Lightning credit for self-employed

A lightning credit for the self-employed is not easy to obtain. This is especially true if the loan is to be used for private and not for business purposes. The self-employed do not have a fixed income that can be used as collateral.

Requirements for lending

Many banks make their personal loans available only to employees and exclude self-employed and freelancers from lending. For this reason, there is only a realistic chance of a lightning credit for the self-employed if the persons concerned can find a bank that would be willing to take the risk that would be associated with an irregular and sometimes significantly fluctuating income. In addition, the Credit Bureau information should be in order. If the self-employed person has not paid any bills in the past or if another loan has been canceled due to arrears, a loan cannot be granted.

Here, however, there would be the possibility to commission a private credit broker. However, he should be reputable and under no circumstances demand any upfront costs. In this case, the self-employed person could assume that there will probably never be a loan brokerage.

Application and approval

Application and approval

Regardless of whether a self-employed lightening credit is granted by a private lender or by a bank, the borrower should assume that he has to submit various documents when applying for creditworthiness and personal income. For a commercial enterprise, this could be the business accounting (BWA) and for a freelance person, the profit and loss account or the income surplus account.

The lender will also request the bank statements of the past three months and / or the last two income tax returns. If all the requirements for a loan are met, the instant credit for the self-employed will be transferred to the borrower’s checking account within 24 hours.

Repayment of the loan

Every loan approval is accompanied by the signing of a loan agreement that specifies exactly how the loan must be repaid. A lightning credit for the self-employed is characterized by fixed monthly repayment rates and clearly defined terms. The installments must also be paid if the income drops significantly or is not at all. Anyone who does not do this would face serious consequences, which can range from various reminders from the bank to the termination of the loan.

For this reason, any self-employed person who gets into payment difficulties at some point should seek a conversation with the bank in good time. The bank often shows understanding of the situation and can accommodate the borrower to a certain point. For example, monthly payments could be temporarily reduced or deferred for a while.