Loan for self-employed without proof of income

It is not possible to get a loan for the self-employed without proof of income, since the mere statement that working as a self-employed person is not sufficient for a loan. Of course, evidence of your own earnings must also be provided. With regard to employees, many banks are willing to issue a loan from a fixed income of at least 800 USD net, whereby this always depends on the bank and the other costs of a borrower.

Get a personal loan

Get a personal loan

The situation looks a little worse for the self-employed, because their financial situation is highly insecure, so that those affected can lose their income at any time due to poor commercial turnover or a poor order situation. In this case, there is also a high level of uncertainty for the bank, because in the following it can no longer be sure that the borrower can actually settle his loan on time and in full.

The result is usually a rejection, and the fact that no evidence of your own income is submitted will in any case lead to a rejection. The loan for self-employed persons without proof of income is at best possible by private means if a certain amount of money is borrowed from business partners, relatives, friends or the partner. However, since this money comes from the private assets of the lenders, friendly personal loans are mostly small three-digit or even smaller amounts.

Proof of income must be provided to the bank!

Proof of income must be provided to the bank!

The credit for self-employed persons without proof of income via the conventional banking channel is excluded. Even if the self-employed person insists on “his word” to be able to repay the loan plus interest in full and on time in full, this agreement or statement is not enough to actually get a loan.

The self-employed not only have to provide proof of income, just like employees, but they also have to quantify it more than employees because of the non-regulated income. Since the self-employed do not benefit from protection against dismissal, they have to travel independently for bad times.

The loan for self-employed persons without proof of income is at best possible if the self-employed person brings about additional liability by a guarantor. This guarantor is liable with his complete income, over which evidence must also be provided, and his attachable assets.

Finding a person who is willing to pay the entire debt of the borrower in the worst case scenario is very difficult, even in the narrow private environment. Even if people are willing to take this enormous risk, they must of course have sufficient creditworthiness to be able to secure the bank’s credit.