Self-employed, freelancer start-up loan comparison

How do you get a loan as a freelancer, entrepreneur or self-employed?

Loan or loan for the self-employed, entrepreneurs and start-ups

If you have a regular salary record as an employee, it is usually relatively easy to get a loan. On the other hand, borrowing is not that easy for freelancers and the self-employed. The receipt of money in the account is irregular and in no way guaranteed for the future. A bank does not grant a loan as quickly and if it does, the loan conditions are generally not as favorable as for permanent employees with a fixed salary. If the need for financing is low, a microcredit can also be considered.

Under what conditions do you get a loan as a self-employed person, freelancer or freelancer?

Under what conditions do you get a loan as a self-employed person, freelancer or freelancer?

If you want to take out a loan as an entrepreneur, self-employed person or freelancer, then there are often stricter requirements than for an employee loan. As a rule, proof of income / income tax assessments are requested for one to three years. While Metloan would like to have this evidence for two years, one proof is sufficient for the Barclaycard credit. Bon Kredit requires a second co-applicant if no regular income can be proven. 

How do I get a loan, start-up loan, start-up grant or funding as a start-up or when starting a new business?

How do I get a loan, start-up loan, start-up grant or funding as a start-up or when starting a new business?

Special regulations apply to start-ups because they cannot show any income notices or business evaluations. Instead, you must submit a business and / or financing plan. Banks also like collateral like private real estate or company property. If the collateral is insufficient, public guarantees can be applied for. (Your house bank will give you information). Those interested in starting a business can apply for government funding at your house bank, which will forward your application. Those looking for capital can find information at the respective Landesbank, employment office (start-up grant), IHK or the Intravings bank banking group. It is important that applications for state funding are made before starting a self-employed activity. Before you start your business, get financing and start-up credit, preferably from corporate or Start-up consultants help.

Do I get funding from the Employment Agency as an unemployed person or a Hartz 4 recipient?

  • Unemployment benefit 1 recipients can apply for the “ start-up grant ”
  • Unemployment benefit 2 recipients can apply for the “ entry benefit”

In any case, founders should take part in a consultation with the employment agency before applying for this funding.

What documents must be available for a self-employed or freelance loan when taking out a loan?

What documents must be available for a self-employed or freelance loan when taking out a loan?

The documents to be submitted differ from bank to bank. For a Barclycard loan, you only have to submit a copy of your last income tax assessment notice. For a loan, Metloan requires income tax assessments from the last two years, an economic evaluation of the past month and the last calendar year. In addition, Metloan would like the income-surplus statement of the past year or the profit and loss accounts or the annual accounts of the past two years. Evidence of additional income, rental income, maintenance payments received or paid and credit obligations must also be submitted. However, a borrower should not see this as tyranny of the bank. Rather, it is in its own interest. Because the creditworthiness determines the amount of the loan interest. Anyone who can demonstrate a good income in recent years will benefit from lower interest rates.

What are the costs of looking for a cheap loan?

What are the costs of looking for a cheap loan?

With credither, the Metloan or also with the Barclaycard credit, you can find out about the current conditions and credit requirements free of charge and without obligation on the respective website and also request free offers. A comparison of different loan offers can be found on creditend. Not only bank loans are shown there, but also financing by private investors. After a few seconds you will get the cheapest loan offer for you on your screen. This service is free of charge for you, as is initial telephone advice from an independent creditend expert.

What extras should you look for when taking out a loan?

What extras should you look for when taking out a loan?

Of course, it is good to pay as little interest as possible on a loan. What is important here is the effective annual interest rate, not the pure borrowing rate. The APR tells you how expensive your loan is. It includes any fees as well as the frequency of interest calculation. It is also important to set the interest rate. If the loan rate is variable or only fixed for a short time, you have to think about the necessary follow-up financing in good time. Since the future receipt of money for self-employed and freelancers cannot be predicted, the monthly payment should not be set too high. Instead, the right to make a special repayment should be agreed. This means that the loan can be repaid more quickly if the order situation is good. Depending on the contract, the special repayments can be limited to a certain amount per year or at any time in any amount. This is the case with the self-employed loan at Barclaycard.de, for example. Some banks also offer rate adjustments without additional fees. This can be very helpful in the event of a financial bottleneck, in which case lower rates may apply, even for a short time.