As you know, getting a loan is not an easy task for the self-employed and freelancers. The fact is that the creditworthiness of the respective banks or lenders in general is always examined very intensively. A Credit Bureau-free loan for the self-employed can sometimes be the solution.
An in-depth review of solvency
It should be borne in mind that the self-employed do not receive a fixed income every month compared to permanent employees (regardless of whether they are workers or salaried employees). Rather, they rely on “taking care of themselves” to ensure that sales remain moderate. This is the only way to repay an applied loan without any problems. In this context, self-employed or freelance workers often fall behind because the payment behavior of their customers simply leaves something to be desired.
Think and plan ahead
A Credit Bureau-free loan for the self-employed has the decisive advantage that possible negative entries are not viewed at the said institution. Unfortunately, the corresponding credit costs can also be correspondingly high here. After all, every financier in advance wants to protect himself in the best possible way against possible payment defaults in the future. However, it is worth knowing that it is by no means solely “the” Credit Bureau information that is relevant when applying for a loan.
Rather, completely different factors play an (additional) essential role: namely the amount of income over a certain period of time, other possible payment obligations, the amount of expenditure and so on. If these points correspond to the individual ideas of the credit institutions, possible Credit Bureau entries usually fall behind anyway. Every potential borrower should be aware of this fact and consider in advance to what extent a Credit Bureau-free loan justifies the comparatively high administrative costs.
A Credit Bureau-free loan for the self-employed – not always the solution
In the event that a loan application is not met, the applicant has different options for obtaining outside capital. On the one hand, it could offer special collateral, such as real estate, securities and so on. On the other hand, a guarantee could be a promising alternative. In this regard, however, all eventualities should be considered in advance and risks should be factored in.