The self-employed, as far as the banking world is concerned, still have a bad reputation. This is mainly due to the irregular income that they achieve through their independence. However, this bad reputation is unfounded among very many self-employed, because there are countless people who have a very successful business.
Payday loan for the self-employed – difficulties in borrowing
In the case of a self-employment payday loan, many people imagine that they apply and receive the money within a short time. But it’s not that easy. For many offers is indeed that it is an urgent payday loan, but this can not be paid so quickly. This is mainly due to the fact that many documents of the self-employed must be checked in advance.
The documents always include a profit and loss account. Only then can the bank see how much money is available monthly and if a positive balance can be drawn. Without this profit and loss account, there will hardly be a way to get an application approved.
In addition, the is also tested. It may not take that long, but there may be more difficulty here. If the self-employed person has entries in that have a negative impact on the creditworthiness of the client, an application will only be accepted under certain conditions.
An application for a self-employed payday loan also depends on how long it takes to be self-employed. If this started only a few months ago, then a payday loan can be requested, but only under difficult conditions. Here a good business concept has to persuade the bank to lend.
If a payday loan has already been taken out and has not yet been paid off, it must be proven that the self-employed payday loan can also be repaid with the profit that the business raises. Two payday loans are a double burden and the risk of the business breaking down is quite high. Many banks often refuse to lend.
Prepare and provide collateral
To qualify for a self-employed payday loan application, the applicant should do much preliminary work. In any case, this requires that the required documents already exist. In addition, if the applicant owns entries, the payday loan can be secured by a guarantor.
A guarantee is always required for payday loans if the credit default risk exists. With a guarantor who can not be self-employed and has a regular income, a credit decision can be positive for the self-employed.
Those who have just started their own business or are planning to do so should be aware that this can not be an payday payday loan for the self-employed. The concept has to be checked first, so that the bank can decide whether to look for a good or a bad deal and then decide whether to lend.
The same applies if the customer already has debts. These could be covered by a installment payday loan and, in addition, the payday loan amount raised so that the needed money is available. However, it must also be noted here that the processing time can take a long time.
Which offers are really suitable
If the self-employed person has decided on a payday loan and is inconspicuously in the , he can either submit an application to the bank, to the house bank or to a provider from the Internet. So that not too much money is paid here for high interest rates, it is worth looking into the internet.
There are now as many credit calculators as payday loan offers. It is always worthwhile to choose several credit calculator, so that a suitable offer is found. Who needs the money very urgently, should make sure that he finds a provider who works with express transfer. Although this fast money transfer costs more money, it guarantees that the payday loan amount will be transferred from a self-service payday loan to a self-employed person within 24 hours.
Who stands in the and is independent, has certainly heard of a payday loan . There is this, but self-employed are excluded from borrowing. To get such a payday loan, a regular income must be proven.
The self-employed can not meet this basic requirement, because monthly income can fluctuate very much. This is too risky for the banks, so that these persons are excluded from the borrowing principle. Here would be worth a payday loan from private rather.
A private payday loan is also given . However, the applicant must be careful. It should never arise in the offer pre-cost. This is often the case when it comes to a dubious offer. Many have fallen for such scammers who demand money first and then promise credit.