It is difficult for the self-employed, because taking out a private loan is not easy for freelancers. Freelancers, traders and Co. do not always have a calculable or even fixed income. That is why it is very difficult to take out loans because the requirements on the part of many credit institutions are very high.
However, anyone who can provide security, such as current BWAs, income tax notices or sureties, will soon be able to fulfill their financing wish. We’ll show you what to look for when taking out your loan and give you tips on which loan for self-employed people is best for you. With Good Finance, of course, it’s effortless and completely free.
The essentials in brief
The self-employed often find it more difficult to get a loan from the bank than employees
The reason for this is the less good basis for calculating the income from self-employment
Interest rates can be reduced by means of guarantors or assets such as life insurance or real estate
An impeccable Credit Bureau without negative entries helps the self-employed when lending
Compare your loan with a credit comparison and save interest
Who grants loans to the self-employed?
Both direct banks and stationary credit institutions grant loans to self-employed and freelancers. However, the allocation processes differ:
Branch: As with conventional loans, the self-employed person first makes an appointment with his bank advisor. In the discussion, both the financing needs and the current financial situation of the self-employed are analyzed in more detail. If the financing project and the subsequent repayment appear realistic, the borrower signs a loan agreement and receives the loan. However, the process usually takes several days because the bank is still checking the contract or the loan request.
Direct bank: With direct banks, this advice and evaluation is completely online. The advantage: As a rule, the interest rates that the bank charges for online credit for the self-employed are cheaper than at branch banks. In addition, the loan request is usually processed much faster than is the case in the branch business.
How to get a loan for the self-employed in 3 easy steps
With Good Finance you are in the best hands. Because with us you can get your money quickly and easily. With our loan comparison, you can easily find the right loan for you. Here’s how easy it is:
1. Make your personal comparison
We need some information from you so that you can see all banking offers and find the best offer for you. First you enter the desired loan amount, the term and the purpose. In addition, we need personal information, such as your income and your job.
2. Select the offer that suits you
Now you have the choice: which offer suits you and which bank should it be? With Good Finance you can compare 22 banks and decide which bank or which conditions you want to use.
3. Get your money quickly and easily
How to get your money even faster: With Good Finance you have the opportunity to legitimize yourself online with the Videoident. This is not only faster, it is also safe. You can also sign your loan agreement online with a digital signature. So you get your money quickly and safely. As soon as all documents are complete and the bank has checked the loan application, you will receive your loan amount in your account.
When comparing the loans, you should always pay attention to the effective interest rate. Only it really includes all the credit costs that arise from the admission. It should be noted that the specified average values may differ from the actual loan offer of the bank in individual cases. But it is not only the comparison that can save interest or general borrowing costs. Particular attention is paid to the loan term. The longer the entire term of the loan is chosen, the higher the absolute borrowing costs will be. At the same time, the monthly rate increases. Due to your possibly fluctuating income, you should calculate exactly which monthly installments you can still easily handle even if your income declines slightly.
Does it make a difference whether you are a freelancer or a trader?
In principle, banks make a distinction when it comes to lending between freelancers and traders or entrepreneurs. If you do business on your own, banks will generally classify you as a high-risk borrower. If, for example, you drop out as a freelancer due to illness, your income will be lost immediately. This is also the case for a sole trader who has registered a trade. However, if your company has employees, this case is much better covered. A distinction must therefore be made between a loan for freelancers and a loan for entrepreneurs: