- Home
- Who can apply
- 1099 contractors
Loans for 1099 Contractors
Regular work, no withholding, no pay stub. We verify contract income from 1099s, bank deposits and your tax return instead.
A 1099 contractor is an employee in everything but tax treatment: regular work, often a single client, no withholding and no pay stub. Lenders that require a W-2 turn that into a rejection. We treat a consistent 1099 income stream as what it is, which is income.
| Key loan information | Details |
|---|---|
| Loan amount | $200 – $5,000 |
| Term | 14 days to 24 months |
| Representative APR | 17.99% – 400% depending on product |
| Minimum income | $1,000 a month after tax |
| Collateral | None required |
| Credit check | Soft inquiry, no FICO® impact |
| Funding | Same or next business day |
What we accept as proof
- 1099-NEC or 1099-K forms from the past one or two years
- Two to three months of bank statements showing client payments
- A current contract or a recent invoice showing ongoing engagement
- Your most recent tax return, including Schedule C if you file one
The tax point that matters for affordability
Nothing is withheld from a 1099 payment. If you are setting aside 25% to 30% for federal, state and self-employment tax, your spendable income is meaningfully lower than what lands in the account. Work out the loan payment against the amount left after that set-aside, not against the deposit.
If you have one main client
A single long-standing client is not a weakness in our underwriting, but it is a concentration risk in your budget. Where your file shows one income source, we look more closely at how long the relationship has run and how regular the payments are. A two-year history with one client reads better than four months across three.
Which product fits
| Situation | Product |
|---|---|
| An invoice is late | Payday loan or cash advance |
| A quarterly tax bill | Installment loan, spread over months |
| Equipment or software | Installment loan, $500–$5,000 |
| Good credit, larger amount | Personal loan, from 17.99% APR |
Eligibility
- 18 or older and resident in a state where we lend
- At least $1,000 a month in contract income after business costs
- An active checking account in your name, open at least 30 days
- Government-issued ID and a Social Security number or ITIN
Related pages
Self-employed borrowers, gig workers, and borrowing without a pay stub.
Frequently asked questions
Can I get a loan as a 1099 contractor?
Yes. We accept 1099-NEC and 1099-K forms, bank statements showing client payments, contracts and tax returns as proof of income. A W-2 is not required.
How do lenders verify 1099 income?
Most commonly through an electronic, read-only connection to your bank that shows client deposits. Where documents are needed, 1099 forms and a recent tax return are usually enough.
Should I borrow against my gross 1099 income?
No. Nothing is withheld from a 1099 payment, so set aside 25% to 30% for federal, state and self-employment tax first and judge the loan payment against what remains.
Does having only one client hurt my application?
Not by itself. A long, regular relationship with a single client reads better than a short history across several. We look at how consistent the payments have been.
Borrow $200 to $5,000 for any purpose
Apply in about five minutes and get a decision in minutes. Checking your rate won't affect your FICO® score.