Loans for self-employed workers
Access to credit for self-employed and freelancers is more complex than for those who can count on an employee contract. Those who cannot count on a fixed income are in fact considered less reliable than employees. However this does not mean that it is not possible to obtain self-employed and freelance loans.
Self-employed and freelancers cannot access the assignment of the fifth since they cannot produce a paycheck. The alternative to the assignment of the fifth is represented by different solutions. The main ones are personal loans, consumer credit (aimed at purchasing goods or services) and revolving cards.
Autonomous and self-employed loans usually allow you to obtain even large amounts. They range from a minimum of a few thousand USD to loans that can even exceed 30 thousand USD. The interest rate is usually fixed, but not very competitive.
Given that self-employed people cannot count on a fixed income, they are considered to be more at risk of insolvency than employees. Condition that leads banks and financial institutions to apply higher interest rates in order to protect themselves from this risk. The reimbursement can be made by debiting a bank account or postal slips.
Who can get them
But who can benefit from self-employed and freelance loans? Personal loans for self-employed are only granted on condition that the applicant meets a number of requirements.
First of all, the applicant must not be protested or a bad payer. Due to the high number of outstanding payments relating to this particular category of applicants, the credit institutes carry out, before granting the credit, a check in the Crif databases and in the chambers of commerce, so as to check the credit history of the applicant.
At the same time, the beneficiary must have demonstrable income. In this regard, it is necessary to present the Single Model or the tax return when applying. In the case of loans with very large amounts, the lender is likely to require the presentation of income documents for the past three years.
Once the presence of an income has been ascertained, the bank also checks that this is adequate to guarantee the repayment of the amortization installments. Although there is no precise rule in this regard, we can say that lenders are unlikely to grant loans with a monthly installment higher than one fifth of the beneficiary’s monthly income.
In the case of autonomous and self-employed loans, obviously reference is made to the average monthly income. In the event that the bank deems the monthly installment too high for the applicant’s repayment ability, it may request the presentation of additional guarantees. Penalty for refusing a loan application.
When it comes to additional guarantees, one of the most accepted is represented by the signature of a guarantor. However, it is also possible to obtain independent loans and freelancers by resorting to a mortgage on the house or by presenting a life insurance policy as a guarantee.
How to get personal loans with VAT number in 2018
The economic crisis that has gripped the country for years and the high level of unemployment have led to a reduction in subordinate employment contracts. Despite the Jobs Act which aims to encourage hiring, in fact, many Italians find themselves having to open a VAT number. This situation is limiting for access to credit, since it is rather difficult to obtain loans for self-employed workers.
The most accepted guarantee by banks and financial institutions is in fact the paycheck, in the absence of which lenders only grant loans in the presence of alternative guarantees that can go from ownership of an asset on which to affix a mortgage to the signature of a guarantor.
Who to contact
But who grants independent loans and freelancers? There are now many lenders that have included self-employed among the beneficiaries of personal loans.
Just to name a few, they provide independent loans and freelancers Astro Finance, Cream Bank, Best Bank and Lite Lender. Those who want to find the most convenient self-financing offers can take advantage of the services made available by the many online comparators.
These are websites specialized in the comparison of loans and mortgages that allow you to carry out personalized searches in order to find the product that best meets your needs.
We also remind you that banks and financial institutions periodically offer personal loans in promotion. For example, there is currently a promotion that affects Astro Finance loans.
The offer is valid only for three days: from 29 to 31 August. It allows to obtain 15 thousand USD to be repaid with an amortization plan that extends for 96 months. The monthly payment to be paid is 195 USD.
Tan and Taeg, on the other hand, are fixed at 5.70% and 5.86% respectively. Overall, therefore, the borrower will have to repay € 18,720. Only those who apply online have access to the promotion.
Autonomous changeable loans
What happens if a person reported as a bad payer submits the loan application? In this case, it is possible to resort to autonomous loans and freelancers.
It is a particular form of personal loans which provides for the repayment of the installments through the payment of bills on a monthly basis. They are fixed rate loans, but usually have very high interests. The same goes for management fees.
But who gives loans with bills? Often these loans are provided by small credit institutions that operate online, or locally.
The reason why not all institutions grant these products is that the funding parameters vary from financial to financial. And if some do not accept an applicant without knowing their credit history, others also provide credit to new customers without any problems.
In case of refusal of a loan, not due to protests or registrations in risk centers, it is therefore advisable to apply at other institutions. However, it is necessary to remember that once a loan has been refused, it is not easy to obtain the desired liquidity immediately.
Whenever a subject submits a loan application and is refused, it is registered on the Crif lists. The name remains in memory for about 30 days, during which time the applicant will receive an application for funding. Situation in which a bank or financial company is unlikely to be willing to lend it.
Alternative guarantees to the pay packet
In order to limit the risk of insolvency, banks can also resort to the exchange of the loan, by matching the monthly installments of the bills with executive title. In this way, in the event of default, the bank can request the attachment of the asset placed as collateral for the loan.
Another solution often used by credit institutions to reduce the risk of default is to have an insurance policy taken out which intervenes in the event of illness, accident or death of the debtor.
These are therefore the solutions that self-employed and freelance workers can resort to, who despite having an occupation do not have a paycheck, that is, a demonstrable fixed income. For this reason, loans for self-employed workers are considered more risky operations than loans to employees and see the application of higher interests and, in general, more stringent conditions.
Online loans for self-employed 2018
But how to find the cheapest self-employed loans? Several online comparators are available on the network, specialized websites that allow you to compare offers from the major banks and financial companies operating in Italy in just a few minutes.
The procedure is simple. The user enters the characteristics of the desired loan in the appropriate form and the system proposes all the credit lines that meet the preferences indicated, highlighting the interest rate and the amount of the installment.
Who grants them
Among the various financial companies that provide loans to self-employed workers we find Astro Finance, a well-known credit institution that operates online. These are personal loans with an amount ranging from a minimum of one thousand to a maximum of 60 thousand USD.
The repayment takes place through an amortization plan in monthly installments and the interest rate is fixed. The borrower also has the possibility to customize the amortization plan according to his needs. In fact, it is possible to change the installment amount or skip a monthly payment.
The Skip installment and Change installment options can only be used provided that the borrower has already repaid at least 6 amortization installments. In both cases there are no costs.
We also find Capital Lender in the list of credit institutions that grant loans for self-employed workers. Financial company that pays sums up to 50 thousand USD without the obligation for the applicant to specify the purpose of the loan.
The documents to be presented
In principle, the documents needed to obtain a loan for self-employed workers are the identity document (currently valid) and the ced model. In the event that the sum requested is particularly high, it is possible that the bank or financial institution may also request the presence of additional guarantees, such as the signature of a guarantor or a mortgage on a property owned.
How to get self-employed loans reported to Crif
Access to credit, however, becomes more difficult for self-employed workers who are reported in the Crif lists as bad payers. In this case, in fact, banks and finance companies tend to grant credit only on the assignment of one fifth of the salary. However, this operation is not possible for workers with VAT number.
What are the alternatives? One solution would be to resort to loans with bills. Credit lines usually granted by smaller financial companies that allow access to sums that are not too high to be repaid through monthly installments that correspond to bills of exchange.
In this way the lender is protected in the event of default by the beneficiary. Hypotheses in which, thanks to the executive nature of the bill of exchange, it may request the attachment of the beneficiary’s assets.
An alternative to loans with promissory notes is pledged loans. As the name suggests, these are loans granted against the granting of a valuable asset (gold, jewels, precious stones, etc.). Well that works as a guarantee of financing.
The main advantage of loans for self-employed pawns is that by using this form of financing it is possible to obtain money immediately. Furthermore, there are no administrative or patrimonial investigations against the beneficiary.
Obviously the sum that can be financed is defined by the credit institution on the basis of the commercial value of the asset used to guarantee the loan, which will be estimated. As regards the duration, in principle it ranges from a minimum of three months to a maximum of one year.