Warning: Late repayment can cause you serious money problems. For help go to moneyadviceservice.org.uk
Warning: Late repayment can cause serious money problems, for help or advice please go to moneyadviceservice.org.uk
Minimum Loan Length is 3 months. Max Loan Length is 12 months. Representative example: Borrow £850 Over 11 Months. Monthly Repayment £146.30. Total Amount Repayable Of £1,609.25. Interest: £759.25. Interest Rate: 150% Pa (Fixed). 277.6% APR Representative. We are a credit broker not a Lender.
Just because you’re self-employed, it doesn’t mean you can’t pay back a loan. However, it can be hard to find a traditional lender who will give credit to someone who is self-employed.
At Viva Loans, we make it easy for you to find a lender.
If you are self-employed, simply submit the payday loan application here, and we will compile a list of the best payday loans – no credit check – from lenders who are willing to loan to you against your self-employment income.
To qualify for a payday loan for self-employed, you must:
Be at least 18 years of age.
Be a legal resident of the UK.
Have a UK bank account.
You can provide any of the following documents as proof that you have a verifiable source of income:
A statement of pay from a VAT registered employer.
A valid and recent bank account statement, preferably within the past 3 months
Relevant bank deposit statements for pensions, grants, benefits, etc.
If your source of self-employment is not a VAT registered employer, that is okay. Simply submit recent bank account statements and bank deposit statements relevant to your source of income.
Payday loans are nearly instant, and everything happens online. You apply online, and we hand pick the best responsible lenders that are a good match for the self-employed.
If you are approved, you will hear back very quickly (usually within 30 minutes) from a lender who will give you a loan. If you agree to the terms, your loan is processed instantly. The money is deposited into your bank account within minutes.
Banks often consider those who are self-employed to be a greater risk, as their income stream is seen as less stable. Statistically speaking, the self-employed have a higher rate of default.
However, it is not always the case that just because you are self-employed you don’t have a regular source of income. Plenty of self-employed people have stable income that can be used to back a loan. For that reason, payday lenders are often willing to grant a loan to the self-employed, given that they can provide proof of a regular stream of income.
Because there is a slightly greater risk, payday loans are usually accompanied by a higher interest rate.
Government benefits can be considered a source of income as well. Additionally, if you receive money regularly from an investment, such as rental properties, this can also be seen as a form of income against which you can take out a loan.
Payday lenders will use your income to back your loan, so as long as you have a source of income that is regular and substantial enough (usually at least £500 per month), your credit score is not important. They will still run a credit check (often a ‘soft credit check’ that does not affect your credit score), but a bad credit score will not necessarily stop you from being approved.
You shouldn’t take out a payday loan if you aren’t certain that you can pay it back quickly. If you are self-employed, you should be reasonably sure that you have clients or sources of income who will continue to pay you for the foreseeable future. If you’re self-employed but currently not working or receiving income from any sources, it’s not a good idea to take out a payday loan.
You should never take out a payday loan to supplement your income, or to pay for non-essential purchases. Payday loans should be used for short-term, unexpected necessities such as medical emergencies or car repairs.