Credit with a pay slip

The difference between a pay slip and a pay slip is that wage earners are paid their actual working hours and thus earn a fluctuating monthly income, while salaried employees – with the exception of additional benefits such as Christmas bonuses and holiday pay – receive a constant income. The fluctuation in monthly income makes it difficult for wage earners to borrow

Apply for a bank loan as a wage earner

Apply for a bank loan as a wage earner

Financial institutions generally only grant a desired loan with just one pay slip from the second quarter of a year, since they can then calculate an average value for several calendar months based on the accumulated annual earnings, which are also published along with the current monthly income. In other months it is necessary to submit the last three pay slips, some banks insist on this despite the cumulation even for loans applied for later in the year.

In the case of a loan with a pay slip, the extent to which the financial institution credits the wages received for overtime is decisive for the award decision. In the worst case, the credit bank also requires the submission of the employment contract and only allows the income corresponding to the contractually agreed minimum working hours to apply, even if the applicant regularly works more.

This approach makes borrowing much more difficult if the employer passes on part of the operational risk to its employees and guarantees a low number of hours, which is common in some industries such as call centers. It is advantageous if the wage earner informs himself about the income assessment of the individual institutions before submitting a loan application on consumer platforms.

Take out a loan as a wage earner via private loan brokerage platforms

Take out a loan as a wage earner via private loan brokerage platforms

It is easier to take out the loan with a pay slip via a platform for personal loan brokerage than with a conventional commercial bank. By submitting a pay slip to the operators of the loan brokerage website, the applicant confirms that he will receive a regular income, albeit at a variable rate. The private lenders registered on the platform receive information on the income of the loan seeker together with a project description and also find out whether they have submitted supporting documents.

Many platform members are aware that a loan with payroll is encountering difficulties with conventional banks and draw corresponding loan applications for social reasons. The indication of the purpose of the loan is only required for special loan programs when taking out a loan from a classic bank, but it makes a significant contribution to the decision to grant a loan for private loans.

Loan for unmarried.

There is usually nothing to prevent a loan for unmarried couples. However, if a larger purchase is made or a property is even to be bought, many banks are skeptical about the project. Financial institutions and banks want to finance safely. With regard to liability in the event of separation or death, the situation can be more difficult than for married couples.

The financial situation should be clarified before financing

The financial situation should be clarified before financing

If a loan is needed for larger purchases, banks like to see two salaries available to secure the borrowed money. With sufficient creditworthiness and positive Credit bureau information, there is nothing standing in the way of a high credit for unmarried couples. In the case of real estate financing, however, the ownership structure should be clarified in advance. A notarized partnership agreement can clarify the ownership structure in the event of the death or separation of a partner.

Without a contract, the liability and claim situation is clear. Only those who are entered in the land register can be held liable. The same applies to the claims. A life partner who is not registered in the land register also has no claims to property. It is also completely irrelevant whether and how much capital has been invested.

Couples are jointly and severally liable for a joint loan

Couples are jointly and severally liable for a joint loan

If unmarried couples take out a cash loan together, they are liable like a partnership. In the case of a loan for unmarried couples, the individual life partners are jointly and severally liable. In the event of death or insolvency of the applicant, the co-applicant will be used to pay the remaining debts. If couples split up in the dispute and a contract partner does not pay, the applicant or co-applicant must also pay for the remaining debts. This rule is particularly bad for the liable partner if a loan has been taken out for a property and there is no entry in the land register.

Unmarried couples should find out before borrowing

Unmarried couples should find out before borrowing

Before a loan is taken out for unmarried couples, life partners should seek expert advice. Lawyers as well as bank advisors are very familiar with the legal provisions and can contribute to a joint solution with their advice. This is especially important if larger purchases have to be financed jointly or if a property is financed through a loan. With a jointly concluded partnership contract and the entry of both contract partners in the land register, possible inheritance disputes can also be clarified in advance.

Loan for self-employed despite Credit bureau.

Calculate the income of a self-employed person

Calculate the income of a self-employed person

The loan for the self-employed despite Credit bureau is a loan on the one hand the borrower works as a self-employed person and on the other hand no query from Credit bureau is requested or the Credit bureau is negatively debited. As a result, this type of loan is generally not granted, because a negative Credit bureau is a non-negotiable reason for rejection at most German banks.

In addition, the self-employed are not necessarily chosen as ideal customers for a credit institution, because this group of people does not have a permanent position with their income and therefore has no proof of income security. If the order situation collapses or business operations stall, the income of the self-employed also falls, or at least it is reduced.

Accordingly, it is very difficult for a bank to calculate the income of a self-employed person, since no fixed annual turnover can be identified, unless the self-employed person has successfully pursued his activity for several years without a large loss in turnover or profit. The loan for the self-employed despite Credit bureau is therefore quite possible, but a rejection must always be expected.

Foreign lenders, for example Good lender banks, do not check the Credit bureau and are therefore willing to issue a loan even under these conditions. Nevertheless, Good lender banks also prefer customers with permanent employment or civil servant status to being self-employed, which is why the individual case and the verifiable income are decisive here.

What alternative ways are self-employed available?

What alternative ways are self-employed available?

The self-employed person can of course also choose an alternative way for a loan for the self-employed despite Credit bureau. For example, a loan on a private level is possible, because here the self-employed can take out a loan without checking the Credit bureau. Since the money lent comes from the private income of the lender, mostly only small loans or microcredit are possible.

Whether this option is available depends largely on the financial situation in your own environment and the relationship of trust with each other. Since no loan contract is drawn up for smaller loans, at least this is not common, the relationship between the lender and the borrower determines whether a loan is issued. Popular private lenders are often their own parents, partners or very good friends.

It is possible that one of these people can also be used to apply for a loan for the self-employed from the bank despite Credit bureau. These persons would then be used as guarantors and would be liable with all their income and assets for the borrower’s debt until the full amount of the loan and interest was repaid to the bank.

Institutes still provide a loan for entrepreneurs

Those who are self-employed or self-employed often find it much more difficult to obtain a loan than an employee. The income of entrepreneurs is not as secure and regular as that of salaried workers. Many banks reject entrepreneurs or traders for these reasons. Some institutes still provide a loan for entrepreneurs.

The first point of contact for entrepreneurs should be the house bank

The first point of contact for entrepreneurs should be the house bank

Anyone applying for a loan as an entrepreneur should first distinguish whether it is a privately used loan or a business loan. A direct bank can be considered for a private loan. The house or commercial bank is responsible for the company. As a rule, entrepreneurs have a long-standing business relationship with the house banks. All banking transactions are processed via the business account and wages and salaries are paid to the employees. Possible reserves can also be made at the company’s house bank.

The house bank, which provides the trader’s accounts, can of course more easily estimate whether a credit transaction can be concluded. A loan for an entrepreneur should therefore normally be possible with regular income from the house bank. However, if your own bank cancels, it becomes very difficult for the self-employed. Only a few credit institutions on the Internet offer loans for entrepreneurs.

An online loan for entrepreneurs is also possible under favorable conditions

An online loan for entrepreneurs is also possible under favorable conditions

Since entrepreneurs cannot provide proof of salary from an employer, they must submit business evaluations to the bank for income calculation. As the credit rating of self-employed is more difficult than that of salaried employees, banks often charge higher interest rates on these loans. In order for a loan to be approved for entrepreneurs, the offering online banks require that the business has been practiced without interruption for at least three years. The Credit bureau information should also not contain any negative entries for entrepreneurs. If the loan is paid out, monthly installments of the same amount are due, as with employees.

Entrepreneurs can also apply for a loan as a private individual

Entrepreneurs can also apply for a loan as a private individual

If an online credit application for entrepreneurs is approved, it should only be used privately. The company’s house and commercial banks should continue to be responsible for financing the company. With the approved loan, freelancers and traders can meet their private payment obligations and clear overdraft accounts or settle open, private bills without having to touch the business balance. Entrepreneurs should also attach great importance to the timely repayment of the loan.

Outstanding installments also limit the creditworthiness for the business area of ​​the entrepreneur. Anyone who is interested in a private online loan as an entrepreneur should in any case compare different loan offers with one another and request and obtain different offers.