Banks and savings banks are still struggling to lend to the self-employed, whether they are traders or freelancers. Either it has to be a highly secured working capital business loan or it will be difficult. An editorial over at badcreditpaydayloansrhpsd.com
Self-employed may also need a new kitchen or a new car that does not count as a company car? However, there are solutions that make the usual discussion with the bank superfluous.
So far, over 200 million euros in business loans have been granted. The bank actually lending it is the Bank, which is also active in other innovative areas in the online finance segment.
The possible business loan amount amounts to between 1,000 and 100,000 euros. The business loan is handled in the form of a credit line. The business loans are initially granted for a period of six months. However, it does not reveal why the business loan calculator on the other side allows a view of up to twelve months. As a rule, the business loan amount is up to ten percent of the annual turnover. This must amount to at least 10,000 euros.
During the repayment phase, a minimum amortization is required. However, the borrower can always make free special repayments.
An extension of the credit line is possible if at least two installments have been paid and the business performance of the borrower remains stable.
The application is completely electronic, including the transmission of the documents, the authentication and signature. In addition to the personal data, the applicant must also provide information on the turnover of the past years, revenues and expenses. If all documentation is available, providers, together with Bank, will prepare an analysis of the company in terms of the sustainability of the monthly installment.
The applicant will receive feedback within 72 hours. If this is positive, he can call the business loan immediately. The business loan commitment does not mean that the customer must have the money immediately. It is up to him whether he accepts the business loan or not.
For questions about the application or general questions, the Frankfurt team from Monday to Friday in the period between 9:00 clock and 19:00 clock under a Frankfurt phone number.
There are no costs for the business loan request and processing. The only burden on the borrower is interest. These are however quite sporty. After all, providers calculates two percent a month. That sounds prettier than 24 percent a year. Since providers waives the provision of collateral and lending is based solely on its business performance analysis, the interest rate must otherwise re-price the latent interest default risk.
The calculation of the interest is made on a daily basis only on the amount that has also remained with the customer. For a business loan over € 10,000, the repayment plan looks like this:
The idea of providers to provide business loans quickly and easily to self-employed and small businesses has charm. The waiver of collateral is unfortunately found in the interest rate again. An entrepreneur who has to invest quickly, for example, for a cheap purchase of goods, the choice remains. Endless discussions with the house bank and the “bargain” is from the market, or pay a higher interest rate and hit the selling price.