Self-employed people often have problems getting a loan. Due to fluctuating sales, the self-employed are simply not popular credit customers with banks. But even as a self-employed person, you have good chances of getting the desired loan for the self-employed, not least thanks to new banks entering the market. Many banks have even focused on this customer base.
What is the fastest way for self-employed people to get a loan?
Even if the conditions for the loan for the self-employed have eased due to intense competition, the self-employed still have to fight more for a loan than employees or even civil servants. The conditions for lending to the self-employed are simply much stricter than those for employees.
It is therefore important to provide proof of your own income. Because the income situation of the self-employed fluctuates very much, an average of the last few months is used to determine the income.
It is important for the self-employed that they can submit their business evaluations for the loan without gaps. Those who work correctly here have already done a lot for lending. If there is also collateral in the form of values within the company, the self-employed also have a good chance of getting the loan they want.
If collateral in this form does not exist, a surety can also be liable for the loan. For some banks this guarantor is always necessary when lending to the self-employed, other banks only act with guarantors if no other security can be provided by the self-employed.
Make accurate comparisons
It is important with the loan for the self-employed that you compare the conditions very well. The self-employed continue to be seen as a risk group when it comes to lending and many banks use high interest rates to reduce the risk of lending. As a borrower, one should make exact comparisons before signing a loan application. Thanks to the Internet, the possibilities of loan comparisons as well as comparisons between providers have increased.
Ultimately, a self-employed person’s online loan from a foreign provider can also be a good alternative to a self-employed person’s loan from a house bank. Many foreign banks are more relaxed in dealing with lending to the self-employed than is the case with German institutions. In addition, the loan from abroad can also save you from querying Credit Bureau and entering the loan into Credit Bureau.
A loan for the self-employed that is not recorded in the Credit Bureau can prove positive for further activities in monetary matters. In addition, online loans are often cheaper than loans from established financial institutions due to lower administrative costs. Here too, however, the comparison of the conditions is very important.