Loan for the self-employed – online & without paper
Banks lend billions of personal loans each year. But self-employed loans continue to be an obstacle for many classic banks. That does not have to be. bank offers self-employed loans and freelancers loans through its lending platform and closes the gap left open by banks.
The self-employed loan at bank is the ideal solution to easily and simply apply for a loan as a self-employed person. Because we not only work with traditional banks, but also with private lenders who provide the money to borrowers. Thus, self-employed can easily apply for a loan and use it for private purposes. Whether it is the financing of a car, the purchase of household appliances or a wishful journey: the self-employed loan is easy to apply for without purpose.
- Credit for self-employed, tradesmen & freelancers
- Apply online for the loan
- Higher chances of Privat & Bank
- Credit request without Schufa impact
Take advantage of the offer and submit your non-binding and free loan request. The application for the loan is completely online and digital. No paper documents are needed as the signature is also directly on the laptop – the so-called “eSign”.
Securing credit for the self-employed »
- immediate confirmation
- 100% online
- Cheap & flexible
Apply for a financing solution in 3 steps
Inquire without obligation
Make a free and non-binding loan request
Compare the offers and choose the desired financing solution
Submit the documents and secure a cheap loan for self-employed
Self-employed loans: the problems of the banks
It seems logical: Self-employed and freelancers have been on their own for some years, are responsible for job search, clean work and all bureaucratic and tax matters. This makes the self-employed really excellent borrowers. Once self-employed or freelancers choose to take out a loan, the risk to the bank is increased as the likelihood of repayment is lower. This fundamentally contradicts the assumption that high income facilitates lending. In particular, self-employed and freelancers on average have a higher income than employees or workers. However, since income is usually backed by fluctuations over the course of the year and this income depends directly on business partners, customers and the (future) order situation, the risk for the bank is no longer transparent. As soon as a business partner pays an invoice too late, the borrower may also experience financial difficulties. Therefore, a self-employed loan is more problematic, as banks’ credit ratings are lower.
Commercial loan vs. Credit for private purposes
If a self-employed person applies for a loan from a bank, this is not always easy. A loan for self-employed and freelancers, which is used for entrepreneurial purposes, is usually no problem, especially if collateral can be deposited. However, if a self-employed person wants to borrow for private purposes and not for their own business, many banks block lending to the self-employed. A self-employed personal loan can therefore quickly become a bureaucratic obstacle as credit institutions either grant financing under very strict conditions or, as is often the case, do not lend to the self-employed or self-employed. Here it usually does not matter how good the income is or how many orders are available, since the guidelines of the house banks are stringent. Banks consider self-employed people to be more cautious, as customers and self-employed clients are subject to greater fluctuations, which can lead to payment difficulties for customers in the event of repayment of the loan.
This is the case with personal loans
German banks have clearly defined credit risk specifications, to whom and in what form they can lend. In addition to specified test criteria and credit check processes, you also have to maintain equity for the granting of loans. If a private person takes out a loan, the creditworthiness of the private individual is tested. Among other things, the bank takes care of the financial and professional situation and checks the applicant’s Schufa score. For example, if the individual is an indefinite employee or a civil servant who has worked in the public sector for many years, the credit risk is lower because there is collateral in the form of a fixed income, a permanent contract and a secure life. Therefore, it is no problem for employees or civil servants, who have never had any financial difficulties, to install an installment loan with favorable interest rates. A negative Schufa entry is one of the few criteria where most banks stop lending.
Self-employment & possible causes for difficulties in borrowing
This often causes confusion for applicants as the classical indicators are insufficient. Despite home ownership, a covered checking account and above all a clean Schufa file, credit approval is denied. Reasons for the refusal may vary depending on the risk profile of the bank. Among other things, the type of activity, as well as the duration of the self-employment flow. If a business has been stable for several years, the likelihood is higher than for a short-term activity, even if it is lucrative. In addition to the activity, the industry or the economic sector can also be a decisive criterion, since, for example, the gastronomy of some institutes is associated with higher risk or fluctuations.
Increase opportunities for self-employed
There are various ways to increase lending to freelancers & self-employed. Among other things, this concerns the provision of collateral for the bank. Collateral can be different. These include, for example, life insurance, real estate, any savings reserves or securities portfolios (“Lombardkredit”). This reserve increases the chance of a loan.
bank offers through its credit platform the opportunity to lend to private financiers, who take over the financing of the loan for self-employed. This increases the likelihood of lending, as it does not use banks’ out-of-date lending policies, but digital verification simplifies the process and compares the loan request with a variety of financing options.
bank is a credit marketplace offering private-to-home loans through its platform and allowing self-employed to apply for a loan. bank works with private donors and partners to help find a loan for the self-employed.
Solutions for a self-employed loan
The world of credit continues to evolve. Also for self-employed. A self-employed loan may be hampered by bank regulations today, but by no means impossible. For there are now credit marketplaces and credit platforms such as bank, which in cooperation with private investors have created a solution to lend to the self-employed online, unbureaucratic and easy. Modern loan processes and credit enhancements for a self-employed borrower make it possible to apply for an on-line loan for the self-employed – without having to pile up hundreds of documents.
The fact that a self-employed person has the ability to repay loans objectively seems obvious. The requirements for an independent or self-employed person are sometimes greatly increased, because apart from the vocation also bureaucratic issues such as health insurance, pensions and tax payments come, the self must be taken care of. They have thus usually proven that they can generate revenue independently and are familiar with the topic of finance.
bank offers a solution to the self-employed through its credit marketplace by working with private financiers and partners to provide individualized self-employed loans.