Especially in turbulent times, entrepreneurs, the self-employed as well as traders and freelancers need tailor-made solutions to finance their new projects and to pave the way for the future. That was exactly the reason for us to research the offers of credit for self-employed and entrepreneurs separately and to present them here for you.
Loans for self-employed in the editorial test
It is not always easy for freelancers and the self-employed to find a top loan. We want to support you and provide you with daily credit tests. The test results are provided by our test scheme, probably the most detailed on the market. It comprises six test categories with a total of 36 characteristics.
As our statistics on lending to companies shows, it is primarily savings banks and credit unions that have granted more loans to companies during this period.
It is also interesting to note that large companies, in particular, have received more loans. Loan commitments in this segment rose by 6.1 percent between the third quarter of 2015 and the third quarter of 2016, almost 30 percent more than all of the companies combined.
The upward trend in the granting of corporate loans
In Germany, lending to companies and the self-employed continues to grow. Driven by good development in long-term loans, the loan volume rose by 0.5 percent in the third quarter of 2016 compared to the previous quarter. Compared to the previous year, the value rose by more than two percent – the strongest increase since 2009.
The conditions for taking out a corporate loan are currently favorable. The current low-interest-rate level makes long-term debt extremely attractive. Banks also eased corporate lending standards for the third consecutive quarter.
However, the standards are still high. In addition, many credit and Landesbanken are under high margin pressure due to the intense competition among themselves. This pressure ensured that, despite increasing demand, credit and regional banks issued fewer loans to companies and the self-employed in Q3 2016 than in the previous quarter.
Savings banks and cooperative banks, on the other hand, show strong growth in lending. The growing demand for corporate loans also caused entrepreneurs and the self-employed to increasingly look around for alternative forms of financing. Because, even if the credit bank or your own bank says “no”, this does not mean that you cannot get a loan as an entrepreneur, freelancer or self-employed.
Loan application for self-employed and entrepreneurs
So the company was always liquid, loans were more a matter of form than necessary. In the meantime, the philosophy at Apple has changed. However, other entrepreneurs now and then find themselves in the situation of taking out a loan for a new purchase.
As is well known, banks only grant loans if you can be sure that the installments will be served properly. In the case of an installment loan for a private household, the proof of salary and the bank statements are sufficient. In a company, the situation is somewhat different.