It is much more difficult for self-employed people to get a loan than other bank customers. They are often assumed to have an inadequate credit rating without checking their creditworthiness in detail. If a negative entry is then added to Credit bureau, the prospects for a loan for the self-employed from a credit institution deteriorate further. But there are other ways in which those affected can still get a credit for self-employed persons without Credit bureau in this situation.
A loan against collateral
In the case of loans that are paid out against the deposit of a security, the borrower’s creditworthiness is generally subject to significantly lower requirements. Because if the debtor falls behind with his payments for repayments and interest, the security can be immediately used by the lender to settle his claims.
For this reason, such loans often do not request information from Credit bureau. In principle, all objects that have a certain value are suitable for such a loan for self-employed persons without Credit bureau information. In a pawnshop, for example, jewelry, consumer electronics or valuable collectibles can be deposited for a short-term loan.
Various banks also offer medium and long-term securities loans, in which shares, bonds and other securitized financial assets serve as security for a loan for self-employed persons without information. These securities will be loaned up to a maximum of 80 percent of their current listing.
A private loan
If you want to take out a loan for self-employed persons without Credit bureau information but do not have any collateral, you can try to get a loan from a private person. There are now numerous specialized finance portals that mediate private loans between unknown people. This makes them a good alternative to banks, because not only borrowers and lenders benefit from low interest rates, but disadvantaged customer groups also have the chance to get a loan here.
Self-employed persons who would like to get a loan in this way should formulate a corresponding application with great care and publish it on a portal for personal loans. In addition to the desired loan amount and term, statements on the topic of repayment must also be made. Because only if potential lenders are convinced that they can easily get their money back will they be ready to provide a loan for self-employed persons without Credit bureau information.
In addition, when applying for a loan, you should also describe exactly what the money is used for. Especially start-ups or self-employed people who are planning to expand their business operations or hire new employees should explain these projects in detail. Because many private individuals like to support promising projects with which the self-employed can secure their own economic existence in the long term and create jobs.