1. Future Contract Lenders
Some lenders specialize in offering loans or advances based on your future contract earnings. These lenders evaluate your signed contracts (typically requiring 3+ months remaining) and may provide funding based on your projected income. This can be a viable option if you have a stable contract but lack extensive financial history 18.
2. Day-Rate Calculations
If you’re paid on a day-rate basis, certain lenders or financial programs may calculate your income based on your daily rate multiplied by working days. This method helps bridge the gap for contractors who haven’t yet built a long-term financial track record. Ensure you have 3–6 months of bank history to demonstrate consistency 811.
3. Industry-Specific Programs
Certain industries (e.g., tech, healthcare, or construction) offer tailored financial products for contractors, such as short-term loans or invoice financing. These programs often consider your contract stability and industry demand rather than traditional credit metrics. Research programs relevant to your field 210.
Minimum Requirements
To qualify, you’ll generally need:
A signed contract with at least 3 months remaining to prove income stability.
3–6 months of bank statements to show cash flow patterns.
Clean credit (though some lenders may accommodate minor blemishes).