It is not impossible today to get a loan without an employer. Especially because more and more freelancers and the self-employed have no employer and unemployed and retirees have no employer. Nevertheless, many of these people get a loan without an employer, even if this is then associated with some difficulties.
A loan without employers many banks do not forgive
Without an employer, a person can not bring a salary statement. But for most banks, a payroll is the prerequisite to obtain a loan. The many direct banks in particular only sell their loans online and do not offer loans for the self-employed, after they have had to spend too much time. The same applies to freelancers and only students, the unemployed and pensioners, the whole thing is handled differently. The pension insurance is thus the employer and the retirement pension is the income. If the students or the unemployed bring a solvent guarantor, they usually receive a loan without an employer. If the banks are to make positive decisions about a loan, then there is a guarantee of a regular income from an employer and this is needed by the banks.
Credit without employer for freelancers and self-employed
The freelancers and the self-employed are in a sense their own employers. If one of the two groups of people issues a certificate that a monthly sum of 5,000 USD has been earned, then this has no value for a bank. So if a loan request is processed by a self-employed, then only with great effort. Often, business records, such as a BWA, must be submitted, allowing a bank to learn about the success of the business. Business information is additionally commissioned to provide information and bank information is obtained from the house bank. If all the information is positive, the self-employed will also receive a loan without an employer.
Why is an employer so important?
A borrower with an employer can offer the appropriate security through the regular income of a bank. The income earned by an employer can reduce the credit default risk. In part, there are also employers, which are particularly welcome at the banks. The best example at this point is the civil service, because the jobs are secure, even if they are not licensed borrowers.
Other options for a loan without an employer
As an additional option, persons without an employer can also contact a Swiss bank. In contrast to Germany, the minimum requirements are considerably lower and therefore it is a good alternative. In Germany, there is also the possibility for this loan, but rather a smaller sum should be chosen. The sum should be made dependent on the duration of unemployment and on previous debts.