Borrowing is usually more difficult for the self-employed than for private individuals. The reason is the more difficult to assess creditworthiness and often also the lack of monthly salary receipts. Nevertheless, there are opportunities for the self-employed to get a loan.
Favorable loans for the self-employed through state subsidies
If the loan for the self-employed is intended to finance the development of your own existence, state subsidies are an important start-up aid. Not only the actual business start-up, but also living expenses during the business start-up are financed through a loan. The contact points for this type of loan are the employment offices. A prerequisite for the claim is a demonstrably sensible business idea.
Borrowing through the house bank
Banks spend more time checking the creditworthiness of self-employed persons than employees with regular salary payments. Instead of the pay slip, tax returns for the past 1-3 years are usually required. The bank is also interested in the purpose of the loan. Is it about an expansion or modernization of an existing company or a new establishment, or does the applicant have sufficient qualifications in the intended business.
All of this information is used by the bank to get an idea of the applicant and to assess their own risk with a loan for the self-employed. The bank’s own bank also has an insight into facts such as the monthly receipt of money before the loan application and will usually make a more benevolent decision than other institutions.
Apply for cheap loans for self-employed online
If the house bank refuses to apply for the loan, there is still the possibility to apply for loans for the self-employed online. However, this form of credit is intended purely for private use; it can be used, for example, to avoid burdens on the company account due to private expenses. The prerequisites are independent business activity over several years and a clean sheet at Credit Bureau.Contact persons for this are the online portals of providers of credit for self-employed persons and direct banks.
Cheap loans for self-employed from private
Another option for the self-employed is borrowing from private individuals. Internet platforms are available for this purpose, on which private lenders are brought together with borrowers. After registering on a platform, the borrower creates a loan project and has it published online by the provider of the platform. All key data such as the desired amount and the term should be given.
Private investors see this ad and contact the applicant promptly if they are interested. A loan for the self-employed can then be realized at short notice through direct negotiations with the private investor.