Credit for the self-employed

A self-employed loan that is used for private purposes is often not easy to find. The reason for this is that freelancers and the self-employed usually do not have a secure, regular income. The monthly “salary” depends not only on the current order situation, but also on the payment behavior of the customers. Nevertheless, it is of course possible for self-employed to get a loan.


It is differentiated between a personal loan and a working capital loan.

A self-employed loan is an installment loan that is usually given away from purpose. This makes it possible, for example, to treat yourself to a dream vacation, carry out renovation work or afford a new car. Likewise, it is of course feasible to use the loan for debt restructuring.

However, if it is a corporate loan, it is commonly referred to as a “working capital loan”. For example, new machines or other tools are purchased here. A working capital loan is, with sufficient creditworthiness, often easier to obtain than a self-employed loan that is used for private purposes.


Collateral, such as a property, increases the chance of a loan.

Since self-employed persons can not show salary certificates, here for example the economic evaluations, balance sheets, profit and loss statements as well as the income tax assessments are decisive.

However, banks often require additional collateral due to the lack of a secure income. These include, for example, life insurance, savings contracts or real estate.

In the event of a default, the bank will then be able to access the collateral.

Second borrower

A second borrower has a higher credit rating, so the loan is more likely to be approved.

There is a fair chance of a loan if self-employed can have a second borrower. This means that the desired loan is taken by both persons.

Ideally, the second borrower has a regular, fixed income and a permanent job. Here the risk for the bank decreases and the credit rating rises.


In addition to a good credit rating, a permanent job and a place of business in Germany, proof of income and collateral are also required.

To obtain a self-employed loan, various requirements must be met, including, for example:

  • Good credit rating: in the case of negative bank entries, the loan is usually rejected.
  • Activity must be permanent, but at least for two to three years.
  • The place of business must be within Germany.
  • Other collateral, such as savings bonds or real estate.
  • Proof of income, such as financial statements and profit and loss accounts.

It may also be possible to find a citizen who meets the bank’s credit standards. In this case, the chance of obtaining a loan increases.

Early partial repayments and prepayment penalty

Consider the costs of early, full repayment and special repayments before the contract is signed.

Where appropriate, it is possible for banks to charge premature partial repayment or prepayment penalties. Because of this, it is recommended that you pay attention to the cost of special repayments or even the early repayment of the full loan amount before the deal is completed.

Specify the purpose

For certain uses, cheaper, earmarked loans are available.

As banks offer specific loans for specific uses, it is often helpful to give the reason why the loan is being taken out. For example, if a new car is planned, it is advisable to use a car loan and not a loan that is not tied to a specific purpose. For earmarked loans, the banks usually give cheaper interest rates, so that quite a lot can be saved here.

Alternatively: a loan from private

Here are family members, friends or acquaintances the lenders.

As an alternative to a self-employed loan, a private loan may be an option. If there are family members, friends or acquaintances who are willing to lend the desired amount over a period of time in the form of a private loan, then it is worth considering accepting this offer. After all, you benefit from enormous flexibility here. This allows lenders and borrowers to agree terms, interest rates and repayment rates. In the case of family members, it may even be possible to obtain an interest-free loan. However, it is advisable to record the agreements made in writing. For example, if it comes to a dispute, everything is “black on white” set. In addition, a private loan can lead to a certain sense of dependency, which is not necessarily for everyone. A self-employed loan from the bank, on the other hand, is “neutral”.


Even for self-employed, it is possible to obtain a loan.

Although self-employed people generally have to overcome more hurdles than private individuals who have a secure, steady income, it is still possible for this profession to obtain a loan. Collateral, a second borrower or even a guarantee increase the chance of lending.

As an alternative, there is also a private loan, but you should also hedge in writing here, and this variant can sometimes lead to a certain dependency feeling. Of course, with a bank loan, the latter is not the case. Here, the monthly installments are simply paid on time, so that there can be no complications and the private environment is not involved.