Loans For Self Employed – Speedy Cash Loans

Loans for self employed up to $10,000. Cash loans for sole traders and small business owners. Easy application with fast outcome. Apply today!

Loans for self employed

As you can probably guess, loans for self employed are a form of personal loan offered to those individuals who are self employed. Why are these loans different from those offered to regular people? Well, it comes down to the eligibility criteria.

Running your own business is tricky and earning a regular, stable income is not always possible. Given that most lenders require proof of a regular income, self employed individuals can find themselves being rejected for loans that they could potentially afford.

Loans for self employed may have slightly modified eligibility criteria to ensure that sole traders, contractors and business owners can access the finance they need.

If you’re self employed and need a loan, Monzi’s lender-finder service might be just what you need. Submit an application today and we can potentially match you with a lender that may be able to offer personal loans from $300 to $10,000.

Approval is always subject to assessment and never guaranteed.

Who is Monzi?

At Monzi, we’re one of Australia’s leading lender-finder services. We are not here to offer you a loan, we simply act as the connection between everyday Aussies looking to borrow and licenced lenders willing to offer credit.

We’re here to make life easier for you. In recent years, the world of online lending has exploded meaning there are possibly hundreds of lenders out there willing to offer you credit. If you’re not sure what to look for, you can quickly find yourself swallowed up by the sheer number of options.

Monzi makes finding a lender super convenient. You can have an application completed in minutes and an outcome in an hour*.

So, if you need a lender who can offer the loans you need, submit an application with Monzi today.

*60 minute outcomes only possible during business hours and not guaranteed.

Unsecured vs. secured loans – what’s the difference?

While they are both forms of personal loans, the difference is that secured loans require borrowers to sign over an asset as security.

Security can take a number of forms but the most commonly used assets include cars, boats and caravans. Security acts as a guarantee that the borrower will make their required repayments.

In the event that the borrower defaults on their loan, the lender is able to take control of the asset and sell it, in order to recover the value they have lost.

Unsecured loans for self employed are a risk for lenders. With no means to recoup their lost value, lenders are counting on the borrower to make their required repayments. Given the greater risk, unsecured loans typically only offered at $2,000 and under.

Loans to suit any need

The cash needs of Monzi’s users vary considerably. While there are some common expenses that most people will encounter, typically no two applications are the same.

In order to meet the needs of all our users, at Monzi, we’ve developed a vast network of lenders. All our lenders offer a range of different loan products to potentially suit a range of different needs. That way, there’s potentially a loan for everyone.

The below table includes examples of the loans our network of lenders may be able to offer. Keep in mind, the information in the table may not necessarily reflect the loan you’re offered.

LoanAmount approved (AUD)
Personal loan for self employed$3,000
Loan for self employed no credit check$4,000
Cash loan for self employed$5,000

If you find yourself applying for a personal loan, you’ll likely fall into one of the following three categories:

Small loans

Small loans for self employed account for amounts ranging from $300 to $2,000. All small bad credit loans are unsecured and are typically repaid over a 12 month period.

Medium loans

Loan amounts ranging from $2,100 through to $4,600. Repayment periods typically range from 12 to 24 months. Medium loans are generally secured loans meaning the borrower must sign over an asset as security.

Large loans

Secured loans of amounts ranging from $5,000 to $10,000. As with medium loans, the repayment period will typically range from 12 to 24 months.

Man in white collared shirt standing at window using phone to apply for loans for self employed

Personal loans for self employed – case study

Nothing clears things up like a real-world example, so let’s look at the case of Tom.

Tom’s a self employed electrician. One day, while driving to his next job, his ute breaks down. He’s towed to the local mechanic where Tom finds out his repairs are going to cost him $1,500.

While Tom is typically a good saver, having $1,500 on hand just isn’t possible. Worst of all, without his ute, he is unable to work.

Luckily, Tom knows about Monzi. He logs onto the website and selects the amount he wishes to borrow. In just 60 minutes, Monzi is able to match him with a lender offering cash loans.

His application is approved swiftly and the cash is in his account in no time.

Tom pays for his repairs and the next day he’s back on the road.

Loans for self employed bad credit

Maintaining a perfect credit report simply isn’t easy; if you have bad credit, you’re certainly not alone. Unfortunately, banks tend to look upon bad credit less than favourably and if you add in the fact that you’re self employed, securing a loan may feel like a nightmare.

Fortunately, Monzi and our network of lenders are here to help. We know that bad credit doesn’t tell the full story of your financial situation. When you’re matched with a lender, they might be able to look a bit deeper.

Put simply, while your credit history may be assessed, lenders also want to get an idea of if the loan is affordable for you. As a result, your income, expenses and commitments might be just as important.

So, if you’re self employed and have bad credit, consider submitting an application with Monzi. We might be able to find a lender willing to offer you the cash you need.

In saying this, remember approval is always at the discretion of the lender, in accordance with their assessment policy.

Finally, consider how a debt consolidation loan may help imptrove your bad credit.

Loans for self employed credit checks

As part of your application, we are unable to say definitively if a credit check will be conducted.

Once you’re matched with a lender, it will be up to them to perform a credit check. Lenders differ in their assessment procedures meaning some may, while others may not. It will be solely at their discretion.

What we can say is, lenders will typically look deeper than just a credit check. Your credit history accounts for just one part of your financial situation. In making their decision, lenders may look at your income and expenses to determine if the loan is affordable for you.

If you can display a healthy balance between your income and expenses, there’s no reason you shouldn’t be approved. Although, the final say on approval always remains in the hands of your lender.

Can Monzi find lenders offering car loans for self employed?

While not a traditional car loan, Monzi may be able to match you with a lender offering a personal loan of up to $10,000.

What do we mean by not a traditional car loan? Well, with most car loans, you can use the car you intend to purchase as security against the loan.

On the other hand, if you match with a lender through Monzi, you will need to use one of your existing assets as security. In other words, if you wish to purchase a car, you will need to already own another vehicle you can use as collateral.

Even if you’re a pensioner you can use Monzi to find car loans.

Can Monzi connect me with payday lenders?

Payday loans for self employed are short term loans for those in need of quick cash. Typically, payday loans are available at smaller amounts and are processed quickly to give you instant cash.

Moreover, payday lenders may only offer very short repayment terms – sometimes as little as 16 days.

If you use Monzi to find a lender, however, you may not be paired with a payday lender. This is because we will try to match you with a lender offering personal loans.

Monzi’s eligibility criteria

There are no background checks or income thresholds you need to meet. To be eligible to submit an application with Monzi, there are just four simple criteria.

  1. Be 18 years or older
  2. Be an Australian Citizen or Permanent Resident
  3. You must have earned a regular income, deposited into a personal bank account for thee months prior to your application
  4. Have an active email address and phone number.

Keep in mind, you are not guaranteed to be approved if you meet the above criteria. Approval is granted by the lenders on our panel according to their individual criteria.

How to apply for loans for self employed

With Monzi, three steps are all there is to it:

  1. Apply: Using Monzi’s loan slider, select the amount you wish to borrow. Fill in the required personal details when prompted and submit your application.
  2. Relax: Once we have your details, Monzi’s automated system will try and match your application with a credit provider from within our network.
  3. Contact: If there’s a match for you, we’ll be in touch as soon as possible. From there, your lender will be in contact to complete their assessment.

Apply today = cash today?

While nobody wants to wait, if you’re applying for personal loans for self employed individuals, you may need to.

At Monzi, we are unable to guarantee precisely when you will get your cash. For our part, if you submit an application with Monzi we endeavour to find you a lender in 60 minutes if you apply during business hours. From there though, it’s out of our hands.

Once you’re matched with your lender, they’ll need to conduct an assessment on your application. Different lenders follow different procedures and as such, times can vary.

In most cases, once your application has been approved and you’ve signed your loan contract, your funds will be transferred to you. Inter-bank transfer times will then determine when the cash appears in your account.

If you apply during business hours and provide all the necessary details when you apply, it’s possible to get the cash in your account on the same day you apply. Applications outside business hours typically encounter delays.

Before applying

Personal loans for self employed provide a manageable solution to your immediate cash shortfalls. While they may seem like an all-conquering saviour, they do not come without risk.

All too often, people end up in over their head with a loan they cannot afford. From there, a range of problems can eventuate. This can include debt spirals, defaults and in the worst cases, bankruptcy.

That’s why it’s important to approach your application with a clear mind. To give yourself the best chance of managing your loan effectively, you need to understand what you can afford. To do this, you need a complete idea of your financial situation.

A few questions to ask yourself include:

  • What is my current income?
  • What are my current day-to-day expenses plus do I have any upcoming expenses?
  • How much do I need to borrow?
  • Is there any way for me to cut costs so I don’t have to borrow as much?
  • What repayments would fit in my current budget?

Before you sign your loans for self employed contract

If approved, you will receive a digital loan contract. It is critical that you read through it carefully before you sign.

While it can seem like a lot of effort, it will detail everything you need to know about your loan. Your lender has no intention of hiding anything from you. However, you have to take the time to find the information.

If you simply agree without reading the contract, you might encounter a nasty surprise somewhere down the line. Typically, this will take the form of a fee you weren’t aware of.

So, before you agree, make sure you take note of:

  • Establishment fees
  • Penalty fees
  • Rates
  • Total repayments

What makes Monzi great?

Monzi makes it simple to find lenders online. We believe in our service and think that you should too.

If you’re not convinced, there are a host of other benefits that come with submitting an application with Monzi.

Easy application and quick outcome

At Monzi, we only ask you to provide the key details. You won’t be tied up for hours, trying to fill in complex financial details because, with Monzi, your application will be submitted in minutes. Just tell us how much you wish to borrow and provide the required details and we’ll get to work.

Once we receive your application, our automated system takes over. In just 60 minutes it’s possible for us to connect you with a lender offering the loan you require.

We promise that from start to finish, everything will be simple and stress-free. Your work will be done in minutes and you’ll have an outcome in no time.

It won’t cost you a cent

As crazy as it may seem, Monzi’s lender-finder service is 100% free to use. We match you with a lender and ask for nothing in return. Surely that’s the best deal out there.

When it comes to finding lenders offering loans for self employed, you have nothing to lose by applying with Monzi. It’s quick, easy and free!

Apply at any time from anywhere

The Monzi website is active 24/7 meaning you can submit your application at the time that suits you best. Morning, afternoon or night, our automated system is ready to get to work. All it takes is a few minutes.

Not only that, the fact that Monzi operates using a 100% online model means that we’re not constrained by geography. If you have an internet connection and a few spare minutes, you can access Monzi. Whether you’re at home, on the train or at the local coffee shop, it doesn’t matter. Submit your application at the time that suits you best.

Keep in mind, however, that if you submit an application outside of business hours, you may have to wait until the following day for an assessment to be completed.

Monzi’s trusted network of lenders

If you’re matched with a lender via our service, you can be certain that you’re dealing with a licenced and reputable lender.

At Monzi, we’ve put considerable time and effort into developing a network of high-quality lenders to ensure our users get the loans that are right for them.

All our lenders are totally transparent and comply with responsible lending practices. When you reach an agreement, all of your fees, rates and repayments will be clearly outlined. You know exactly what you’re getting into.

Reach out and we’ll respond

Should you have any questions, feel free to get in touch.

Send through your questions, queries and concerns to hello@monzi.com.au and we’ll do what we can to get back to you promptly. We guarantee that you’ll get a response from an actual human being. Do keep in mind though that we will likely respond quickest to emails received during business hours.

Empathy and understanding

Unfortunately, life doesn’t always go to plan. We’re here to help and understand that everyone’s circumstances are different. No matter why you need cash, we’ll try to match you with a lender.

The lenders we work with are understanding too. If, through the course of your repayments, you encounter financial hardship, your lender may be prepared to work with you to manage the situation.

While the world of borrowing and lending can seem intimidating, you should find comfort in the fact that Monzi is run by people just like you.

Why was my application denied?

Given that Monzi doesn’t conduct your assessment, it’s not possible for us to provide you with an answer. The best approach would be to contact your lender, who may be able to provide you with the reason why your application was denied.

In all likelihood, you failed to meet their required criteria, however, lenders differ in their requirements so this can be hard to pinpoint. In addition to this, lenders do retain the right to approve or deny applications where they see fit.

If there’s one reason for hope, keep in mind that your application being denied today, you may be approved in the future. All applications are assessed on a case-by-case basis meaning if you’re in a more stable financial position in the future, there’s no reason you won’t be approved.

Can I get loans for self employed on the weekend?

In short, consumers may not have access to their cash over the weekend. In other words, cash loans with weekend transfer may not always be possible.

Generally, banks do not process transfers over the weekend. As a result, approving your contract over the weekend may result in delays. Specifcially, consumers may not have access to their cash until the following business day.

Therefore, if you urgently need your money for the weekend, it may be worth planning ahead. Furthermore, aim to apply and approve your contract before the weekend. After all, the more time you allow yourself, the more likely it is you’ll receive your cash before the weekend.

Apply for loans for self employed today!

You’ve got all the information you need so the only thing left to do is get started. Head to the top of the page and submit your application with Monzi today.

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Factor In

Costs

Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.