How to Apply for a Personal Loan if You’re Self-Employed
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How to get a personal loan as a self-employed borrower
- Personal information including your home contact information, birthdate, Social Security number and citizenship status.
- Financial information including annual income, income sources, and monthly housing expenses and debt obligations.
- Employment information including your employment status, current employer and length of time working there.
- Loan request information including the reason for the loan and the amount you seek to borrow.
How to prove self-employment income
- Federal tax returns for the past two years, including all schedules.
- 1099s for the past two years.
- Bank statements.
- Profit and loss statements, if you run your own business.
Other forms of income lenders accept
- Retirement income.
- Alimony.
- Child support.
- Rental income.
- Social Security benefits.
- Disability benefits.
Lenders that accept self-employment income
| Lender | APR | Loan amount | Acceptable proof of income |
|---|---|---|---|
 on NerdWallet's secure website | 11.79% - 20.84% . | $7,000 - $50,000. |
|
 on LendingClub's website | 7.90% - 35.99% . | $1,000 - $40,000. |
|
 on SoFi's website | 8.99% - 35.49% . | $5,000 - $100,000. |
|
 on Upgrade's website | 7.99% - 35.99% . | $1,000 - $50,000. |
|
 on Upstart's website | 6.70% - 35.99% . | $1,000 - $50,000. |
|
Tips to strengthen your loan application
Co-signed loans
Secured loans
Alternatives to personal loans
Small business financing
Credit card cash advance
Home equity financing
Loans from family or friends
Can I get a personal loan if I’m self-employed with no proof of income?
You’re unlikely to qualify for a personal loan without any proof of income, because most lenders consider income when determining a borrower’s ability to repay a loan. You may want to try an alternative borrowing method, like a credit card cash advance or a family loan.
Can I get a personal loan if I’m self-employed with bad credit?
Having bad credit (a score from 300 to the high 500s) won’t necessarily prevent you from getting a loan, but you may have a smaller pool of lenders to choose from. Consider credit unions, which tend to have looser lending requirements for members, or online lenders that provide loans for bad-credit borrowers. Keep in mind that your loan will likely come with a higher APR.
Article sources
- 1. National Credit Union Administration. Payday Alternative Loans Final Rule. Accessed Apr 17, 2025.
- 2. Experian and Oliver Wyman. Financial Inclusion and Access to Credit. Accessed Jan 23, 2025.
- 3. Consumer Financial Protection Bureau. What is a payday loan?. Accessed Apr 17, 2025.
Methodology
How we chose the best personal loans
Our team of consumer lending experts follow an objective and robust methodology to rate lenders and pick the best.
35+
Lenders reviewed
We review over 35 lenders, including major banks, top credit unions, leading digital platforms, and high interest installment lenders operating across multiple states.
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Categories assessed
Each lender is evaluated across five weighted categories and 27 subcategories, covering affordability, eligibility, consumer experience, flexibility, and application process.
70+
Data points analyzed
Our team tracks and reassesses hundreds of data points annually, including APR ranges, fees, credit requirements, and borrower tools, ensuring up to date, accurate comparisons.
Star rating categories
We evaluate more categories than competitors and carefully weigh how each factor impacts your experience.
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 70 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
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