Payday Loans for Self-employed Ideal for Contractors, Consultants

[Feb 27, 2009.]

 

The benefits of being self-employed are well-documented--a virtually unlimited salary cap, the power to choose projects close to your abilities and interest, flexible working hours and generous tax incentives--just to name a few. However, the ebb and flow of income is also a very real characteristic, as well. When unexpected expenses collide with a month of thin profits, payday loans for self-employed professionals can literally save the day.

Who is Eligible for Self-employed Payday Loans?
Political Mavens reports that there were 9.865 million self-employed Americans at year’s end 2008. That’s a robust 8.7% of all workers. And the list cuts well-across industry lines. Top self-employed niches include contractors, consultants and project managers. Healthcare, the single largest employing industry, is comprised of an impressive number of self-employed professionals.

When Should I Leverage This Benefit for Fast Cash?
Recognizing that the self-employed were at particular risk for spending emergencies, the payday loans industry created special loans strategically designed for this need. In the Business & Finance section of AssociatedContent, the article “The Pleasures and Pitfalls of Being Self-Employed” lists a few of the common pitfalls of self-employment that could require the convenience of payday loans:

• Lack of Access to Health Insurance. Perhaps the most critical need for most self-employed individuals. Emergency doctor's visits, out of pocket prescription costs and emergency room visits can put you in debt for years. Payday loans can fill in the gaps.


• Insufficient Life Insurance. This is a vital consideration if you have children. There are a variety of programs that offer emergency coverage only for much less than a full group or term life policy. But this expense is typically the first to go in lean times.


• The Annual Tax Issue. Those that work for themselves are frequently more scrutinized by the IRS than those who earn a W-2. Calculating taxes in left entirely on the self-employed individual through record-keeping regulations. Payday loans for self-employed are helpful here.


• Lack of Steady Income. Sometimes, self-employed individuals must go months without an income. This holds true particularly for professionals in seasonal industries. Unexpected bills can quickly become a nightmare.

The Bottom Line
Payday loans for self-employed individuals are just additional resources to help offset the potential financial hazards of working for yourself. Payday loans can keep you from having to rejoin the rank and file--a valuable service, indeed.

Source(s)
AssociatedContent, The Pleasures and Pitfalls of Being Self-Employed
Political Mavens, U.S. Self-Employment Rate Rises in December

 

About Author:

Kelly Richardson is a freelance writer, marcomm consultant and digital entrepreneur. He’s written content for Fortune 500s Google, Yahoo!, Microsoft and Wells Fargo. Find out more about him at kellyrichardsoncopywriting.com.