As you know, as a self-employed person you have no proof of income. If you are looking for a loan during this phase, you have to inquire about a loan for self-employed persons without proof of income.
But taking out such a loan is not easy. The self-employed are not the banks’ favorite customers. If only because they lack a regular fixed income and are rated differently in terms of creditworthiness.
Hard facts for the self-employed
Since banks always base their lending on creditworthiness, the self-employed generally have significantly worse chances of getting a loan. Only large companies can look forward to lending. Smaller companies or sole proprietors, on the other hand, often rely on the support of other people in order to even have a chance of getting a loan for self-employed persons without proof of income.
Because the rating, which has also been carried out by the banks since 2007, has once again significantly worsened their situation. So what can be done to get a loan as a self-employed person despite the unfavorable initial situation?
Co-applicant or private loan
As a rule, most of the self-employed are advised to join a co-applicant. If possible, the latter should not be self-employed and have a secure and high income. In addition, the co-applicant must not have any additional financial obligations. You can also try to fill the financial hole with the help of a private loan.
On the internet, you can find some offers around a loan for self-employed persons without proof of income, which come from private donors and which would participate as investors in one or the other company. All you have to do is describe your project in detail and show the current situation in the company as precisely as possible.
If the overall picture is of interest, it may well be possible to win an investor who not only enables the loan but also accompanies and supports the company in other ways. For many small and medium-sized companies, this can be a solid path to the future that is always worth treading.