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Same Day Loans for Self-Employed

If you are not a salaried employee but earn a lot as a self employed person, then you are also may be interested in credit. Online personal loan companies have the same day loans for self-employed package. They work just the same with those of 9-5 employees and you can submit your application online. Your only obligation is to fill out a form and can wait to have the cash you have applied for.

How Overnight Personal Loans Work

Personal loans or cash advances are loans payable in two weeks. The payment date normally coincides with the payday of the borrower. They are primarily designed for salaried workers who are in extreme need of cash to meet any emergency. Other borrowers can take advantage of the loan to meet their wants if they cannot wait for their paychecks to come and buy whatever they wish.

Various Needs

There are also individuals who used payday loans to finance their weddings. Some use a no telecheck payday loan to get a car. It is not only available to employees but to the self-employed as well.

No Credit Check and No Faxing

Most online lenders of same day loans have done away with credit score or bad credit rating, no credit check, no teletrack and no faxing. Even the document for employment verification may be waived.

Why Are the Self-Employed Included?

The package offering same day payday loans without employment check clearly shows that lenders are banking more on the borrowers’ the cash resources rather than their proof of employment. It is a fact that there are the self-employed people who earnings are far bigger than those who get salaries. While some lenders at times resort to post dated check as an additional guarantee, this is seldom practiced if they are satisfied with the borrowers’ earnings.

The Terms And Conditions

Aside from the income of the self-employed, lenders are also after the credit standing. There are lenders who refer to teletrack and credit score as fallback positions in determining whether to grant the loan or not to the self-employed. This is of course is very clear on the application form before the borrower is allowed to fill out that form. The terms and conditions of a payday loan are fully explained to the borrower including the documentary requirements if any.

The self-employed sectors of society are considerably high. They represent a big chunk of the payday loan market and a big source of income for lpayday loans lenders. As part of their marketing strategy to broaden their market coverage, self-employed are also being lured to make use of the same day loan services. With the high interest rates lenders are charging and the certainty of getting paid back, definitely, the self employed people have become a new target for the lenders to do payday loan business.

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Representative APR 391%
Example: You borrow $100 for two weeks. Lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-Payment:
Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. None payment of a payday loan might negatively effect your credit history.
Consumer Notice:
A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our Rates and Fees page to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer:
This website does not constitute an offer or solicitation to lend. We are not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this web site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Our provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. We are aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. We do not endorse any particular service provider, lender, nor loan product. You are under no obligation to use Our service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use our service. Learn more on our Rates & Fees section.
Residents of some states may not be eligible for a short term cash loan based upon lender requirements. We do not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.