Many banks struggle when it comes to lending to entrepreneurs. The reason is the fluctuating income, so that there is always different income every month. In addition, they have a loss of earnings in the event of illness, which must be covered by insurance. When applying for a loan for entrepreneurs, banks require countless documents and a high level of security in order to ensure that the repayment of a loan for entrepreneurs is also guaranteed.
It often happens that the loan is either offered with too high interest rates or rejected. However, the self-employed do not have to do without a loan, as there are many alternatives and ways to increase the chances of a loan for entrepreneurs. For this, the entrepreneur should prepare very well for the discussions.
Alternatives to credit from the house bank
There are many offers that are offered by credit intermediaries. These will often be found on the Internet, which specialize in entrepreneurs. If desired, the credit broker can also accept an application on site and provide advice. These do not grant loans to entrepreneurs, but mediate loans from banks and other lenders. The banks often grant the loan to entrepreneurs on favorable terms, which can be found out by a loan comparison.
The loan offers should always be offered free of charge and offer the customer all costs and important information. The credit agreement is sent to the credit intermediary, who will then contact the bank. Loan calculators enable the entrepreneur to find out about the interest and installments and then find out whether the loan is not too expensive for them.
What documents must be submitted to the bank?
If the borrower can get a loan from the bank, he needs a lot of documents and has to meet different conditions. The independence should have existed for at least one year and there should not be any negative entries in the private credit checker. Employees often only need to provide a copy of their payslip when applying for a loan. In addition to a business evaluation, entrepreneurs also need an income and surplus calculation.
This is also known as the income statement. Furthermore, the last bank statements are required and, if necessary, income tax assessments. Exactly which documents are required varies from bank to bank, so the applicant should inform themselves in advance. If you have all the necessary documents with you and you have a good credit rating, the loan for entrepreneurs should be approved by the responsible bank that has been selected.