However, it lays down precise conditions that must be met in order to obtain a loan for the self-employed and freelancers. The requirements basically include the proof of :. Many people do not receive a larger loan in their life than a home loan. It is much more difficult for self-employed to get such a loan. It is therefore all the more important for this customer group to deal intensively with the topic of instant loans and to compare which banks are lending to self-employed and freelancers under what conditions.
Receive credit as a self-employed person – conditions and help
For the granting of loans, the Bank is primarily interested in the occupational status of the borrower (self-employed persons, employees, employees, etc.) and the related ongoing remuneration. Because the safer the money, the easier it is to obtain the desired loan from the financial institution. In our comments, we first address the classic consumer credit. Self-employed persons have a large income disadvantage compared to other occupational groups when granting loans: their salary varies considerably (eg due to seasonal benefits, late payments, etc.) and their salary is unequal.
For a self-employed or self-employed person, therefore, it is not sufficient to estimate one’s own annual income or to extrapolate on the basis of fewer settlements. Often the house bank needs further security. This does not mean that you as a self-employed person need 5000, – USD and more per month to take out a loan.
From the bank’s point of view, the target loan amount must correspond to the income earned by the self-employed. The 2000, – USD per month net and wants to take a 5000 USD loan, for which the prospects are very good. However, if you wish to take out a loan of USD 50,000 for the same consideration, the principal bank will most likely terminate it.
For the lender, besides the acquisition of income, the duration of self-employment is also important. The one who wishes to receive a loan in the first or second year of self-employment or independence must provide further security. By default, the house bank wants the official income tax return of the tax office of previous years. If these are not yet available, an official income statement can be issued by your own tax office.
Other security may be eg savings, a vehicle or a property. Which security the house bank wishes depends on the amount of the loan. Note: If the house bank requires a profit and loss account for the current fiscal year from the tax office and this is not available in a timely manner, in some areas, the already issued and paid statements for self-employed are sufficient.
In addition to the incoming invoices, the house bank also wants to show the incoming payments on the bank statement. If you work freelance or self-employed and do not receive credit from a house bank or savings bank, there are other possibilities. If you have a negative credit bureau (or not 100% pure credit bureau) and the salary of the self-employed corresponds to the target loan amount, also serious foreign credit intermediaries such. B. SuperLoan be a possibility.
They are aimed at customers who fail a classic bank, because their own house bank is not faultless. If you first have to pay a “fee” etc. for your balance, do not touch such offers. Serious providers can charge for the amount paid or ask for no advance payment for this service!
Another way for a consumer credit for self-employed could be the inclusion of another personality. A prerequisite for this, of course, is an ongoing payment for the second borrower. As a result, larger amounts of credit are possible. A typical example would be a car loan for the whole family. What? It is therefore important to differentiate which type of loan the self-employed takes on.
Business loan or a start-up loan
To obtain a business loan or a start-up loan, the lender depends primarily on the business concept and a final business plan. If they show clearly that income can be generated in the foreseeable future and the loan, including interest payments, can be repaid on a regular basis, there is nothing to prevent the granting of loans.
Important Note: It is not the first time that lending institutions have provided lending to start-ups and ranked the values in the business plan well. This should be as true as possible and not “beautified”. It is a state promotional bank and one of the major German banks.
For most people, this house bank is known for advantageous real estate loans, which can be claimed in addition to the traditional real estate loans. For self-employed and company founders, the Intrasavings also grants special loans (see here). It is therefore worthwhile for every entrepreneur to get an insight into the development program of the Intrasavings . Real estate financing is earmarked and has almost the same terms as other loans.
The main difference, however, is that the house bank enters a “mortgage” in the cadastre and thus has the property as collateral, if it comes to defaults or the loan is no longer repayable. For example, the building can be auctioned by the house bank. The basic requirement for a real estate loan for the self-employed (but also other occupational groups) is not only the result, but also the participation capital, which can be incorporated into the building cost financing.
Experts advise that at least 25-30% of total expenditure be reimbursed through own funds. This is also assumed by the house bank, as the construction and acquisition costs do not always correspond to the market value of the completed property (eg a large country villa or a costly, elaborate style). Due to the contributed equity, the house bank has a small security buffer in the event of forced sales and is therefore not charged with the applicable fees.