In many financial institutions, the self-employed receive a loan more heavily than employees, since various banks generally reject them as loan customers due to the unsecured or strongly fluctuating income. The last tax assessment is usually used as proof of income for the self-employed for loans for private purposes, balance sheets and business evaluations (BWA) are mainly used for loans for commercial purposes.
Lending without proof of income is possible for privately arranged loans
A loan for self-employed persons without proof of income can only be granted for private purposes, since the determination of the financial situation of the company is mandatory for commercial loans. In addition to the operating profit of the past year and the expected profit, the decisive factor for them is what additional income is expected to be generated by the measure requested for financing. It is not necessary to inquire about operational key figures when crediting supplier invoices by the contractor.
For private purposes, a loan for the self-employed without proof of income is not uncommon. Most mail order companies waive the demand for the source of income and the submission of income receipts for a desired partial payment. For larger purchases such as a car, a loan for self-employed persons without proof of income is available if they can pay a large part of the car purchase price as a down payment.
The instant loan without proof of income for the self-employed
An instant loan is also available as a quickly processed loan for self-employed persons without proof of income. The waiver of the submission of income receipts is based on the fact that the lender agrees to the payment within two bank working days and therefore cannot carry out an extensive examination of the submitted documents. The self-employed person honestly states his average monthly income in the loan application. At the same time, when choosing the term, he makes sure that he has to pay the loan installments even in months with below-average income, so that a longer term makes sense due to the low monthly rate involved.
It is ideal if the lender allows special repayments without the calculation of early repayment interest for a loan for self-employed persons without proof of income. The corresponding contractual clause allows the applicant to repay an increased amount in months with good income and in this way to repay the loan in full earlier than planned. Since self-employed persons can apply for instant loans without proof of income from different banks, they carry out a loan comparison before completing the loan contract.