Instant Payday Loans for the Self Employed
Instant Payday loans can provide a quick source of cash in an emergency or for personal reasons. Even someone who is an expert in personal finance and carefully plans their budget may find himself or herself with an emergency shortfall. This is especially true of the self employed.
Someone who is self employed must collect payment directly from their clients. They do not have an accounting department to do it for them. In any business, clients may be slow to pay, payments may be delayed by the post office, bank error, or the failure to ensure sufficient funds are in the checking account, or clients may fail to pay altogether.
In a large company, they have the cash reserves and multiple sources of cash flow to plan for this and continue to pay all of their employees in full while waiting to collect on the money. The self employed do not have these reserves and if working alone as is most common, they have fewer streams of income to rely on while one is delayed.
Instant Payday Loans are an excellent way for the self employed to obtain a Fast Cash Loan. One of the biggest reasons is because of how lenders qualify people for loans. Rather than the extensive employments checks banks make when issuing loans and credit cards, which are often difficult for the self employed to get adequate information for, Fast Cash Advance companies primarily rely on the ability to show any income stream, either by pay stubs or bank statements.
Cash Loans are also quickly available. If a sudden business opportunity comes up and needs immediate funding, there is no waiting on a bank and dealing with their lengthy application process. Instead, the potential borrower can head to a company providing Instant Payday Loans, provide a couple bank statements, and have the money immediately.
This money could be used for things like a limited time sale of deeply discounted inventory, additional money needed as a down payment on office or studio expense, or for a large purchase of business supplies that would be difficult to make with the normal cash flow.
The fees are also not out of line with short term business loans. The typical cost for a payday loan is around $15 per $100 borrowed and a due date of two weeks. Other business loans could be 2% to 20% for a period of one to four weeks and also involve a lengthier and more difficult application process similar to personal bank loans.
Latest posts by Lamont (see all)
- Prepaid Card Rules: CFPB is Having Second Thoughts on the Payday Loans Alternative - November 14, 2017
- The rule regarding payday loan providers must not pass - October 24, 2017
- Cordray of CFPB Should Be Sacked by the Next President for Unfair Regulations on Cash Advance Loan Business - October 3, 2017