Credit for self-employed people despite Credit Bureau

A loan for the self-employed despite Credit Bureau is usually associated with an odyssey of loan refusals and loan searches. Banks are not very cooperative when it comes to a loan for the self-employed. The reason is to be found in the lack of a meaningful income from work. Another factor is the dependence of the self-employed on their customers. If these are in financial distress, even a self-employed person will feel this. Banks differentiate between loans for the self-employed who invest in the company and the loans are intended for private purposes.

The enterprise

The enterprise

If a self-employed person needs fresh money to bring his company up to date, he must of course prove to the bank on the basis of his balance sheets and documents from his tax auditor that he is solvent. However, if he wants a loan for the self-employed despite Credit Bureau, he must provide evidence that the negative Credit Bureau entry has nothing to do with his company, but is solely private. Thus, the company’s creditworthiness is not necessarily related to the creditworthiness of an individual. If the self-employed can explain this to their bank, there are chances of a loan for the self-employed despite Credit Bureau.

The private purpose

The private purpose

However, if a loan is required for private purposes, a loan request can be positive if the self-employed person provides a solvent guarantor. The creditworthiness of this guarantor should of course be out of the question. If the self-employed is married, the spouse can, insofar as he can prove a regular work income, join the loan agreement. For example, if the spouse is a civil servant, the chances for a loan for the self-employed are extremely good despite Credit Bureau. Doctors and lawyers are excluded from poor credit approval as a self-employed person, and their income is considered to be as secure as that of an employee.

The options

The options

If these positive credit decisions are not given, the only way out is to stay with some direct banks and credit intermediaries who are trying to link the negative entry with the loan security. However, a verifiable and regular income is also required from this loan agency. If this cannot be proven, then if there is a lender, loans with very high interest rates will be granted. So it can happen that a self-employed person works half a month to only cope with the mountain of interest.

If a self-employed person does not have any verifiable credit protection, he should prefer to ask his family or friends for a loan.
The internet has more and more offers from private donors. Although the interest rate statement can be freely selected for such loans, it should still be high in order to attract funders for the matter. Smaller loan amounts are more realistic than larger amounts, because despite a Credit Bureau, there is not enough private investor in a loan for the self-employed.

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