Best Personal Loans for Self-Employed Borrowers (2026)

Whether you’re a freelancer, independent contractor, gig worker or small business owner, getting approved for a personal loan is entirely possible. You’ll just need to show proof of income through tax returns, 1099s or bank statements instead of a pay stub. The lenders on our list accept self-employment income and offer competitive rates and terms.

Best personal loan providers for self-employed borrowers

• Best overall for self-employed: Best Egg personal loans
• Best for large loan amounts: SoFi personal loans
• Best for fair or thin credit: Upstart personal loans
• Best for bad credit: OneMain Financial personal loans
• Best for flexible income verification: Upgrade personal loans
• Best for lower credit scores: Avant personal loans
• Best for comparing multiple lenders: MoneyLion personal loans

Best overall for self-employed

8.5 Great Best Egg personal loans

8.5 Great

$2,000 to $50,000

36 to 60 months (unsecured); 60 to 84 months (home-secured)

6.99% to 35.99%

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Why we like it Best Egg is our top overall pick because it explicitly accepts self-employed applicants, has a very low minimum income requirement of just $3,500 annually and offers competitive rates starting at 6.99%, with funding possible in as little as 24 hours. You'll need your last two years of tax returns to verify income. Pros & cons Pros Explicitly accepts self-employed income Very low $3,500 annual minimum income requirement Fast funding — possible within 24 hours Prequalification available Cons Origination fees from 0.99% to 9.99% Not available in Iowa, Vermont, West Virginia or DC

Best for large loan amounts

9 Excellent SoFi personal loans

9 Excellent

$5,000 to $100,000

2 to 7 years

6.49% to 35.49% with autopay and member discounts (0.25% each)

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Why we like it SoFi stands out for self-employed borrowers because it considers more than just income. Credit history, financial habits and monthly expenses all factor into its decision. It charges no origination, late or prepayment fees, and can fund loans up to $100,000 as soon as the same day you're approved. Pros & cons Pros No origination, late or prepayment fees Same-day funding possible Considers factors beyond income for approval Cons High $5,000 minimum loan 0.25% autopay discount requires SoFi checking account with direct deposit

Best for fair or thin credit

9.3 Excellent Upstart personal loans

9.3 Excellent

$1,000 to $75,000

3 or 5 years

6.30%–35.99% (includes any origination fee)

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Why we like it Upstart is ideal for self-employed borrowers still building their credit history. Its alternative underwriting model factors in employment history and education alongside your credit score, and it calculates self-employment income directly from Schedule C — meaning business deductions won't completely disqualify you. It accepts credit scores as low as 300 and has a $12,000 annual minimum income requirement. Pros & cons Pros Accepts credit scores as low as 300 Calculates self-employed income using Schedule C Low $1,000 minimum loan amount Cons Origination fee up to 12% Only two repayment term options No cosigners allowed

Best for bad credit

5.8 Standard OneMain Financial personal loans

5.8 Standard

$1,500 to $30,000

24 – 60 months

11.99% to 35.99%

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Why we like it OneMain Financial has no minimum credit score, making it a go-to for self-employed borrowers with damaged credit. It accepts tax returns, bank statements and profit and loss statements as income verification and offers secured loan options — using collateral like a vehicle can help you qualify for a lower rate. Pros & cons Pros No minimum credit score Secured loan option can lower your rate Same-day debit card funding available Cons High starting APR of 11.99% Low $30,000 maximum loan amount

Best for flexible income verification

8.2 Great Upgrade personal loans

8.2 Great

$1,000 to $50,000

2 to 7 years

7.74% to 35.99% (includes origination fee)

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Why we like it Upgrade has a dedicated self-employed FAQ section on its website that specifies exactly what documentation is needed based on your business structure — sole proprietor, LLC, S corp and more. It requires your two most recent years of tax returns plus recent bank statements, and offers some of the most flexible repayment terms available, up to 84 months. Pros & cons Pros Self-employed documentation guide by entity type Flexible loan terms up to 84 months Prequalification with no hard credit pull Cons Origination fee of 1.85%–9.99% $25,000 minimum annual income required

Best for lower credit scores

6.8 Standard Avant personal loans

6.8 Standard

$2,000 to $35,000

24 to 60 months

9.95% to 35.99%

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Why we like it Avant accepts self-employed applicants and has a dedicated income verification process, requiring two years of complete tax returns or IRS transcripts. With a minimum credit score around 550, it's one of the few lenders that combines self-employment acceptance with near-bad-credit eligibility — useful for freelancers still building their profile. Funds typically arrive the next business day. Pros & cons Pros Accepts credit scores around 550 Dedicated self-employed verification process Next-business-day funding Cons Administration fee up to 9.99% Maximum loan amount lower than many competitors

Best for comparing multiple lenders

8.5 Great MoneyLion personal loans

8.5 Great

$500 to $250,000

Varies by lender

Varies by lender

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Why we like it MoneyLion is a free loan marketplace that submits one application to multiple lenders, which is helpful if you're unsure which lenders will approve self-employment income. It can surface options for borrowers with variable income or less-than-perfect credit, with loan amounts from $500 to $250,000 across its partner network. Note that MoneyLion is not a direct lender, so rates and terms won't be confirmed until you're matched. Pros & cons Pros One application, multiple lender comparisons Low $500 minimum loan available Free to use Cons Not a direct lender — rates vary by match Shares your data with third parties Not BBB-accredited; mixed reviews online

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Methodology: How we picked the best providers

To build this list, Finder’s lending experts evaluated personal loan lenders across more than a dozen criteria, specifically filtered for lenders that accept self-employment income as a qualifying income source. Key factors included:

• Self-employed eligibility. We only included direct lenders (plus one marketplace) that explicitly accept self-employed borrowers and accept alternative income documentation such as tax returns, 1099s, bank statements or profit and loss statements — not just W-2s.
• APR range. We compared both minimum and maximum APRs to identify lenders with competitive rates accessible to a range of credit profiles.
• Fees. We evaluated origination fees, administration fees and prepayment penalties. Lenders with lower or no fees ranked higher.
• Loan amounts and terms. We favored lenders offering a wide range of loan amounts and flexible repayment terms to suit different borrower needs.
• Credit accessibility. Because self-employed borrowers often face additional scrutiny, we weighted lenders that accept lower minimum credit scores and offer alternative underwriting.
• Customer reputation. We reviewed ratings from the Better Businss Bureau (BBB) and Trustpilot scores where available.
• Transparency. Lenders with dedicated self-employed guidance, clear documentation requirements and prequalification options ranked higher.

We regularly review and update our selections as lenders change their terms, rates and eligibility criteria.

What lenders look for in self-employed borrowers

Getting approved isn’t just about income. Lenders scrutinize self-employed applicants more closely across several areas:

• Proof of income. Without pay stubs, lenders typically require two or more years of tax returns, bank statements, 1099s or profit and loss statements. The longer your self-employment history, the easier this becomes. However, in some cases, you may be able to find a no-income-verification loan.
• Credit score. Many lenders set a higher credit score bar for self-employed applicants than for traditional employees. A strong credit history — including on-time payments and a healthy mix of accounts — carries extra weight when your income is harder to verify.
• Debt-to-income ratio. Lenders want to see that your existing debt obligations are manageable relative to your income. Most prefer a debt-to-income (DTI) ratio of 36% or lower, though this varies.
• Cash reserves. With variable income, lenders may want to see savings or an emergency fund — evidence that you can cover payments during a slow month.
• Employment history and stability. Lenders may ask how long you’ve been self-employed and whether your field is sustainable. For example, lenders view a borrower who left a salaried accounting job to run their own accounting firm as lower risk than someone who recently switched industries entirely.

What documentation do you need to apply?

Most lenders that accept self-employed borrowers will ask for some combination of the following:

• Tax returns. The most commonly required document is typically two years of federal returns, including Schedule C for sole proprietors or Schedule E for partnerships and S corps. Lenders use these to verify taxable income over time.
• 1099 forms. If you’re a freelancer or independent contractor, 1099-NEC or 1099-K forms show compensation received from clients or platforms and can substitute for or supplement tax returns.
• Bank statements. Usually two to three months of personal bank statements, used to confirm consistent cash flow and verify that deposits match the income you’ve reported.
• Profit and loss (P&L) statements. If you own a business, a lender may request a P&L statement showing revenue, expenses and net income for a specific period.
• Court-ordered income documents. If you receive alimony or child support that you’re counting toward your income, lenders will want documentation confirming that income.

Why self-employed borrowers face extra scrutiny — and how deductions make it harder

Two specific challenges tend to catch self-employed applicants off guard.

The first is income inconsistency. Freelancers and contractors often have irregular pay schedules, seasonal income swings or multiple income streams. Lenders want to see a consistent pattern over time, ideally two or more years, which is why newer self-employed borrowers have a harder time qualifying.

The second is the deduction problem. Self-employed workers can deduct business expenses like a home office, mileage and equipment, which lowers taxable income. That’s good at tax time, but it works against you with lenders — because they look at your net taxable income, not gross revenue. If your business brings in $80,000 but you claim $25,000 in deductions, a lender may qualify you based on $55,000. Knowing this in advance helps you choose a realistic loan amount and set expectations before you apply.

How to prequalify for a self-employed personal loan

Most lenders that work with self-employed borrowers offer prequalification, which lets you check your likely rate without a hard credit pull.

1. Check your credit score. Know where you stand before you start. This helps you filter to lenders whose minimum credit score you meet.
2. Calculate your net income. Lenders typically use your taxable income (net of business deductions), not gross revenue. Know your number going in.
3. Gather your documents. Most lenders require your last two years of tax returns, including Schedule C, and two to three months of bank statements. Have them ready.
4. Visit the lender’s website and prequalify. Enter basic financial info to see estimated rates and terms. This step requires a soft credit check and won’t affect your score.
5. Compare offers. Don’t stop at the first offer. Prequalify with two or three lenders to compare rates, terms and fees side by side.
6. Submit your full application. Once you’ve chosen a personal loan lender, complete the formal application and upload your documentation. A hard credit pull will follow.

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5 of 5 results

Updated regularly

Finder Score	APR	Min. credit score	Loan amount
Promoted 8.5 Great Best Egg personal loans	8.5 Great	6.99% to 35.99%	640	$2,000 to $50,000	Fast and easy personal loan application process. See options first without affecting your credit score.	Go to site View details Compare product selection Compare	loading
Promoted 9.3 Excellent Upstart personal loans	9.3 Excellent	6.30%–35.99% (includes any origination fee)	300	$1,000 to $75,000	This service looks beyond your credit score to get you a competitive-rate personal loan.	Go to site View details Compare product selection Compare	loading
Promoted 9.5 Excellent LightStream personal loans	9.5 Excellent	Varies by loan purpose	Good to excellent credit	$5,000 to $100,000	Borrow up to $100,000 with low rates and no fees.	Go to site View details Compare product selection Compare	loading
9 Excellent SoFi personal loans	9 Excellent	6.49% to 35.49% with autopay and member discounts (0.25% each)	680	$5,000 to $100,000	Fast Funding. View Your Rate in Minutes - Funds Could be Ready the Same Day You Sign.	Go to site View details Compare product selection Compare	loading
8.2 Great Upgrade personal loans	8.2 Great	7.74% to 35.99% (includes origination fee)	580	$1,000 to $50,000	Check your rates with this online lender without impacting your credit score.	Go to site View details Compare product selection Compare	loading

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How we picked these

What is the Finder Score?

The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

Read the full breakdown

Alternatives to a personal loan if you’re self-employed

A personal loan isn’t always the right fit. Here are some alternatives worth considering before you apply:

• Business loan or SBA microloan. If you need funds specifically for business purposes, a small business loan or SBA microloan may offer better rates and terms than a personal loan — and keeps your personal and business finances separate.
• HELOC or home equity loan. If you own a home, a home equity loan or line of credit typically comes with lower rates than a personal loan. The risk: your home is collateral.
• 0% intro APR credit card. For shorter-term needs (under 12 to 18 months), a credit card with a 0% introductory period can be a cheaper option — especially for expenses you can pay down quickly.
• Cash advance apps. For small amounts, apps designed for gig workers may offer interest-free advances with fewer documentation requirements than a personal loan.
• Cosigned personal loan. Adding a cosigner with a steady W-2 income and strong credit can significantly improve your approval odds and the rate you’re offered.

Frequently asked questions

• Can I get a personal loan if I'm self-employed with no proof of income?

  It's unlikely. Nearly all personal loan lenders require income verification to confirm you can repay the loan. If you can't provide tax returns, bank statements or 1099s, consider alternatives like a secured loan (using an asset as collateral), a cosigned loan or a cash advance app. Some lenders may also consider non-employment income such as investment income, alimony or retirement benefits.

• What documents do self-employed borrowers need to apply for a personal loan?

  Most lenders ask for your last two years of federal tax returns (including Schedule C for sole proprietors), recent bank statements (typically two to three months) and sometimes profit and loss statements or 1099 forms. Requirements vary by lender, so check each lender's specific documentation page before applying.

• Do lenders use gross revenue or net income to qualify self-employed borrowers?

  Lenders typically use your net income, the amount after business deductions, not your gross revenue. This difference is important because business write-offs that lower your tax bill can also reduce the income figure lenders see, potentially affecting the loan amount and rate you qualify for.

• Will being self-employed hurt my chances of loan approval?

  It can make the process more involved, but it won't automatically disqualify you. Lenders want to see stable, consistent income over time, usually at least two years. A strong credit score, low debt-to-income ratio and cash reserves can help offset concerns about income variability.

• Can I get a personal loan if I just started being self-employed?

  }
  It's harder, but not impossible. Some lenders, like Upstart, will work with newer freelancers using income contracts or bank statements in lieu of full tax returns. Adding a cosigner or applying for a secured loan can also improve your odds if your self-employment history is short.

To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.

Written by

Lacey Stark

Writer

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Lacey Stark is a freelance personal finance writer for Finder, specializing in banking, loans, investing, estate planning, and more. She has 20 years of experience writing and editing for magazines, newspapers, and online publications. A word nerd from childhood, Lacey officially got her start reporting on live sporting events and moved on to cover topics such as construction, technology, and travel before finding her niche in personal finance. Originally from New England, she received her bachelor’s degree from the University of Denver and completed a postgraduate journalism program at Metropolitan State University also in Denver. She currently lives in Chicagoland with her dog Chunk and likes to read and play golf. See full bio