The banks have a problem with lending to the self-employed. They fear that there will be failures because the income of a self-employed person is subject to fluctuations. A rejection particularly affects start-ups who do not yet have any sales. An employee doesn’t have these problems. On the contrary, due to the regular and constant receipt of money in the checking account, an employee or civil servant is a welcome customer.
Which banks grant a loan to the self-employed?
One way to get a loan for the self-employed is with the Across Lender credit. The conditions for a loan do not differ. It does not matter whether the applicant is an employee or a self-employed person.
Barclay currently has a limited offer. Anyone applying for a loan by October 16 this year will benefit from an APR starting at 2.90 percent. The applicant can choose from a loan amount of $ 1,000 to $ 35,000. The terms are between 12 and 84 months. There are no processing costs. This self-employed loan can be applied for online. A preliminary commitment is made within a short period of time.
Peer to peer loans
Another option for a loan is given to the self-employed with the peer-to-peer offers. This form of lending is not common, because it is not the banks that grant a loan, but private individuals who have joined together to form a loan and view the money as an investment.
On their platform, the loan seeker specifies the desired loan amount, the purpose, and the effective annual interest rate that he would like to pay. If the members of Spin Lender accept the offer, a loan agreement is concluded. However, it should be pointed out at this point that the applicant’s creditworthiness is checked in any case. If there are negative entries, a loan for the self-employed will also be rejected.
This is a good investment for the members of Spin Lender. If there are actually credit defaults, the deposits are protected by a pool that absorbs the defaults.
What are the other ways to get a self-employed loan?
Depending on the amount of the desired loan, for example, the credit line on a credit card and / or the overdraft facility on the checking account can be used if these have not yet been used. In addition to the options mentioned, self-employed people have little chance of getting a loan. Over the years, it has become increasingly difficult for this professional group to cover a financial bottleneck. If there are negative Credit Bureau entries, it is almost impossible to get a loan. But this does not only apply to the self-employed, it also affects employees and workers.