In many cases, finding a bank loan for the self-employed is not easy. Many banks and savings banks do not like to lend to self-employed people. This is because the self-employed do not have a secure income, as is the case for employees, workers or civil servants with a fixed employment contract. The income of the self-employed can decrease or disappear at any time. In many cases, this means that loan repayment is seriously at risk or can fail completely, a risk that often seems too high to banks.
Despite all the difficulties, the self-employed should not give up looking for a loan. If this is to be a quick loan, time is often short. Nevertheless, it would be advisable to inform yourself thoroughly in order not to end up paying more for a quick loan for the self-employed than would have been necessary. There is also the risk of getting to a dubious lender in the event of hasty decisions. This can be prevented with a credit comparison.
You can find out more about the loan options and loan conditions on the Internet or at the local banks. However, a credit comparison on the Internet is recommended, since this is not only very time-saving but also a much larger overview of very different loan offers is possible. Many self-employed people who experience that they cannot get a bank loan to turn to a private credit broker. He can often help and arrange a suitable quick loan for the self-employed.
The difficulty with a quick loan for the self-employed is the lack of a fixed monthly income. Even if a self-employed person has already established itself well on the market and has essentially secured its existence, there can always be unexpected drops in orders or a decline in sales, which forces them to cut expenses or attack the company’s financial reserves. In the worst case, even existence can be at risk.
The situation with a permanent employee is usually not that serious. They can also lose their jobs. However, this is associated with a notice period. There is also the possibility of taking up another job, even if this project may not always prove to be very easy.
Most loan offers in Germany and neighboring countries are tailored to employees and civil servants. A quick loan for the self-employed is not provided by these banks. Under certain circumstances, however, you can ask your house bank or another bank in your area.
If you can demonstrate convincingly that you are willing and able to repay a quick loan for the self-employed properly and on time, there may be little or nothing in the way of lending. The banks often also decide each individual case for themselves. For this reason, it is worth looking until you find a loan that suits you and your needs.
It is not so rare that a bank or a savings bank is willing to grant a quick loan for the self-employed, but that this cannot happen without additional collateral being presented. Perhaps there is a second applicant who is an employee or a guarantor who meets the credit requirements of the banks.
As a result, lending should no longer be a problem. In the case of married couples, for example, it is advisable that the partner, if he is a permanent employee, takes over the guarantee or acts as a co-applicant for the loan. In this way, the creditworthiness can be significantly improved. However, the prerequisite for this is that the co-applicant and the guarantor have no negative lender entries.
The problem with a foreign loan is that, in most cases, it cannot generally be granted to the self-employed. This applies regardless of the loan amount and regardless of whether the loan is a quick loan or a loan with an average processing time of a few hours or a few days.
With private loans, the situation can be seen in a more differentiated way. Experience shows that many private lenders agree to lend to self-employed people if they are convinced that they will get their money back properly. This can be the case for both an employee and a self-employed person.
The advantage of private lenders is that you are largely given a free hand when it comes to determining the conditions for lending. This is not the case with banks, because they have to adhere to clear and sometimes very strict guidelines from legislators. The latter stipulates, for example, that no bank credit can be granted in Germany before the lender has been inspected. Different requirements apply to a foreign loan. However, strict legal regulations can also be observed here.
Private credit intermediaries
A quick loan for the self-employed often comes from a private credit broker. They often have decades of experience in their field and can therefore realistically assess whether and in what form borrowing makes sense in a specific case.
For this reason, many people turn to a credit intermediary who is unable or very difficult to obtain a loan in other ways. The self-employed are often included here.
A credit intermediary should take enough time to get an idea of the financial situation of the future borrower and on this basis to choose a loan that fits the needs of the borrower and that can be realized.
The amount of credit a self-employed person can receive varies greatly. Different factors play an important role here. Among other things, it depends on how long you have been self-employed, how high your income is and whether you have successfully established yourself on the market.
Many lenders require a minimum period of time in which independence must already exist. This may take several years. Even if it is difficult, this approach of the lender can be understood, because it often takes a few years for a business idea and a company to become established.