For the self-employed and freelancers, it is usually much harder to get credit from a house bank than to salaried employees. That’s because of having a fixed and regulated income at
Self-employed often does not exist. Before a loan approval, the banks require a lot of information, including a so-called business evaluation (BWA).
A short outline, what is a BWA?
The business evaluation gives, based on the current accounting, an overview of the sales, cost and profit situation of a company in a detailed and meaningful presentation. In addition, the BWA is an important control function because it provides the entrepreneur with an overview of the company’s development and also allows comparisons with previous periods. Thus, the BWA provides a picture of the financial situation of the company and is an important information and control instrument.
Unfortunately, many small business owners shy away from this “number salad” and therefore refrain from a BWA.
A loan for self-employed without BWA, the Internet makes it possible
Since the banks on the ground in addition to the BWA also credit bureai information – with no negative entries may be present – and also require the account statements of the last 3 to 6 months, the loan for self-employed means a lot of effort. In addition, the self-employed can often not meet these conditions.
If you have no luck on the ground, there are direct banks on the Internet, the possibility to apply for a loan for self-employed without BWA. Direct banks refrain from the relatively complex evaluation and grant a loan for self-employed without BWA often unbureaucratic, in exceptional cases, a loan with negative BWA granted. Thus, the expense for the borrower is reduced considerably, because most direct banks meet the bank statements as collateral. Corresponding credit rating is of course a prerequisite.
How to get a loan for self-employed without BWA?
The direct banks provide online applications via their websites. The filling in takes place in few minutes, the sending directly over the InterNet to the respective bank. Often the processing is done
and grant of a loan for self-employed without BWA within a few days. Since the bureaucracy is limited, the borrower has his money in a short time and can make important investments.
Since interest rates and conditions differ considerably among the various providers, a comparison in advance is essential. At present, the interest rates on a loan for self-employed without BWA
at about 3 to 6 percent, a loan amount of more than 10000, – $ are also possible. Many lenders do not incur costs or fees outside the agreed installments.
A loan for the self-employed without BWA can be a quick and cheap way for small business owners to make important investments. The conditions are better and the interest rates significantly lower than a traditional loan from the house bank, resulting in a lower burden for the borrower.
The application is completed on the Internet in a few minutes and sent to the direct bank.
With the approval the amount is often transferred already after three days on the account. In addition, these loans are not tied to a purpose and thus ideal for self-employed who shy away from the “pay salad” of a BWA.