Freelancers will experience again and again that it is not so easy to get a loan for freelancers. Unfortunately, many banks still think that freelancers are not creditworthy and are therefore reluctant to give a loan to freelancers. But there are also banks that think differently and also give freelancers the chance to get a loan. It may take a while to find the right bank, but it is not impossible to find a good deal.
A look on the Internet can also help here, where there are numerous providers who grant a loan. The borrowers are also checked here, but the processing time is considerably shorter than with house banks or savings banks. A credit comparison can help to find the right provider. So you not only find reputable providers, but also get an insight into the conditions and interest rates. These can vary widely, making a loan comparison worthwhile for all borrowers.
Requirements to get a loan for freelancers
Freelancers cannot submit pay slips like employees. For this purpose, the applicant must submit other documents to the bank so that the creditworthiness can be checked. First, a profit and loss account is required so that it can be demonstrated that the freelancer is making enough money. On the other hand, the income tax assessments and the last bank statements are often requested. The applicant must show a positive private credit checker so that the bank also sees that the payment obligations are always met.
Increase credit opportunities with a surety
Freelancers can increase their credit chances if they provide a creditworthy guarantor. The guarantor is checked by the bank just like a borrower. This also includes querying the private credit checker, which should ideally not have any entries. The guarantor needs a secure income, which must be above the garnishment-free limit. If these requirements are met, an application for a loan for freelancers can be made. If no guarantor is found, other guarantees can also be provided. The collateral that a freelancer can provide is life insurance with a high surrender value. If the surrender value is over 5,000 USD, banks often accept an insurance policy. So a loan for freelancers can easily be taken out.