More and more often, the self-employed also need a loan, which means that important purchases for their own needs, a vehicle or equipment can be bought. Without a loan for the self-employed under the age of 2, it will usually not work. Many founders often have a good idea for the business, only the required capital is missing.
The credit rating is crucial
A lot of advertising is found on the Internet that promises a loan even without creditworthiness, but without the required creditworthiness it is often not possible for self-employed people under 2 years of age to have a loan. Credit Bureau information plays a crucial role in granting a loan and therefore there should be no negative entries.
A negative entry is often sufficient to prevent a loan for self-employed persons under the age of 2 from being approved. Every self-employed person interested in credit should also check his Credit Bureau information at regular intervals after many entries are incorrect.
The required collateral
If a prospective customer wants a loan as a self-employed person, in most cases this only works after a period of two years in self-employment. So-called start-up loans are only available from KfW, although various conditions are required for this. A loan for the self-employed under the age of 2 is therefore difficult and this also applies to consumer loans such as the purchase of furniture or a car.
According to reports and experiences, the situation for a self-employed person has worsened in recent years. No self-employed person should have false hopes, because finding a loan is not easy. The situation improves if the self-employed has been in existence for more than two years and can demonstrate profitability.
Other options for a loan for self-employed under 2 years old
Most of the time, it can be said that a loan for self-employed persons under 2 years old should be avoided if a few lenders have already refused. This can be interpreted as a sign and perhaps you should not try again. In general, all lenders check income and monthly expenses are offset. At this point it is then checked whether the installments can be paid from the loan from the difference. Most credit brokers should be avoided because they are often dubious.
Often, a high processing fee is paid in advance, and no credit is obtained in the end. Should the loan for self-employed people under 2 years still work, then the interest is usually significantly inflated. Nowadays, there are only credit portals where private individuals make money available, but under 2 years of self-employment there will be no possibility here.
Learn more about a self-employed loan
With the current account, the banks have also become more careful with the overdraft facility. Nowadays, a company founder can hardly overdraw his account and this also prevents a certain over-indebtedness. A self-employed person should try to pay smaller amounts without installments, because even 100 USD per month lead to a higher sum. In general, it always depends on the circumstances and some people have been lucky even with poor conditions. Every self-employed person can try their luck and make credit inquiries.