Loan for the self-employed, compared to the personal loan, the restrictions of the free choice of provider become apparent. Many freelancers, despite a good income and a clean Credit bureau, only reap credit rejections.
Loan for the self-employed compared to the past
Getting a loan as a self-employed person or as a freelancer has always been a bit more difficult. Numerous documents had to be brought to the bank before 2000. In the past, the auditor or at least the tax advisor on the loan discussion was just as common as it is today. If he wanted to take out a loan, a self-employed person was always liable privately with house and farm. Only with large companies did the owners have a chance to limit their liability.
Nonetheless, the credit for the self-employed is nothing like it used to be, because politics interfered. The concept of the single currency should be implemented with all vigor and perhaps also against every mind. Suddenly, every investment outside of Germany was a “gold mine” for the big banks. Politicians deregulated the financial markets and then tried to limit mistakes made again.
Since Basel 2, before the USD crisis, credit institutions have started to exclude freelancers and the self-employed across the board.
Situation for the self-employed in 2013
A lot has changed between 2000 and 2013. Agenda 2010 ensured that around 800,000 freelancers and small self-employed people in Germany became almost 5 million. This puts the “performance” of lower unemployment into perspective, it has become independent. Instead of fewer self-employed people who could live well from their freely chosen bread-and-butter jobs, there are now many. Unfortunately, also many who can barely make ends meet.
These people only get credit in exceptional cases. Many banks no longer want to hear about speculative transactions. They have had their experience in investment banking. The core business should only be supposedly secure lending. This development is again supported by politics. Since the USD crisis started in 2008, everything that needs to be regulated has been regulated.
Only the real hot spots, such as Target2 and government bonds, were excluded. The borrowers were again the victims, especially the self-employed and freelancers. They have neither a “safe” income nor an undistributed market in which good future prospects are revealed. Even those who have made it and are now making good money hardly get any credit opportunities.
Loan opportunities for freelancers and the self-employed
A loan for the self-employed is only possible with very few credit providers compared to a personal loan. The savings banks and Best bank remain nationwide, just like a credit option in the distant past. Only the tax advisor is now called auditor or business consultant. Fine bank and Agree bank with fair lending rates can be considered online as commercial credit providers.
The look at the approval chances speaks for skimming off the icing on the cake among freelancers. Doctors and lawyers are also freelancers. After a certain start-up phase, you can assume a very constant income, similar to an employee.