The self-employed without employees and freelancers are often disadvantaged in Germany. Thus, not only the state funding of business start-ups is reduced more and more, also in terms of credit, it looked bad for many years. Fortunately, there is movement in the market, more and more direct banks offer loans for self-employed. Since the conditions and interest rates are almost always worse than for employees, self-employed should look closely and compare. Not every loan offer fits your own life situation. With a loan comparison, you can quickly find the right financing at low interest rates.
Find tailor-made financing with the credit comparison
Self-employed people find it difficult to finance private spending. With them, banks look more closely. But even the borrowers themselves are in the obligation. Low-cost financing solutions can only be found if their own life situation is analyzed in advance. For example: For what purpose is the money needed? Although non-earmarked installment loans are more flexible, the annual percentage rate of charge is slightly higher than for earmarked loan offers. These can be used to finance a vehicle or home ownership. The classic loan for the self-employed is a installment loan. This can be used for private consumption as well as for business investment. Typical for this type of loan are shorter terms. If you want to finance a car or apartment, however, you should prefer the earmarked loan, especially with longer terms and larger loan amounts, there is potential for savings. Self-employed, who regularly need money, are well advised with a framework loan. Here, a certain credit limit is granted, which can be freely dispositioned. Interest only accrues when the loan is used. If creditworthiness is lower, peer-to-peer loans recommended by credit service providers like Smava are recommended. They act as an interface between private investors and the self-employed. Duration and interest can be set as desired. Which loan offer fits best, freelancers and the self-employed can easily find out with a free credit comparison.
A credit comparison saves costs
In order for the loan not to become a burden and thus a company risk, the costs and loan conditions should be compared. This is especially true for solo and small entrepreneurs; Despite regular income, they can hardly provide any reserves for larger private expenditures. The increase in sales will initially be invested in pensions, for holiday, Christmas gifts and Co. hardly anything remains. While self-employed had little chance of having an installment loan a few years ago, the market situation improves almost daily. To compare the current conditions and interest rates, credit calculators are a helpful tool. Above all, the annual percentage rate serves as an important comparison feature. In addition to the debit interest, it already contains a large part of the credit costs. With one click, the credit comparison shows the total cost of the loan – planning security increases. Are the lending rates the same for everyone or are they awarded depending on the creditworthiness? Another advantage: self-employed people can put together their tailor-made offer by manually changing their term and loan amount. Low monthly installments or short terms – thanks to the credit comparison, the right bank can be found for every financing requirement.
Compare conditions and submit non-binding loan request
Freelancers and small business owners are seen as risk customers at banks. The reason is their fluctuating income, which is linked directly to the client or customer. Pay this very late or not at all, even the self-employed is in need of payment. This higher risk of default can be paid by the banks with stricter conditions. Here, self-employed should compare very precisely. With the help of the free request “credit conditions” different banks can be compared even better. Also a look at the loan details is worthwhile. Which conditions must be met? How long does self-employment have to exist? Which documents have to be submitted? Free special repayments should be possible to further shorten the term. Some banks also offer installment breaks or deferrals. Especially important for self-employed, who want to remain flexible, is the possibility of early termination. If the creditworthiness is correct and the annual percentage rate is low, there is nothing standing in the way of individual loan offers.