The popularity of self-employment has been on a rise across Singapore as more people value the importance of flexible working lives. As glamorous as it sounds to be directing your own life, it’s not uncommon for most self-employed personnel to run into cash flow issues from time to time.

The IRAS defines self-employment as a person who performs work under a contract for service. Some of the most common forms of self-employment include commissioned sellers, freelancers, business owners, hired drivers, and tutors.

Being self-employed is great because you’re not tied to a single source of income as you can work for multiple payers concurrently. You do not have anyone overseeing you. You get to determine your working hours and have the freedom to accept or refuse work from the payer.

However, one of the biggest challenges of being self-employed is the lack of consistent income. With the ever-increasing competition, it’s getting harder to keep your piece of the pie. And with unexpected events like the COVID-19, you might find yourself having to stop your operations.

It’s extremely difficult to budget and plan for the future when your income is inconsistent. Some days you could be rolling in dough but you won’t know how you long can make that sum last for. Especially when there are financial emergencies, you might just find yourself barely scraping by.

In addition to that, being self-employed means that you have no health benefits. Personal medical fees paid out of pocket would kick start the vicious cycle of worrying about where the money would come from if you didn’t work.

Being tight on cash can be an extremely stressful situation. It’s hard to approach family and friends for financial help while banks take a long time to approve the loan. Sometimes you just need the fast cash to get you back on your feet and i-Credit licensed money lender is here to help you.