Banks promise a lot with their advertisements. Many borrowers also get these loan offers. But the situation is different for a self-employed person. This professional group finds it very difficult to get a 1,500 USD loan for the self-employed at banks.

Where is the problem?

The reason is to be found in the uncertain income. But banks have basic requirements. That is sufficient income and also professional status. The self-employed must meet far higher requirements than an employee or civil servant.

In the meantime, the loan offer for a loan for self-employed persons has increased by 15,000 USD. Banks offer special loans especially for the self-employed. In order to find a cheap lender here, a loan comparison should be made.

15,000 USD credit for self-employed facts

15,000 USD credit for self-employed facts

Banks assess a self-employed person’s creditworthiness based on the average income available. However, since the income of the self-employed fluctuates, it can be seasonal lower, in most cases the bank takes two full years.

The internal minimum income is set higher, but flat rates are still deducted. According to how many people are in the household, the bank deducts flat-rate living expenses, which may, however, deviate from your own household bill.

Additional guarantees are promising

Additional guarantees are promising

The loan for the self-employed is more likely to be granted if the collateral can be presented. In this way, a solvent second borrower can be included in the loan application. A surety is also a security for the bank.

Both people must have sufficient monthly income. But other bank collateral is also subject to the 15,000 USD loan for the self-employed. Think of a life insurance, a fixed-term deposit, a mortgage on a home.

Easier with guarantor

Easier with guarantor

If you want to take out a loan of 15,000 USD for the self-employed, you have a better chance if you can name a guarantor. The bank will evaluate this positively if, for example, a close relative likes the business idea and vouches for the borrower.

Credit Bureau can also show a positive 15,000 loan for the self-employed. If you have already noted several loans that have always been properly repaid, this indicates reliability. On the interest rate, however, this state is of secondary importance.

But one thing should not be forgotten and that is a credit comparison. Here the borrower not only sees the conditions but also the lender’s interest rate.

Below you can see a few examples and can see how the loan rate and interest rate differ depending on the provider.

Loan for self-employed 15,000 USD 84 months and 120 months

Loan for self-employed 15,000 USD 84 months and 120 months

Term 84 months = 7 years

Intended use: commercial

The Agree Bank is in first place with an interest rate of 1.95% to 4.85%. The loan installment amounts to USD 191.07.
Term 120 months = 10 years
Intended use: commercial
Here it is extra credit that is in first place with an interest rate of 3.95% to 15.95%. The credit rate is 151.02 USD.

As a comparison the last placed:
Term 84 months = 7 years
Intended use: commercial
Here you can find Good Finance with an interest rate of 6.25% and a credit rate of USD 219.69.
Term 120 months = 10 years
Intended use: commercial
In the last place is the Lite Bank with an interest rate of 5.95% and a credit rate of 164.98 USD.

The examples show it:

The examples show it:

The few examples show a considerable difference between the credit rate and the interest rate. In the case of a loan for self-employed persons of 15,000 USD, only the loan amount and the desired term must be entered in a loan comparison. Offers are then visible according to conditions, monthly rates for different terms.

Even if the house bank makes a good offer, a loan comparison should still be made. A few percentage points less in interest can bring significant savings. Borrowers should know, however, that with the 15,000 USD loan for self-employed persons, the interest rate is calculated depending on creditworthiness.

If you have good creditworthiness (good income, clean Credit Bureau, manageable liabilities), you will also get a good interest rate. If the credit rating is down, a significantly higher interest rate must be expected.

Special credit check for the 15,000 USD loan for self-employed

Special credit check for the 15,000 USD loan for self-employed

As already mentioned, in the case of installment loans, a distinction is initially not made according to the purpose, but according to the professional group. This means that employees have to provide far less evidence of the income situation than the self-employed. Employees or especially civil servants benefit from a secure income.

Proof of content is often sufficient as proof. If you are self-employed and are looking for a loan for self-employed persons of 15,000 USD, you have to provide explicit information and provide a number of documents several years ago. It does not matter whether the 15,000 USD loan for self-employed is requested for private purposes or as a working capital loan.

Proof of creditworthiness

Proof of creditworthiness

As proof of income for a loan for self-employed persons of 15,000 USD, the income must be proven on the basis of business evaluations (BWA). These are prepared by the tax advisor and usually go back over several months. In addition, income tax assessments from the past one to two years are required. If you have one or more negative Credit Bureau entries, you do not have to expect a 15,000 USD loan for the self-employed.

A distinction is made between soft and hard characteristics. A hard feature is, for example, an account attachment, bankruptcy or an affidavit. Nothing works here with a loan. With a soft characteristic, such as a forgotten and reminded invoice, a loan is still possible.

What is the difference with the 15,000 USD loan for self-employed?

What is the difference with the 15,000 USD loan for self-employed?

In general, the loan for the self-employed is also an installment loan, which is repaid in monthly installments with repayment and interest. The difference is that there are higher licensing requirements. This includes above all the minimum income, any collateral, guarantees and proof of income. For the 15,000 USD loan for the self-employed, BWA, income tax assessments as well as profit and loss accounts or receipts-excess receipts are required.

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