Take out a loan for self-employed


If you want to apply for a loan, you often have to provide documents so that the creditworthiness can be checked. If a self-employed person wants to apply for a loan, there are many documents, so the processing time is lengthy. It is quite possible that a loan can be taken out for the self-employed, but it often depends on the purpose for which it is to be used.

Self-employed credit – business purposes

Self-employed credit - business purposes

When a self-employed person needs a loan for their business, it is often about their own existence. Those who are unable to pay lose customers and thus often their jobs. A special loan is given to the self-employed. If it is a small loan amount that can be repaid within 90 days, then a supplier credit can be taken out. As the name suggests, this is awarded by the supplier. It is a deferral of payment. So it should be feasible to pay back the sum within 90 days.

If you want to take out a loan for the self-employed at the bank, you have to submit a profit and loss account, proof of self-employment, account statements and a Credit Bureau examination. The self-employed person should have been working for at least two years. This enables him to prove to the bank that his business is doing well and that payments are received regularly.

Take out a loan for private purposes

Take out a loan for private purposes

If you want to take out a loan for private purposes as a self-employed person, it is much easier. It is enough that the last bank statements and proof of income tax are provided. The house bank usually grants a loan to its customers without any problems. The customer has known this for a long time since he has the account with them. This can quickly lead to a decision as to whether the loan will be approved or not. However, the bank still requires a Credit Bureau examination to determine whether a loan has already been taken out from another bank.

In this case, the chances of getting a loan are poor. Only a guarantee would help here, so that the application would be approved. Once the application has been approved, it may take a week for the loan amount to be transferred. Usually, however, it is even faster. It always depends on the amount that will be applied for.

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