Loan for self-employed – even without proof of income
A loan for the self-employed is a very helpful, but for the target group in many cases unfortunately also associated with major hurdles financial injection. Thus, there are many conditions and requirements that must be met in order to be granted a loan for the self-employed, the conditions of which are as acceptable as possible. Here on STERN.Here we show you how it can still work, go into the specifics of such financing and of course you have the opportunity to use the free loan comparison and find a suitable offer with a click of the mouse.
Types and providers of a loan for the self-employed
Perhaps you have also asked yourself the question: Is a loan for self-employed without proof of income feasible? In fact, it might be rather difficult to get serious financing for your plans in this way. But of course, self-employed people generally have the option of obtaining a loan from various banks and credit institutions, as well as from independent individuals. The following types of self-employed loans exist – in parentheses are the potential providers of each genre:
- Entrepreneur loan (from KfW Bank)
- Debt rescheduling loan for craftsmen (from KfW Bank)
- Financing loan for craftsmen (from KfW Bank)
- Small loan (individuals, suppliers)
- Small loan for craftsmen (individuals, suppliers)
- Loans for start-ups (from KfW Bank and other credit institutions)
In addition, there are a variety of other individual loans that are available to the self-employed and are structured differently depending on the provider. All major banks in Germany have corresponding offers in their portfolio. There are also so-called investment loans for the self-employed, which are offered by automobile banks, for example, in order to invest in a business vehicle as a self-employed person. So a loan for the self-employed without collateral or proof of income is unlikely to be obtained. However, your chances are not bad if you have a solid concept. So use the opportunity here on STERN.de to search for eligible conditions. Especially a business start-up without a loan will be difficult to manage under normal circumstances.
Special features and requirements
There are numerous special features that distinguish a loan for the self-employed. These include u. a. the points mentioned below:
- Aimed exclusively at the self-employed and freelancers
- Comes with increased interest conditions
- Comes with increased security requirements
- Can be approved only on presentation of detailed balance sheets
- Positive balance at the Schufa is a prerequisite
- At least three years of self-employment are required
- No affiliation in a so-called critical industry
For example, the restaurant industry is considered a critical industry, but car dealerships and certain activities in the insurance sector are also considered critical.
In addition to the three previous annual financial statements, a comprehensive business concept and an underlying idea for success are important for the potential lender. The sooner the business concept convinces the lender, the higher the chances of getting a loan for self-employed people, even if, for example, the collateral is not sufficiently recognized. Alternatively, if you can't find a bank that will give you a loan, you can try a personal loan for the self-employed. You may succeed in convincing a potential lender of your concept?
Recognized collateral for a self-employed loan
Even if, from the borrower's point of view, promising collateral is shown to the potential lender, it may be rejected under certain circumstances. You should therefore find out in advance what collateral is actually recognized for such a loan. Thus, banks and other lenders usually only accept the following collateral for a loan for self-employed persons:
- Land and real estate
- Shares and other securities
- Guarantees
- Vehicle fleet (company car/bus/van)
- Business equipment
Without a guarantee, it is especially difficult for young self-employed and freelancers to obtain an appropriate loan. Self-employed and credit are nevertheless not two things that must be fundamentally mutually exclusive. The right strategy is decisive in the end and leads in most cases to success.
Credit for self-employed – typical features of the offer
Most lenders offering a loan for freelancers and sole traders have put together packages of offers with typical benefits. These include:
- A maximum loan amount up to 50.000 or 100.000 euros
- A speedy disbursement when credit is granted
- The possibility of a special repayment
- The possibility of rescheduling existing loans
- Flexible terms between 6 and 72 months
Especially with regard to the loan amount and the terms, however, the offers of the lenders often vary greatly. Therefore, a credit comparison helps to find the most flexible credit models possible. Early repayment of the loan for self-employed is usually accepted by lenders mainly because it minimizes the future risk of default, for example, in bad business times. A loan for the self-employed can therefore also be characterized by positive features.
How to find a loan for the self-employed even without proof of income
As a visitor of this page on STERN.DE you will find a loan calculator at the top. In this form you only have to enter the following data:
- Your desired loan amount
- The suitable term
- The planned use
As a loan amount, you can enter virtually any existing number in the appropriate field, although here it should be noted that most lenders in a loan for self-employed people a limit of 100.have a balance of 000 euros. As a term can be up to 120 months or. 10 years are specified, even if this is usually kept shorter, with the exception of building loans, to which the loan for self-employed people, however, does not belong. The purpose is very helpful for the self-employed in that you can directly determine whether a loan is for a debt restructuring, renovation or renovation. Furnishing or a new or. Used vehicle is to be used. After all fields are filled in, you can start the search by clicking on the "Calculate credit" field. The loan calculator will now determine suitable offers for you and present them to you in a clear listing.
Typical procedure from the credit request to the credit acceptance
| 1. Step: Find a loan | First, you should as a potential borrower a loan comparison directly here on STERN.de make in order to find the most suitable loan for you. |
| 2. Step: Collect documents | After you have found the right bank using the above loan calculator, it is important to have all the important documents ready to enter any required data in the loan application form. |
| 3. Step: Fill out the application form | Now it is a matter of truthfully filling out the application form for a loan for the self-employed – with all the relevant and important financial data of your own commercial enterprise. |
| 4, Step: Send the application form | With usually only one more click, the application form is now forwarded to the respective lender or a separate credit broker. |
| 5. Step: Post IDENT procedure | In most cases, the next step is to go to the post office to prove your own identity. Afterwards the response time of the respective bank amounts to maximally 7 days. |
There are usually no further steps. Provided the loan for self-employed is approved, you as the borrower will receive the relevant contract to sign. Then, within a few days, the loan amount is transferred to the borrower's business account specified in the loan agreement. If the loan application is not approved, you as the applicant will receive a rejection by mail or e-mail usually without further details of the reasons.
Do not be deterred in such a case, but rather try it again at another bank instead.
So many businesses need a guarantee for your loan:
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| Gazelles | . | 68 | . | . | 48 | 51 | . | . | . | . | 60 | 59 |
| rapidly growing | 41 | 40 | 41 | 41 | 34 | 34 | 34 | 46 | 34 | 37 | 37 | 37 |
| Other | 33 | 36 | 28 | 41 | 22 | 26 | 44 | 42 | 27 | 15 | 27 | 30 |
| Total | 33 | 36 | 29 | 41 | 23 | 26 | 42 | 44 | 28 | 17 | 28 | 30 |
Important questions to ask:
Which bank gives a loan for self-employed?
Not all banks have a loan for the self-employed in their portfolio. So the question "Where to get a loan for self-employed people?" more than legitimate. To find out which credit institutions are currently offering such a loan, it's best to start the daily credit comparison here on STERN.en. With this, you can view the conditions under consideration in no time at all and make your decision. As an alternative to traditional banks, a personal loan for the self-employed could also be an option. As a rule, a loan for self-employed persons without a credit check can only be obtained in the private sector.
What documents are needed for a loan if self-employed?
If you want to apply for a loan as a freelancer or self-employed person, you not only have to meet the usual requirements, such as reaching the age of majority and having a German bank account. In addition, you must usually provide the bank with your most recent income tax assessment and a business analysis (BWA). Evidence of collateral, such as real estate and life insurance, will increase your chances of success in getting a loan for self-employed people paid by quite a bit.
What to look for in a loan for the self-employed?
In addition to the amount of interest, there are also some other points that you should pay attention to when applying for a loan for the self-employed. For example, it is worth checking whether free unscheduled repayments are possible if you would like to repay part of your loan sooner. Also make sure that there are no other special costs hidden in the loan agreement. Ideally, the bank should grant you the longest possible right of withdrawal. In this context, only 14 days are enshrined in law. However, there are also credit institutions that voluntarily extend this right of withdrawal to up to 8 weeks.
Is a loan for the self-employed with a poor credit rating possible??
As a self-employed person you are exposed to numerous entrepreneurial risks. Companies that already have a poor credit rating due to events in the past, but still need fresh capital again, are thus faced with a particular challenge. But even in this case there may be a solution: a loan for the self-employed without a Schufa query is not common, but it is possible. The loan from private individuals for self-employed is an alternative that is becoming more and more widespread. You present your project to the potential lender and state the amount you want to borrow. With a little luck, you may find a private investor willing to invest in your ideas.
Does debt restructuring make sense for freelancers and the self-employed?
High overdraft interest rates, when the account is in the red, are a burden not only for employees, but also for self-employed or freelancers in particular. Therefore, it is perfectly legitimate if you ask yourself the question whether a debt rescheduling through a loan for self-employed could not be a sensible way out. In fact, such a way would not only relieve you in the short term, but also reduce the burden of high interest rates in the medium term. In addition, you will have a better overview of your finances if everything is paid off in an orderly manner in the form of monthly installments.
Make the test and compare your current Dispo credit with the cheapest loan for self-employed, which you can find here on STERN.de can determine by mouse click.
Our conclusion: A self-employed loan is associated with high hurdles
As a conclusion remains to note that a loan as a self-employed person on the one hand is very difficult to obtain. This also applies in a similar way to a loan for freelancers and a loan for business start-ups. On the other hand, such a loan is often associated with not necessarily fair interest conditions for the borrower. However, there is the possibility to take advantage of quite fair credit offers with the help of collateral, both as a self-employed person and as a freelancer. It should also be noted that you can apply for a self-employed loan within a short time directly online. A possible disbursement therefore usually happens within a maximum of two weeks. Therefore, it is worthwhile for the self-employed in all respects to at least apply for an appropriate loan, should fresh money be needed for their own business or an investment for the future needs to be financed.