Instant loans for the self-employed are generally much more difficult to obtain than most instant loans for employees. The self-employed and freelancers have no fixed income and are therefore either not or only partially creditworthy at many banks. If negative Credit Bureau entries are added, it becomes completely impossible to obtain serious instant loans for the self-employed.

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Compare loan offers

Before applying for a loan, the people concerned should first make sure that the bank they want is providing instant credit for the self-employed. Many German banks and savings banks limit their loan offers to workers, white-collar workers or civil servants right from the start and generally exclude self-employed and freelancers. This applies even if they have a very good income and have been successfully working for several years.

On the other hand, all banks that issue instant loans to the self-employed will check very carefully whether the applicant meets the requirements for lending. If the income is insufficient or fluctuates too much, additional collateral is usually required. All self-employed people who can find a solvent co-applicant or a guarantor have particularly good cards. If the spouse is employed, well earned and has no negative Credit Bureau entries, it would be ideal if he could do this.

Application, approval and payment

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If the right instant credit for the self-employed has been found, it could in most cases be applied for online. This applies even if the bank in question should have a local branch. As soon as the borrower has completely filled out the application and sent it to the bank, it carries out a credit check. This usually begins with obtaining Credit Bureau information. If there are no negative entries there, the bank can make a preliminary commitment and asks the customer to send all other documents that the bank needs for a final credit decision by post.

If there is a bank branch on site, the customer is free to hand in his documents there as well. Otherwise they would have to be sent using the PostIdent procedure. This procedure is always required by law if the bank does not know the customer personally and therefore does not have an ID card and / or a passport. Exactly these documents must be presented at a post office counter for the implementation of the PostIdent procedure.

Once the counter clerk has verified the customer’s identity, he sends the credit documents directly to the bank. The creditworthiness can now be checked and the loan application can either be approved or rejected. If the decision is positive, the money will be transferred to the customer’s checking account immediately.