Best Personal Loans For Self-Employed in November 2026

Loan options for freelancers, contractors and business owners without W-2 income

Kristina Byas

Written by  Kristina Byas

Anna-Louise Jackson

Edited by  Anna-Louise Jackson

Published Content was accurate at the time of publication.
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Lender User rating APR Amount Min. credit score See Results
4.92/5
(2,854) Ratings and reviews are from real consumers who have used the lending partner’s services.
5.99% to 29.99% $5k –
$50k 		620
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4.86/5
(1,595) Ratings and reviews are from real consumers who have used the lending partner’s services.
6.99% to 24.99% $2.5k –
$40k 		660
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4.66/5
(9,329) Ratings and reviews are from real consumers who have used the lending partner’s services.
11.99% to 35.99% $1.5k –
$35k 		None
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4.23/5
(97) Ratings and reviews are from real consumers who have used the lending partner’s services.
6.99% to 35.49% (with discounts) $5k –
$100k 		600
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4.82/5
(2,430) Ratings and reviews are from real consumers who have used the lending partner’s services.
7.74% to 35.99% (with discounts) $1k –
$50k 		600
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4.97/5
(18,048) Ratings and reviews are from real consumers who have used the lending partner’s services.
6.10% to 35.99% $1k –
$75k 		None
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Personal loans for self-employed individuals at a glance

Best for: Secured loans – Best Egg

  • Loans aren’t secured by your home
  • Funding within one business day
  • No prepayment penalties
  • Loans not available in all 50 states
  • Origination fee of no less than 4.99% for loans with terms of four years or more
  • Lowest rate only available to homeowners

Best Egg secured loans offer a unique alternative to traditional secured borrowing by using eligible fixtures in your home as collateral rather than your home itself, or even your vehicle. This gives borrowers access to lower rates compared to unsecured loans, but it also means you don’t have to put your home on the line to secure funds.

Best Egg uses built‑in home fixtures as collateral but doesn’t require an appraisal of them to qualify for a loan. Instead, Best Egg reviews your credit history and home equity.

You must also meet the requirements below to qualify for a Best Egg loan:

  • Age: Be of legal age to accept a loan in your state (usually 18)
  • Citizenship: Be a U.S. citizen or permanent resident living in the U.S.
  • Administrative: Have a personal checking account, email address and physical address
  • Residency: Not live in the District of Columbia, Iowa, Vermont, West Virginia or U.S. territories
  • Credit score: 620+

Best for: No fees – Discover

  • You won’t be charged any fees for your personal loan
  • Choose your own repayment terms between 3 and 7 years
  • Loan repayment assistance program available to eligible borrowers
  • Co-borrowers or co-signers not an option
  • Rate discounts not available

Discover stands out as a lender for its no-fee approach to personal loans. It is common practice for lenders to charge an origination fee and, in some cases, application and prepayment fees, which can reduce the amount borrowers receive.

Because Discover doesn’t charge any of these fees, borrowers keep all of the funds they are approved for, meaning they have more money at their disposal.

You’ll need to meet these eligibility criteria to get a Discover loan:

  • Age: Be at least 18
  • Citizenship: Have a Social Security number
  • Administrative: Have a physical address, email address and internet access
  • Income: Minimum income of $25,000 (individually or as a household)
  • Credit score: 660+

Best for: Bad credit loans – OneMain Financial

Amount disclaimer

Borrowers in these states are subject to these minimum loan amounts: Alabama: $2,100; California: $3,000; Georgia: $3,100; North Dakota: $2,000; Ohio: $2,000; Virginia: $2,600.

  • Option to apply online, over the phone or in person
  • No minimum credit score requirement means funding is available to bad credit borrowers
  • Funds available as soon as one hour after loan closing
  • Origination fee of up to $500, or 10%, of loan
  • Personal loans online available in 44 states
  • Higher starting APR compared to other lenders

Self-employed borrowers with bad credit may find OneMain Financial to be a good option because the lender doesn’t have a credit score requirement. Loan approval isn’t guaranteed, though, and the starting annual percentage rate (APR) is higher than most other lenders, but applicants may still qualify based on factors such as income, expenses and ability to repay the loan.

OneMain Financial does not have a formal minimum credit score requirement, but it will review your credit history to determine whether you qualify for a loan. If it approves you, you must provide:

  • Government-issued identification (such as a driver’s license or passport)
  • Proof of residence (such as a rental agreement or utility bill)
  • Proof of income (such as pay stubs or tax returns)

OneMain loans are not available in Alaska, Arkansas, Connecticut, the District of Columbia, Massachusetts, Rhode Island, Vermont or in U.S. territories.

Best for: Large loan amounts – SoFi

APR disclaimer

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2025 was around $32K. Based on loans funded from 1/1/2025-12/31/2025. Information current as of 10/02/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions. Fixed rates from 6.99% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% member rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 10/02/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay Discount: The SoFi 0.25% autopay interest rate reduction requires you to make monthly payments using SoFi’s automatic monthly deduction from a savings or checking account. The discount will discontinue and be lost when you do not have autopay enabled. You’re not required to set up autopay to obtain this loan. Member Rate Discount: To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet. Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.

  • High loan amounts for qualified borrowers
  • Autopay and member rate discount available
  • No origination fee required; no prepayment or late fees
  • Allows for co-borrowers
  • Funds cannot be used for business purposes
  • Cosigners not an option for personal loans
  • No in-person applications or face-to-face customer service available

SoFi offers generous personal loans of up to $100,000 to qualified self-employed borrowers, making it an option for those who need to cover larger expenses. Although borrowers can’t use the funds for business purposes, they are free to use the loan for personal expenses, such as debt consolidation, medical bills and home improvements.

Eligible borrowers may also qualify for rate discounts, such as autopay, which can lower the interest rate and potentially reduce the total cost of borrowing.

You must meet the requirements below to get a loan from SoFi:

  • Age: Be the age of majority in your state (typically 18)
  • Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a Deferred Action for Childhood Arrivals recipient or asylum-seeker, for instance)
  • Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
  • Credit score: 600+

Best for: Flexible income verification – Upgrade

  • Income verification may only require previous two years of tax returns, appropriate tax form or schedule and bank statements
  • Funds can be used for business purposes
  • Funds typically available within one business day
  • Verifying tax returns with IRS may add an additional 3 to 5 days to processing time
  • High maximum APR and origination fee
  • Operates entirely online, so no in-person application or assistance

Income verification for an Upgrade personal loan can be straightforward for self-employed borrowers. Depending on the type of self-employment, the lender may only require the last two years of tax returns, appropriate tax form and schedule and bank statements that show the past 40 days of income.

Keep in mind that if your income can’t be verified, additional documentation may be requested.

To qualify for a loan through Upgrade, you must meet the requirements below:

  • Age: Be at least 18 years old (19 in some states)
  • Citizenship: Be a U.S. citizen, permanent resident or live in the U.S. with a valid visa
  • Administrative: Have a valid bank account and email address
  • Credit score: 600+

Best for: Fair or thin credit – Upstart

  • No minimum credit score requirement
  • Applications may be approved instantly
  • Funding in as little as 24 hours
  • Limited repayment term options
  • No rate discounts available
  • Origination fee may apply

Self-employed borrowers may have the income but not the credit to confidently apply for a loan with certain lenders. Upstart offers personal loans with flexible eligibility criteria, making them worth considering for those with limited credit history.

Unlike many lenders, Upstart may evaluate applicants without requiring a minimum credit score. As a result, Upstart states it has 41% more approvals compared to traditional credit models, expanding access to potential borrowers who may be denied with other lenders.

Upstart has transparent eligibility requirements, including:

  • Age: Be 18 or older
  • Administrative: Have a U.S. address, personal banking account, email address and Social Security number
  • Income: Have a valid source of income, including a job, job offer or another regular income source
  • Credit-related factors: No bankruptcies within the last three years, reasonable number of recent inquiries on your credit report and no current delinquencies
  • Credit score: None

Read more about how LendingTree experts made their picks for best personal loans for self-employment.

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Key takeaways
  • Self-employed borrowers can qualify for personal loans, but lenders may require tax returns, bank statements, Schedule C forms or other documents to verify income.
  • Complete, consistent financial records can help demonstrate income stability and your ability to repay the loan as a self-employed borrower.
  • Compare lenders’ income and credit score requirements as well as APRs, fees and repayment terms to find a loan that fits your financial situation.

What is a personal loan for self-employed borrowers?

A personal loan for self-employed borrowers, including freelancers, independent contractors and small business owners, is similar to a personal loan for borrowers with W-2 employment. However, the income verification process is different. 

For example, lenders still need to review the borrower’s income and expenses and assess their ability to repay the loan, but instead of looking at the traditional pay stubs or W-2s, they will review documents like tax returns and bank statements during the underwriting process.

Can you get a personal loan if you’re self-employed?

Yes, you can get a personal loan if you are self-employed, provided that you meet the lender’s eligibility requirements. Because these types of borrowers do not receive traditional pay stubs or W-2s, lenders may request other documents to verify income. 

You will still be evaluated based on the lender’s criteria, which may include credit score, income and your debt-to-income ratio. Requirements vary by lender, but being self-employed doesn’t necessarily prevent you from getting approved for a personal loan if you qualify. 

Self-employed personal loan requirements: documents and income verification

When applying for a personal loan as a self-employed borrower, your documentation needs to demonstrate your income is reliable and that you can afford the monthly payments if approved. Income can vary month to month for the self-employed, and lenders may need to review earnings over time rather than relying on what a few months of pay stubs or a W-2 would typically show. 

Documents lenders commonly accept

Lenders typically accept the following documents for income verification from self-employed applicants: 

  • Tax returns: Tax returns show your business income and deductions, which give lenders an idea of your income stability and ability to repay the loan. 
  • Bank statements: Your bank statements will show your financial activity, including income, expenses and deposits. 
  • Schedule C: Schedule C tax forms show income and expenses and profit and loss from self-employment and what is reported on your federal tax return.
  • 1099-NEC: Non-employee independent contractors receive a 1099-NEC and, potentially, other types of 1099 forms for qualified services provided during the tax year from clients or businesses.
  • CPA letters: Lenders may use a letter from a certified public accountant to quickly confirm the borrower’s self-employment status, business ownership and income based on the CPA’s review of available financial records and tax documentation.

❌ What usually isn’t enough on its own

Your documents must verify your income and ability to repay. On their own, the following documentation may not be sufficient, especially if your lender requested specific information.

  • Tax return from previous year
  • One month of bank statements
  • CPA letter
  • 1099-NEC forms

Ultimately, when applying for a loan without W-2 employment, the required documentation varies based on the lender. Some lenders may accept alternative financial records, while others may simply require tax returns. Check the lender’s specific requirements before applying. 

How do lenders verify income for self-employed personal loan applicants?

After you submit your documents, lenders may approach income verification a few different ways. And the methods vary by lender. 

For example, one lender may prefer to cross-check tax filings against bank deposits and average deposits over a certain period. Meanwhile, another lender may request multiple years of returns to get a more complete picture of your financial situation. Business bank account activity could also be a factor in your approval for certain lenders.

What is a debt-to-income ratio, and why does it matter for self-employed borrowers?

Debt-to-income (DTI) ratio is the percentage of your gross monthly income that goes toward monthly debt payments. Your DTI ratio is the number you get if you divide your total monthly debt by your gross monthly income. 

For example, if your monthly income is $4,000 and your monthly debt payments total $1,000, your DTI is 25%. 

For self-employed borrowers, calculating your DTI ratio is sometimes trickier because your income may change from month to month. If your DTI is low, lenders may not need to review additional documentation, but be prepared to submit more documentation to demonstrate your ability to manage a new personal loan along with your other debt obligations.

Personal loans for self-employed borrowers with bad or fair credit

Personal loans for self-employed borrowers with bad credit exist, but they may be challenging to secure. It can even be difficult to qualify for a personal loan as a fair credit borrower, but it is possible. Eligibility, interest rates and loan terms vary by lender, and depending on your overall financial profile, you could get approved for a personal loan with reasonable terms. 

Lenders typically consider more than your credit score, although it is an important factor. They’ll review things like your income, existing debt and payment history to measure your ability to repay the loan. For self-employed borrowers, a bad or fair credit score doesn’t necessarily disqualify you from a loan if you have consistent, well-documented earnings that can help strengthen your application.

Every lender has its own personal loan requirements, but borrowers with lower credit scores may face higher APRs, lower borrowing limits or stricter eligibility requirements. Some lenders, however, allow a qualified cosigner or co-borrower, which can boost your odds of approval.

Before applying for a loan, compare lenders, review minimum credit score requirements and check whether self-employment income is accepted. If you prequalify or get pre-approved for a loan, take a close look at APRs, fees, repayment terms and monthly payments to understand the total cost of borrowing.

How much would a personal loan cost per month?

Use the LendingTree personal loan calculator to estimate your monthly payments, as well as the total cost over the life of the loan. You can adjust the amount of money you want to borrow, your interest rate and your loan term to compare different loan options.

How to compare personal loans for self-employed

When comparing personal loans as a self-employed borrower, look beyond the advertised monthly payment. Focusing on key details can help you understand the true cost of borrowing and find a loan that fits your needs.

  • APR: The annual percentage rate reflects the interest rate in addition to certain fees, helping you compare total borrowing costs.
  • Origination fees: Some lenders charge these upfront fees to process a loan, and they can reduce the amount of actual funds you receive.
  • Repayment term: The time you have to repay the loan. Longer terms may mean lower monthly payments, but you will pay more interest overall.
  • Prepayment penalties: Fees some lenders may charge if you pay off your loan early. Check whether your lender allows penalty-free repayment.
  • Funding speed: How quickly the money may reach your account after approval and closing.
  • Documentation requirements: Documents used to verify identity, employment, income and other information you’ve provided the lender. 

It’s wise to compare personal loan offers side by side to see personalized rates and the actual terms available for your circumstances.

Why the strongest-looking profile doesn’t always get the best terms

An individual with high income or a strong credit score or who has been self-employed for a long time, isn’t guaranteed the lowest rate for a personal loan. For self-employed borrowers, income can be harder to evaluate. 

Even if a business earns good money, income that changes from month to month or year to year may make lenders more cautious about extending a loan. As a result, underwriting isn’t as straightforward when it comes to self-employed applicants. 

Lenders look at the whole picture, including your credit history, DTI and whether all required documents are complete. While a strong credit or income profile can help, that doesn’t guarantee approval or the best rate. 

Finally, each lender may also have different rules for how it reviews applications, so you could be approved by one and denied by another.

If a personal loan isn’t the right fit: alternatives for self-employed borrowers

Self-employed borrowers have other options when looking for funds. Depending on whether you need a personal loan for business or personal reasons, other options may be worth considering.

  • Small business loans: Designed to fund business expenses, such as equipment, inventory or expansion. Lenders may evaluate business credit score, business revenue and time in business.
  • Business lines of credit: Similar to a credit card, a business line of credit provides access to funds up to an approved limit, allowing you to borrow as needed and repay what you use. 
  • Secured loans or HELOCs: A home equity line of credit (HELOC) lets eligible homeowners borrow against available home equity. These options may offer different rates or qualification requirements, but your home is at risk if you can’t repay as agreed.
Personal LoanBusiness Loan
CollateralSecured or unsecuredSecured or unsecured
Use of FundsFlexible usage termsTypically restricted to business use
Qualification/Eligibility Personal credit, income, debt and ability to repayPersonal and business credit, time in business, business revenue, cash flow

The right option depends on your financial situation and how you plan to use the funds. You also want to consider how much borrowing will cost you, so interest rates, terms and fees are still important. And if you are considering a secured option, make sure you understand the risks.

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How LendingTree experts chose the best personal loans for self-employed

LendingTree reviewed more than 40 lenders and loan marketplaces that offer personal loans to determine the overall best personal loans for self-employed individuals. 

From there, we assessed each lender across four categories: eligibility and access; cost to borrow; loan terms and options; repayment support and tools.

Our categories

We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.

We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.

We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.

We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.

Our process

We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.

Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings. Read more about our editorial guidelines. 

According to our standardized rating system, the best personal loans for self-employed individuals come from Best Egg, Discover, OneMain Financial, SoFi, Upgrade and Upstart. 

Frequently asked questions

Getting a personal loan can be more challenging when you are self-employed because your income may change from month to month or year to year. You may still qualify for a loan, but lenders may ask for extra documentation to verify your income and ability to repay the loan.

Self-employed borrowers can explore personal loan options from banks, credit unions and online lenders. However, each lender’s requirements vary, so it’s best to confirm you are eligible for a loan before applying.

There is no single credit score required to secure a personal loan as a self-employed borrower. Ideally, having good credit will increase your odds of approval, but you’ll want to take a look at the lender requirements, as some may accept borrowers with poor or bad credit. In some cases, lenders may not have a credit requirement.

Yes, self-employed borrowers can use tax returns to verify income since they do not receive traditional pay stubs from an employer. Borrowers may also be asked to submit bank statements and other financial records to verify income, but that depends on the lender.

You may be able to cover business expenses, but lenders have restrictions on how loan funds can be used. For example, Upgrade offers personal loans for business purposes, but SoFi personal loans can’t be used for that. 

Before applying, check the lender’s terms to confirm eligible uses. This will ensure you apply for the right personal loan for you.

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