The income situation of many self-employed and freelancers is very similar to that of dependent employees. When granting a loan, however, difficulties arise easily: For the lender usually calculates the conditions with the help of income. For a loan for the self-employed, this is hardly possible, because the Incomes constantly fluctuate and can only be estimated. Especially with longer terms still comes the general uncertainty of the unknown business development, but what should be considered in a loan for the self-employed, so freelancers can still borrow money on favorable terms?
Self-employed loan: Difficult proof of income
Of course, the lender wants to get the most accurate overview possible of the financial situation of the debtor. For this a proof of the current business situation with all income and expenses takes place. This operational analysis is similar to the income proof of employees. In addition, it is customary that the bank statements of the last three months must be submitted in order to prove a stable income. As with private debtors, with a loan for the self-employed, a negative entry in the Schufa is almost an exclusion criterion.
Use favorable interest rates
Particularly for young self-employed and start-ups, a high financial requirement is necessary to be able to accomplish the expansion of the company – growth is always associated with investments. In addition, it can be natural that the revenue of a new business idea with a lot of potential is still unsatisfactory. In both cases it will be difficult to convince the banks of the safety of a repayment. Private lenders should also be included here. They allow for self-employed loans even if a credit rating seems rather difficult.
The disadvantage of a loan from private last was always in the comparatively unfavorable conditions. Developments in the capital market are counteracted by self-employed persons: because interest income for all investment forms is falling, more and more private investors are turning to loans. In addition, the interest rate development of these loans is of course not decoupled from the rest of the credit market – and here interest rates have currently reached a low. Experiences prove this – more about this here.
Credit comparison at HH Credit
In order to find a loan for the self-employed, the credit comparison of HH Credit is particularly suitable. Here, not only the basic advantage of the price comparison can be used, but also the large offer increases the chances of obtaining a loan for a self-employed person. The use of the comparison portal is free and without obligation. Anyone who, as a self-employed person, would like to estimate beforehand what the prospects for granting a loan are, should register immediately. What are you waiting for? HH Credit.