Loans For Self Employed Professionals
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Self-employed loans are available for people who are self-employed, contractors or freelancers, run their own businesses and typically have ups and downs in their monthly income.

Because they are not salaried or classed as W-2 workers or do not get pay stubs every 2 weeks, they are sometimes turned down by mainstream lenders and banks when they need to borrow $500 or $5,000.

However, at Pheabs, we believe that self-employed workers have just as much a right to get the finance they need and in many cases they are better candidates for short term loans and other types of finance. After all, if the customer still has a regular income, stable flow of work and a fair or good credit score, they are certainly able to get a loan for personal or business purposes.

Personal loans for self employed professionals start from $5,000 to $50,000 and your eligibility is based on factors such as your income and having a good or fair credit score.

The loans are unsecured which means that you are not required to use any collateral or security and you can repay over 2 to 7 years, in monthly repayments, with rates ranging from around 8% to 36% APR. You also have the option to repay early if you need to and you will save money on the overall interest by doing so.

Yes, if you are able to show a regular income and a commitment to repaying your loan on time, we can offer loans for consultants, freelancers, directors, contractors and any type of person who is employed and earning a regular income, but just not through a typical salaried job or employment. 

We offer loans ranging from $100 to $35,000 repaid over 1 to 60 months in monthly installments. We have a number of options available for people of all different financial backgrounds, including good credit loans which start at 12% APR and bad credit loans at 36% APR.

• Contractors
• Business owners
• Temp workers
• Freelancers
• Consultants
• Directors
• Gig workers
• Teachers
• Seasonal workers
• Startup founders

• Construction and Repairs
• Marketing
• Food and Catering
• Retail
• Automotive
• Finance
• Real Estate
• Medicine
• Law
• Music
• Art
• Entertainment
• Hospitality

Payday loans – For a quick emergency, fast payday loans offer a speedy way to borrow $200 or $500 within 24 hours and you can typically pay back on your next payday from work or around 14-28 days time.

Personal loans for self employed – This is the most common type for people who run their own businesses. It is unsecured and you will usually need to have a good or fair credit score to be eligible. Maximum borrowing amount is $25,000 or $50,000 depending on the lender.

Installment loans – For borrowing larger amounts of $5,000, $10,000 or $20,000, you have the flexibility to repay over multiple installments such as 12, 24 to 60 months – and the option to repay early if you would like to.

Cash advances –  If you need a quick advance on a future payment or pay cheque, you can get a few hundred or thousands pounds upfront and repay on your next payday or in a few months time.

Business loans – You have a number of options including using invoice factoring to get an advance on future payments, using merchant cash advances if you do a lot of credit card transactions and also SBA loans and other unsecured business loans.

Title loans – Use your car as collateral and borrow a large percentage of your vehicle’s value if it is in good condition and just a few years old.

Yes, if you are looking for a loan for self employed people with bad credit, poor credit, no credit or without credit checks, we have a number of options to help. Whilst you may have been turned down for traditional personal loans from a bank or other lender because you are self employed, this definitely does not need to be the case. 

Whilst there are unsecured and personal loans for self employed professionals and these may offer low rates, there are other alternatives available.

For example, you may decide to use your car as collateral, known as a title loan, and this can give you 10% to 50% of the car’s value upfront if it is in good condition. You could use a home equity loan, using your home as security. Both these options can be useful for people with bad credit, but note that your asset or collateral could be repossessed if you are unable to keep up with payments.

Other options include using 0% credit cards, installment loans to help you spread repayment or even credit unions who offer some of the lowest rates on the market.

Whilst some lenders that we work with at Pheabs may not require any proof of income for small amounts of $300, $500 or $1,000, if you wish to borrow larger amounts, you may need to show income through:

• Tax statements – showing proof of any tax that you have paid in the last year
• Bank statements – showing any income that has come through to your business and personal bank account
• Profit and loss statements – an overview of your income and profits over the last year
• Court order agreements – proof of alimony or child support that you are paying or receiving

Can I Borrow Money if I am Unemployed or Between Jobs?

Yes, we may be able to provide some loan options if you are unemployed or moving between jobs. As long as you are earning some regular income and can meet repayments without defaulting, we will gladly consider your application. A loan is never guaranteed and our team may request some additional information from you if necessary.

Can I Apply For a Loan If I am About To Start a Company?

Yes, we can offer loans for startups and new businesses, but you may still need to show a regular income or proof that you can afford repayment without falling into financial difficulty. We may also carry out a quick credit check to assess your affordability. 

If you have neither a good income or a good credit score, we may be able to provide alternative finance options which leverage security such as home equity loans or title car loans.

Can I Get a Loan if My Business is Not Profitable?

Yes, at Pheabs, we appreciate that not all businesses are always profitable and you may not be taking any salary to keep the business going or you may be taking a regular salary so you still have a stable income. We also understand that sometimes you may need a cash injection in order to become profitable and that is why we are here to help!

Can I Be Eligible if My Business is Under 3 Years Old?

Yes, whilst traditional business loans require you to have at least 18 or 36 months of bank statements and accounts, you can certainly be eligible if your business is new and generating some regular income. We may require proof of income or just need to see some evidence of a regular salary coming in, so that we know that you can afford repayments. 

How Fast Can I My Loan Be Approved and Funded?

Small amounts can usually be funded in 1 to 24 hours but larger amounts may require some additional checks and just take an extra couple of days. Our partners will always aim to process your loan as fast as possible and transfer funds as soon as they can.