What is a small loan for the self-employed?
A small loan for self-employed are loans in which the loan amount is very low. The credit periods amount to a small loan for self-employed on usually only 24 to 36 months. The loan amounts smell up to approx. 20.000.- Euro and are to be applied for under simplified credit criteria and collateral.
A loan or small loan for the self-employed is given only under difficult conditions, since small entrepreneurs do not have a regular and secured income like an employee or civil servant. But also small enterprises need leverage for the growth like order pre-financing and supplier liabilities.
Ideally, a loan for self-employed due to the low interest rate also for the rescheduling or replacement of an expensive current account overdraft or credit line to finally lead the checking account in the positive area.
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A small loan for the self-employed opens up new possibilities
A loan gives a self-employed person more financial leeway. The self-employed can take advantage of a small loan offers and also bridge financial bottlenecks. For a self-employed person to be able to claim a small loan, he has to fulfill a number of conditions, because, after all, the bank wants to make sure that the borrower repays the loan in full.
The applicant must have reached the age of 18 and must be fully capable of acting. However, it also checks the creditworthiness of the borrower, whether this is also able to pay back the loan in a given repayment period.
Requirements for a small loan for the self-employed
For a small loan for the self-employed some conditions must be fulfilled, since the security “a regulated income” is not given. What condition is necessary for a credit institution to grant a small loan to a self-employed person is different from one credit institution to another.
But there are prerequisites that must be fulfilled for almost all loans for the self-employed:
- No negative Schufa entries
- Self-employed for several years (no founders)
- Seat of the enterprise must be in Germany
- Presentation of the business evaluation
In addition, collateral or a guarantor increase the prospect of a small loan. As a security, but also a property can be specified.