In this article, we’re going to explore options for a cash advance for independent contractors.
That said, depending on your residency status and existing commercial relationships, this can either be an easy or very challenging hurdle to overcome.
With this in mind, we typically suggest that individuals seeking cash advances get their bank accounts in order first and explore traditional loan options.
This process includes opening accounts in countries that offer traditional financing, accessing international debit cards, and (where possible) establishing a credit history.
Keep reading to find out what options exist for cash advance and get answers to some of the most frequently asked questions on the topic.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Cash Advance for Independent Contractors
- Application for Payday Loans
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Cash Advance for Independent Contractors
Cash advance for independent contractors is possible. However, getting a sizeable cash advance will depend on existing commercial and banking relationships. As a result, most independent contractors resort to traditional payday loan options, which offer aggressive rates and are often unattractive.
Instead, independent contractors may want to consider traditional financing arrangements instead.
That said, to access traditional financing, independent contractors will need to prove the consistency of their income and oftentimes times other proof of documents, including proof of residency, so it’s important to understand what country of residence means. With this in mind, they should make an effort to document the consistency of their income over time. In fact, if they can prove that they have had consistent work as an independent contractor for multiple years, they may be able to qualify for a wide range of financing options.
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Application for Payday Loans
The availability of payday loans for independent contractors will depend on the jurisdiction where they are located and the amount of money they are looking to borrow in relation to their pay.
That said, many payday loan operators offer unattractive rates. With this in mind, it’s important to consider all of the available options near you before settling on a provider. Otherwise, you could end up paying more to access the same amount of funds.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking for a cash advance for independent contractors. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can You Get a Cash Advance If You are Self-Employed?
You can get a cash advance if you are self-employed. However, the specific requirements that you will have to meet and the limits that lenders are willing to approve will vary. With this in mind, it’s important to consider your existing banking relationships and assess what options they will make available to you.
Is It Hard to Get a Loan as an Independent Contractor?
The difficulty of getting a loan as an independent contractor depends on a number of important variables. These variables include where you are located, the lender’s requirements, how long you have been an independent contractor, the consistency of your income, and more.
Do You Want Help Opening Bank Accounts?
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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