthly payment. Can provide interest savings.
Working capital – Ongoing everyday expenses associated with running your business.
Emergencies – Quick access to funds for unexpected business costs.
The key is matching your loan purpose with the appropriate type of financing. This ensures you get funding for your specific needs.
What to Know Before Borrowing
While loans provide necessary capital, it helps to consider a few things upfront:
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How will this loan fit into your overall business plan? Make sure it aligns with your goals.
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Do you have a clear repayment plan? Match the term length to your projected income.
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Are you getting the lowest rates/fees available? Compare lenders.
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Can you handle the monthly payment? Don’t overextend your budget.
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Is the purpose a want or true need? Prioritize necessity over desires.
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Have you exhausted other options first? Only borrow once needed.
Going in with realistic expectations helps ensure you have a positive lending experience as a self-employed individual.
Alternatives Beyond Standard Loans
If traditional lending options don’t fit your circumstances, some alternatives to consider include:
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Crowdfunding – Raise small amounts from a large number of supporters.
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Angel investors – Get funding from high net worth individuals.
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Venture capital – Attract investment capital for expanding your company.
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Business credit cards – Can access revolving credit lines. Useful for flexibility.
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Payment advances – Get a lump sum in exchange for future card or app payments.
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Grants – Free money for specific purposes. Offered by government, non-profits, and more.
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Business partners – Co-ownership brings additional investment capital.
Depending on your goals and stage of business, these may offer workable alternatives to standard small business loans.
The Bottom Line
Access to capital is crucial for self-employed professionals. With preparation and an understanding of loan options, you can obtain financing to successfully fund your venture. Do your research, put together a solid application, and find a lender willing to work with self-employed individuals. The reward will be the resources to grow your business and accomplish your entrepreneurial dreams.
9 lenders that work with self-employed borrowers
While some lenders don’t offer personal loans to self-employed borrowers, there are several that do. Here are several Credible partners that provide personal loans for the self-employed:
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, its also is one of few lenders that doesnt have a minimum credit score requirement (if you apply on the lenders website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesnt require your Social Security number to prequalify on its site. Youll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, youll need to go elsewhere, as Discover doesnt allow cosigners.
Funds are available as soon as the next business day after loan approval.
3 – 7 years
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you dont need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
2 to 7 years
Autopay and direct pay
Available in all states
Time to get funds
Credit card refinancing, debt consolidation, home improvement, major purchase, other
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. Its easy to prequalify with LendingClub, especially if youre uncomfortable providing your Social Security number, as the company doesnt require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that youll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, youre less likely to have your application declined once you apply (if youve already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Available in all 50 states
Time to get funds
Debt consolidation, paying off credit cards
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesnt require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you dont have good credit. You also wont be able to apply with a cosigner, since SoFi doesnt accept cosigners; nor does it offer secured personal loans.
2 – 7 years
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Available in all states
Phone, email, live chat
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Solely for personal, family, or household uses
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Powers Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. Youll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Origination fee, late fee, unsuccessful payment fee, check processing fee
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Credit card refinancing, debt consolidation, home improvement, and other purposes
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers whove prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Origination fee, late fee, dishonored payment fee
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Debt consolidation, emergency expense, life event, home improvement, and other purposes
1 to 5 years (2 to 5 years through Credible)
Happy Money has been in operation since 2009 (formerly known as Payoff). Its an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but thats not as high as some other lenders origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans arent available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 – 5 business days after verification
Debt consolidation and credit card consolidation only
If youre self-employed, Avant requires that you submit your two most recent years’ complete, official tax documentation.
Best for all credit types
3.9
Borrowers with bad credit considered
Funds as soon as the next business day
1-year loan terms available on Avants website
Not available in HI, IA, MA, ME, NY, VT, or WV
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers whove prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Origination fee, late fee, dishonored payment fee
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Debt consolidation, emergency expense, life event, home improvement, and other purposes
1 to 5 years (2 to 5 years through Credible)
Self-employed borrowers will need to provide their tax returns from the two most recent years to prove their income.
Best for low origination fees
3.9
Long loan terms available
May fund in 1 to 2 days
Low minimum income requirement
Available in all states
Trustpilot score of 4.9/5 stars
High minimum loan amount
Axos is one of few lenders that offers loans for business purposes. Plus, it has a low minimum income requirement, offers repayment terms up to 7 years, and is available in all states. But If you need a loan under $10,000, youll need to look elsewhere. While this lender may charge an origination fee, its fees are on the low side, topping out at 3%. Youll also want to have good credit to apply for a loan with Axos. You can expect to receive funds 1 to 2 business days after the loan is approved.
3, 4, 5, 6, 7 years
Available in all 50 states
Time to get funds
As soon as the next business day after successful verification
Debt consolidation, home improvement, self-employment, and other purposes
Best Egg works with borrowers who have a variety of employment statuses, such as salaried, self-employed, or retired.
Be sure to check with Best Egg to see what documentation you’ll need to provide.
Best for high close rates if pre-approved
4
Low minimum income requirement
Scored second in J.D. Powers Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Not available in DC, IA, VT, or WV
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Powers Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. Youll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Origination fee, late fee, unsuccessful payment fee, check processing fee
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Credit card refinancing, debt consolidation, home improvement, and other purposes
Self-employed borrowers will need to provide their two most recent years’ worth of tax returns to prove their income.
Best for no origination fees (and low rates)
4.4
May fund the next business day
Long loan terms available
Direct pay to creditors
Secured loans not available
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesnt require your Social Security number to prequalify on its site. Youll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, youll need to go elsewhere, as Discover doesnt allow cosigners.
Funds are available as soon as the next business day after loan approval.
3 – 7 years
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Self-employed borrowers will need to submit the first two pages of IRS Form 1040 along with the first two pages of either the Schedule C or K1 form.
Best for consolidating credit card debt
3.9
Limited loan terms available
Not available in MA or NV
Happy Money has been in operation since 2009 (formerly known as Payoff). Its an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but thats not as high as some other lenders origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans arent available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 – 5 business days after verification
Debt consolidation and credit card consolidation only
If you’re self-employed, you’ll need to submit a recent tax return or other forms like a 1099 as proof of income.
4
Low minimum income requirement
High close rate on loans made through Credible
Available in all states
Funding not as fast as some competitors
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. Its easy to prequalify with LendingClub, especially if youre uncomfortable providing your Social Security number, as the company doesnt require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that youll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, youre less likely to have your application declined once you apply (if youve already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Available in all 50 states
Time to get funds
Debt consolidation, paying off credit cards
To potentially qualify for a loan, self-employed borrowers will generally need to show proof of consistent income through tax returns or bank statements.
In addition to income, SoFi will also consider your credit score, and education level.
4.9
Large loan amounts available
Autopay and direct pay discounts
Long loan terms available
5,000 minimum loan amount
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesnt require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you dont have good credit. You also wont be able to apply with a cosigner, since SoFi doesnt accept cosigners; nor does it offer secured personal loans.
2 – 7 years
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Available in all states
Phone, email, live chat
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Solely for personal, family, or household uses
To apply, self-employed borrowers must provide their two most recent tax returns.
Best for fair credit
4.5
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you dont need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
2 to 7 years
Autopay and direct pay
Available in all states
Time to get funds
Credit card refinancing, debt consolidation, home improvement, major purchase, other
If you’re self-employed, you’ll need to submit the previous year’s full tax return plus proof of recent income in the form of a digitally deposited check or a business invoice.
Best fast personal loans for all credit types
3.9
May fund in 1 business day
No minimum credit score requirement on lender site
Trustpilot score of 4.9/5 stars
May charge a high origination fee
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, its also is one of few lenders that doesnt have a minimum credit score requirement (if you apply on the lenders website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Learn More: Where to Get a Personal Loan
If you’re just starting out as being self-employed, then providing the commonly required two years’ worth of tax returns might be difficult.
In this case, applying for a personal loan with a cosigner could be a good option. Not all lenders allow you to apply with a cosigner, but some do.
Even if you don’t need a cosigner to qualify for a personal loan, having one could get you a lower interest rate than you’d get on your own.
Before you borrow, be sure to consider multiple lenders. This way, you can more easily find a loan with a good rate as well as favorable terms.
How to get a personal loan when you’re self-employed
If you’re ready to take out a personal loan, follow these four steps:
- Shop around and compare lenders: Research and compare as many personal loan lenders as possible to find the right loan for you. Consider not only interest rates but also repayment terms, any fees charged by the lender, and requirements for self-employed borrowers. Also remember to check if the lender accepts cosigners, as having one might help you get approved if you’re having trouble proving your income.
- Choose your loan option: After comparing lenders, choose the loan option that best suits your needs.
- Complete the application: Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or bank statements.
- Get your funds: If you’re approved, the lender will have you sign for the loan so your money can be sent to you. The time to fund for a personal loan is typically about one week — though some lenders offer fast personal loans that are funded as soon as the same or next business day after approval.
You typically need good to excellent credit to qualify for a personal loan. While some lenders offer personal loans for bad credit, these loans typically come with higher interest rates than good-credit loans.
If you’re struggling to get approved because of your credit, applying with a cosigner could improve your chances. Having a cosigner with a good score might also qualify you for a better interest rate than you’d get on your own.
Before you get a personal loan, it’s important to consider how much that loan will cost you over time. This way, you can be prepared for any added expenses. You can estimate how much you’ll pay for a loan using our personal loan calculator.
Learn More: How to Get a Personal Loan With a 600 Credit Score
Self Employed Mortgage: How To Get Approved in 2022 if Self-Employed or Entrepreneur
FAQ
Can I get a loan if I’m self-employed?
How much can I borrow self-employed?
Can you get a cash advance if you’re self-employed?
Can you get a personal loan with 1099 income?
What are personal loans for self-employed borrowers?
Personal loans for self-employed borrowers are installment loans that you pay off on a monthly basis or a certain period of time, often one to seven years. Lenders offer various loan amounts, often ranging from $1,000 to $50,000, though some lenders offer up to $100,000 or even $200,000. APRs often range from around 4% to 36%.
Can self-employed workers get a loan?
Whether you need a loan for personal matters or small-business expenses, you’ll find some lenders who will consider self-employed workers. Self-employed borrowers can be eligible for loan types such as: Small-business loans: A small-business loan can be used for business expenses and startup costs.
What types of loans are available for self-employed workers?
For self-employed workers, the most common loan choices fall into two categories: personal loans and business loans. Because these loans vary widely by term, size, and requirements depending on the financial institution you’re working with, we’ve provided a general overview of each loan type.
Can I get a personal loan if I’m self-employed?
Lenders may ask for documents proving your income, which typically means providing W-2s. If you’re self-employed, you don’t have W-2s. Still, applying for a personal loan if you’re self-employed is possible. You’ll just need to have different documents ready to send if the lender asks for them. » MORE: Best personal loans