Self-employed and borrow money
It will sound familiar to many independent entrepreneurs, you have a successful business but you cannot apply for a loan. Nowadays you can also apply for a payday loan as an independent entrepreneur. It is not yet possible with all lenders, but luckily there are more and more.
Payday loan as a freelancer
As a self-employed person, your income can be just as stable as that of someone who is employed. The difference was often that the person in paid employment could apply for a payday loan and you as a self-employed person could not get that done. There are of course some conditions to borrowing as a self-employed person, but there is nothing wrong with that in itself. This way, when applying for a payday loan, you can redecorate your office or buy a new car.
As a self-employed person, you can only take out a payday loan. The reason for this is that with a payday loan you pay off a fixed amount per month and the interest is also fixed for the entire duration. Speaking of the duration, this is also certain. This way you will not be faced with surprises and you will know exactly when you have finished paying off your loan.
Conditions for self-employed
As we wrote before if you are going to borrow money as a self-employed person, you will have to meet more conditions than someone who is employed. The lenders still see a self-employed person as a risk customer. It is assumed that the income of a freelancer is less certain than that of someone who works at a company on a permanent basis. As a result, there are stricter rules for self-employed persons and you must meet other conditions.
When applying for a payday loan as a self-employed person, it will be checked whether you are registered with the BKR, your income and your expenses are also viewed. You must also have been successfully active with your company for at least 3 years and be in possession of your own house.
As a self-employed person, it will also be almost impossible to take out a business loan. There are now a few initiatives from the government to make it easier to lend money to freelancers. But here too you have to meet certain conditions. And especially for a self-employed person who has just started applying for a loan is an almost impossible task.