The search for a loan for self-employed persons with no credit rating is exhausting. The self-employed and freelancers have had a very difficult time finding loans since Basel 2.
Loan for self-employed without creditworthiness
Most freelancers and smaller entrepreneurs almost without exception are looking for a loan for self-employed persons with no credit rating. The reason for this is neither mismanagement nor irresponsible behavior. Politics wanted it that way in 2006. In line with the agenda of reforms that forced millions to become self-employed, the banks turned off the money tap.
Those who are self-employed today mostly run a “one man” company. The boss can do everything, is responsible for everything and usually calls his customers by their first names. A freelancer who provides for his own age and belongs to a health insurance company does not earn much money. A manageable customer base builds customer loyalty, which ensures survival.
Many would like to expand their business model, but the necessary investment capital is lacking. Most of them have already made their way to their house bank. An overdraft facility is often all the clerk could offer. According to his requirements, which are based on the Basel 2 agreement, the loan request cannot be fulfilled. The Bafin (banking supervisory authority) would even introduce sanctions against the credit institution if it checked it. A loan for self-employed persons with no credit rating is undesirable for commercial providers.
How does the bad assessment of the credit request come about?
Basel 2 is designed for large companies. From a number of approximately 1,000 employees, an entrepreneur must have structured his entire company. It is no longer the gut feeling that makes business decisions. Specially developed computer programs actually run the business. Experts are constantly evaluating the numbers and projecting them in future analyzes.
Basically, Basel-2-compliant ratings are created at the click of a mouse, opening the doors of credit institutions for every credit request.
For a small craft company or a freelance sales representative, the whole effort is not worth it. The software implementation of such systems devours six figures. On top of that, the sales representative would have no use. The system could advise him that the customer XY always makes a purchase on a certain day of the year. But a sales representative knows the reason even without software. It is the customer’s birthday on this day. At the annual celebration in the Freundeskreis he also orders the necessary goods.
Basel 2 thus separates the entrepreneurship into two camps. If you are small and run your business properly, you are far from having a good credit rating. Anyone who is big and relies on computer programs that provide Basel 2 ratings desired has credit.
Escaping the credit crunch
In principle, there are two realistic ways out of the situation. A few credit institutions only allow loans from freelancers and the self-employed with the income tax return. In this way, at least the expensive ratings can be avoided.