Getting a cash advance for the self-employed is not easy, because many banks only lend their cash loans to employees or civil servants who can prove a regular and consistently high monthly income. For this reason, it is very important to plan well in advance and to pay attention to which bank and which savings bank can even provide a cash advance for the self-employed. If this group of people is excluded from the very beginning of the lending, there is no chance of a loan, regardless of how high the income of the self-employed and how successfully he runs his business.
In most cases, a fixed income and a positive Schufa information is a condition for a loan approval and loan payment. Self-employed people often fall prey to this grid, even if they earn a high income that may well be above the income that a worker earns. The problem is that this income does not result from a fixed employment contract and can be eliminated at any time. Then the bank has no assurance that the loan can be repaid.
Anyone looking for a self-employed cash advance should, despite all the difficulties, never give up too soon, but ask themselves which banks might be willing to lend. It may be worthwhile in this context to seek the help and support of a private credit intermediary. Many private credit intermediaries, who have years of experience in this area, often know the credit market very well and can realistically judge the conditions under which lending makes sense.
The income of a self-employed person looking for a cash advance should be at a level that justifies a self-employed cash advance. This will usually only be the case if the income is above the attachment exemption limit. In addition, many lenders will demand that self-employment be successful for some time. How long this should be, the credit intermediary or the lender gladly informs on request.
Application, authorization and repayment
The application for a self-employed cash advance must normally be made in writing. This applies regardless of whether the loan is to be requested directly from a bank or savings bank or through a credit intermediary. In this case, a prepared form must be completed. In addition, self-employed people must be prepared to include other documents than other persons to assess their creditworthiness. In many cases, the bank requires up-to-date proof of income in the form of a revenue-surplus bill, a business account statement or in the form of the last tax assessment. Which documents are required and useful in a specific case is communicated by the bank before the loan application is made and on request.
Once all required documents have been received by the bank, they will be checked. Unless it speaks against a loan approval, the borrower receives a message immediately. The payment of a cash advance for self-employed is regulated individually. If the bank or the savings bank has a branch, the money can be paid out at the bank counter. Otherwise, a payment by mail or a delivery by courier would be possible. How to proceed in the specific case is clarified when applying for a loan. The repayment of the loan is made in installments. Again, there are several options. A cash deposit at the cash register of the bank would be just as conceivable as a monthly transfer from the current account or a direct debit. In addition, it is also possible to deposit the money by postal order.
In principle, it is very important that you comply with the agreements you have made in connection with the loan approval and loan disbursement of a cash advance for self-employed. Otherwise, you may experience significant difficulties, ranging from a reminder to the termination of the loan. In any case, you should avoid this, because otherwise the chances of obtaining a loan as a self-employed person worsen even further, as loan cancellations and non-adherence to loan agreements result in negative Schufa entries.