The freelancer’s imagined life and the reality of it all are very different beasts indeed. In the minds of office workers, the day begins late and leisurely, checking a few emails from the comfort of bed, before a languid lunch flows breezily into a Friends binge, a cursory check of a few more emails punctuating proceedings just in time for Home and Away.

The truth, of course, is somewhat different. The boundaries of home and office converge in such a way that you never clock out, even answering emails in your sleep. The weekends are still work days, and the money rarely arrives when it’s supposed to. There’s no holiday pay, in fact, there’s no holiday; laptops come everywhere and anywhere. 

Above all else, it’s financial issues due to erratic income which cause the biggest headache. Unlike a paycheck coming into your account regularly, the money may trickle and flow. There are chances that you may miss on your paybacks which damage your credit score. When it comes to the best survival strategy for freelancers, installment loans for bad credit are sometimes necessary. With that in mind, here’s the IDEAL guide to installment loans for freelancers with bad credit.


Essentially, installment loans are ones you borrow for a fixed amount, involving an added fee, which is paid back in the form of small installments over an extended period of time. Many loans fall under this bracket, but like any other loan, this one too has certain criteria for approval and a good credit score is one of them. 

This option can be useful for freelancers who are susceptible to having a low credit score due to an unstable income. The best place to get an installment loan for bad credit is online, since compared to banks and local lenders, these sites are less stringent about credit score as lending criteria. For this convenience, you’ll likely pay higher interest rates, and punishment for falling behind in payments is severe, but sometimes, it’s a necessary evil. That’s the game, sadly. Though there are certainly risks, there are also benefits.


As a freelancer, you need to consider your regular income to assess the installment amount you would be comfortable with. It might be wise to deliberately underestimate the amount you’ll be able to pay back easily, so you don’t fall behind with payments. Bear in mind your current income status and consider future uncertainties in order to come up with an accurate amount.


Flexibility is the key advantage of installment loans with bad credit. Since your income may not be fixed month after month, you can discuss repayment options with the lender right at the start and work out on the terms of the agreement accordingly, potentially with a changeable monthly repayment. Be aware that having a flexbile repayment date and amount can work both ways; you might be leaving yourself open to a nasty surprise from the lender.


This borrowing option may allow you to improve your credit score if you meet repayments in a timely and reliable fashion. Making up for a low score is often a challenge for freelancers with an irregular income, so this provides a potential way to boost things.


Freelancers often face lean periods, when they are short of work and regular income. Finances can get tight during such phases and you may need money to sustain your regular expenses. Installment loans can serve as an emergency rescue strategy but ensure you only use them as a last resort, since interest rates and the fixed fee are generally higher.


Whether your loan agreement requires you to pay installments on a weekly, monthly or quarterly basis, it’s useful to have your finances arranged in a predictable manner. Freelance budgeting requires strict management, and reliable dates for payments can assist with this. 

Hey, now we’ve got your attention, why not check these out, too; our 5 IDEAL ways to be a more efficient freelancer.