The banks have always treated the self-employed separately with regard to lending.
If you want to have a loan as a self-employed person, you have to submit a lot of documents that not only prove sufficient income, but also show a positive forecast for the next few years. In addition, the reason for the loan must be very plausible and explained in detail.
But that’s not enough. The prospective customer must also have a Credit Bureau that has no negative entries and shows that payments in the past have always been made on time. If the Credit Bureau is negative, it will be even more difficult to find a suitable provider for a loan for self-employed people with a negative Credit Bureau. As is well known, nothing is impossible. You just have to look closely and compare.
Free provider with a loan for self-employed with negative Credit Bureau
It will be very difficult to take out a loan for self-employed persons with a negative Credit Bureau from the bank that also runs the business account. The negative Credit Bureau will put a stop to this and block the credit. Therefore, as a self-employed person, you should look around a bit on the Internet and see whether more suitable offers can be found there. However, one should always bear in mind that the loan must also be repaid.
The costs for this should therefore be kept as low as possible. The annual percentage rate should be given special attention. It includes all the costs associated with the loan and shows particularly clearly what the credit actually costs in the end. A good effective annual interest rate for self-employed people with a negative Credit Bureau is between 5% and 8%. Offers over 10% should be labeled as not serious and should not be used if possible.
However, there is also the option of taking out a loan from the house bank if you can offer it appropriate collateral. A loan for self-employed persons with a negative Credit Bureau is possible if you can name a solvent co-applicant or if you have material collateral that represents a certain value.
Buildings, cars or securities are welcome in this context. Many self-employed can offer appropriate collateral here and thus place the loan on a solid base. It is always important to adjust the loan amount to the collateral. If you have little security, you cannot expect a large loan amount. Both must run in parallel and therefore fit together.