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What documents do you need for a company loan as a self-employed person?

Documents for a corporate loan

It is particularly important for the self-employed to be able to present the correct documents for a company loan. Without suitable loan documents for the self-employed, it will otherwise be quite difficult to obtain them. They should be as detailed and understandable as possible. You can find out which documents are involved in this guide.

Documents for a company loan - which ones are absolutely necessary?

In order to get a company loan, the self-employed need certain documents. These are necessary so that the lending company can examine various factors. This includes:

  • Proof of a sufficiently high average income that can be reconciled with the loan applied for
  • Business evaluations with a positive balance
  • if applicable, annual financial statements
  • Proof of successful self-employment that has been going on for years
  • further security, for example a surety

The documents for a company loan must prove that you, as a self-employed person, are able to repay the loan. It is also important that there is no negative entry about you at SCHUFA . The business evaluations can also be created as profit and loss accounts or income and surplus accounts.

With additional documents, the chances of getting a loan increase

If the self-employed person has additional collateral such as life insurance , real estate or savings deposits, he can also submit these documents to the bank for a company loan. Then the chances of getting it increase significantly. Guarantors can also help to obtain a loan as a self-employed person.

Otherwise, it is much more difficult to get a corporate loan than a personal loan . If you want to apply for a company loan, you must explain the reasons for the use exactly. This is understandable, since the banks have to protect themselves, because mostly a corporate loan is about higher sums. In the case of personal loans, it is not absolutely necessary to state the purpose. However, a regular income must be available here. The higher the loan applied for, the higher your salary must be.

The documents you need depend on the type of loan

If you want to apply for a long-term installment loan, you must submit the documents for a company loan that are stored in the checklist. However, if it is a short-term bridging loan, documents and loan records for the self-employed are primarily required as collateral.

Why do banks need so many documents for the self-employed?

In Section 18 of the so-called Banking Act, it is regulated by law that credit institutions must carry out a credit check before granting a loan. This serves to protect the bank against possible loan defaults. A bank must therefore determine whether the future borrower can even repay the loan before granting it. Compared to an employee, the self-employed does not have a steady income, so that lending is often more difficult. The respective clerk is obliged to create a credit scoring according to the documents for a company loan. The numerical value determined on the basis of the borrower's characteristics represents your creditworthiness. It has a great influence on whether you receive a loan or not. The interest rate also depends on it.

Always send your current numbers to a credit institution. Therefore, you should obtain this from your Schufa regularly to be sure that the rating corresponds to the current situation and is not incorrect.

How you should submit the documents for a business loan

Meanwhile, the corporate client advisors in the banks are also in the digital age. This is advantageous for the transmission of your documents, because not only private customers can use the digital transmission method, but also self-employed. So you can conveniently submit all the documents for a corporate loan online. This is not only easier, but also faster and protects the environment. This also makes the work of your corporate client advisor much easier. However, you should know that there are still numerous exceptions in this area. Always make sure who you send your documents to in order to apply for a loan for your business. Also check beforehand whether your bank is even allowed to send the documents online.

The security of your data comes first

You should never lose sight of the security of your documents for a corporate loan. It starts with the transfer of your data to the bank. Your data and documents should only be handled by the bank within the framework of legal requirements. This also means that all of your data is not passed on to unauthorized persons. This is only possible if you expressly allow it. Therefore, find out about the relevant credit institutions before making a loan request.

Submitting your documents for a corporate loan

We have explained to you which loan documents are important for the self-employed in order to obtain a loan for their own company. Depending on the type of loan, not only business evaluations and proof of income are required. Additional collateral increases the likelihood of obtaining a loan. Banks are required by law to check the creditworthiness of potential borrowers in order to protect themselves against possible defaults and losses. It is now also possible to submit your documents for a company loan online. With corporate loans, it is particularly important that these are seamless and everything is understandable. If you are still at the very beginning and need a company loan, you also need a business plan. This allows the bank to assess whether you can repay the loan.

My name is Martina Lange and I prefer to write journalistic texts on the topics of finance and medicine. I also love to write professional articles of all kinds. I can find my way into almost any topic and am always happy when I have even more knowledge after finishing a text. As a freelance writer, I am passionate about writing for creditSUN.