Obtaining an installment or consumer loan can be problematic for the self-employed. This is especially true if you have not been working for a long time and have not yet established yourself on the market. Income can also fluctuate significantly at a later point in time.
For this reason, it would be advisable to look for a loan for the self-employed without BWA, which is characterized by a high degree of flexibility and the possibility of early repayments or special repayments. This is not always easy, because almost all German banks or savings banks are extremely reluctant to ask a self-employed person about a loan.
In principle, a loan is only granted if the income leaves enough scope to ensure that the monthly repayment installments are paid. In addition, the Credit Bureau information must be in order. Unlike workers, clerks or civil servants, the self-employed cannot provide proof of income that clearly shows how much they receive on a monthly basis. For this reason, the bank will request a BWA or similar documents.
If you are looking for a loan for the self-employed without BWA, you should contact a credit intermediary who specializes in such cases. People who have larger financial reserves or other collateral have the best chance of finding a successful loan. This could be a debt-free property, private life or pension insurance, and a securities account. A good and reputable credit broker will tell the borrower exactly what options exist in his specific case.
Approval, payment and repayment
Similar to any other loan, a loan for self-employed persons without BWA is paid out in one amount and must be repaid in regular monthly installments. The problem with self-employed people is that their income can vary in size during the term. This fact should be taken into account when drafting the loan agreement. The monthly installments should be chosen so low that they can also be paid in the event of temporary financial constraints.
On the other hand, the self-employed person should be able to make a special repayment if the income is higher or to repay the loan early. If the income is insufficient or fluctuates so strongly that lending is not justifiable, a guarantor or a co-applicant may be used.