Credit institutions may not milk the self-employed. The Federal Court has lifted the charges for corporate and freelancer loans. Even when lending to freelancers and companies, the bank charges are not allowed regardless of the term. Correspondence fees are an inappropriate disadvantage and incompatible with the “fundamental idea of ​​the legal system,” the BGH decided the day before. This gave an entrepreneur and an independent right.

For three credits one of the banks has charged a “processing fee for the conclusion of a contract” of EUR 30,000. The other accused bank asked the self-employed to pay a processing fee of more than EUR 13,500, regardless of the duration. Thus, not only consumers, but also the self-employed and self-employed are protected against inappropriate discrimination in employment contracts – regardless of their knowledge of business transactions.

Loans for the self-employed

Loans for the self-employed

The financial life of the self-employed is in practice usually fraught with many imponderables. Customer payment dependency, ongoing personal investments and the problem of creditworthiness with banks make it difficult to obtain financial collateral and self-employment. Especially for loans and credits, entrepreneurs, freelancers and start-ups have a significant competitive disadvantage compared to employees.

The lack of fixed income securities makes it difficult for credit institutions to convince you that you are a good borrower. However, the credit institutions have set up in recent years and now offer tailor-made offers for self-employed. Why are loans a problem for the self-employed? It is not so easy for self-employed and entrepreneurs to get money from a house bank, even though this group of people would most likely need it.

Especially in the early years, the economic imponderables and bottlenecks associated with self-employment are an obstacle and often the barrier that leads to the end of the business start-up. There is a very simple reason for this: Credit institutions need a reasonable level of utilization for a loan in practice. Due to the natural uncertainty and lack of consistency of monthly income, it is difficult for companies to comply with these framework conditions.

In addition, there are usually no collateral available. If, in the event of seizure, the credit institutions were still able to seize the wages of an employee, this is not only possible for a self-employed person who has no guaranteed income from his employment. In addition, there is usually no further collateralization in the case of younger benefactors in practice, which can be used to secure a loan.

All this makes the granting of loans for the self-employed a real drawback. Of course, there are also some types of loans that are geared exclusively to the needs of start-ups, entrepreneurs and freelancers. But again, it is important that borrowers have a proper understanding of what they are required to do by credit institutions and what opportunities can increase the chances of getting a loan.

In addition, in many cases, it is important for the self-employed to consider whether the amount of money can be used at all for home use. In particular, loans from development agencies are usually linked to the investment in the working climate. It is therefore necessary to make a clear distinction between private life and the economic activity of the self-employed.

What should I consider when taking out loans for the self-employed?

What should I consider when taking out loans for the self-employed?

To increase the chances of a loan from self-employed, donors and entrepreneurs, there are some proven pointers. They are based on experience with banks and a variety of denials in recent years. It often depends on the documents used by the credit institutions.

But even the self-employed must pay attention to a number of aspects in the selection of credit, if they want to benefit from favorable interest rates and favorable conditions. The supply of loans and credits may not be as big for entrepreneurs as it is for traditional employees, but it is still important to compare the different options exactly.

The interest rates fluctuate very clearly and, of course, the self-employed can also benefit from the fact that the conditions are currently so advantageous. Note: The comparisons are a great opportunity to get an idea of ​​what options are available and which providers offer the best mix of terms and services.

Even if the selection is so small, you should definitely use the instrument of credit comparisons in the net for your own good. Although employees can easily and quickly submit their pay slips when applying for a loan, this option is not available if no salary is paid at all.

Nevertheless, when applying for a loan, credit institutions will be careful to have an overview of the income of the investor. Note: An accounting course, of course, makes sense. In any case, a meaningful accounting system should be available before use. Note: If you are interested in building up or expanding your own livelihood on the loans granted by the country, you need to be in a position to submit this business plan if in doubt.

Above all, the right financing framework is often simply selected. Note: It is therefore necessary to justify your own credit line well and above all to calculate in advance. As a result, the chances of success for a successful application increase considerably. The rejection of the application is not necessarily the end of the hopes for new equity.

One way to get a loan as a self-employed is to join the Guarantors. Note: If a friend or relative also signs the loan application, this is a high-quality security deposit for the Eicredit.