An online loan for the self-employed is intended for traders and freelancers. A prerequisite for lending is three years of work on an independent basis. Furthermore, the place of business should be in Germany and there should be no negative Credit bureau entries.
As a rule, the self-employed can choose between 12 and 72 months, whereby the rates are always the same. If you are looking for a very cheap online loan for the self-employed, you should compare the effective annual interest rate and also take a look at the ancillary loan costs. You can find out more about online credit for the self-employed in this article.
What should you watch out for with an online loan for the self-employed?
As a rule, this form of credit is an installment loan for private use. Those who opt for an online loan for the self-employed can use it to service private payment obligations without having to resort to business assets. Other uses include the replacement of a checking account overdraft facility or a necessary purchase in the household.
The monthly installment can be easily and easily adjusted to your budget, so that as a self-employed person you do not jeopardize your creditworthiness and thus your chances for further credit. The online loan can be easily applied to a direct bank or another loan provider on the Internet.
What do you need to apply for the loan?
When you apply for a loan online, you need to be able to prove your regular income. Likewise, a company should survive for at least a year and be in the black, reducing the potential default risk for the lender and being more willing to approve the loan. In addition, it is necessary to present the business evaluation and the bank statements of the past three to six months. The presentation of the profit and loss account, an income tax return and a positive Credit bureau information is also mandatory.
You should definitely compare all offers with each other, whereby you can use a comparison calculator that gives you a quick and free overview of all the advantages and disadvantages of the different offers. In this way, you will definitely find the right loan that is affordable and tailored to your needs.
It depends on the provider, but online loans of up to 100,000 USD are possible if the corresponding creditworthiness is available. However, installment loans are most often given to the self-employed. Additional security increases your chances of getting a loan, which includes guarantees, assignments of life insurance or real estate.
If you want to be on the safe side, you can also name another borrower as a freelancer or self-employed person. For example, the spouse or a parent can be considered. In the event of a default, the second borrower steps in and pays the installments. Banks consider this step to be entirely positive, which in turn favors lending.