The self-employed are more likely to get a loan than fixed-income employees, especially as some financial institutions generally exclude them from lending. A private credit information is classified as negative if it contains at least one negative entry.
In the view of most credit customers and many banks, this also applies to completed entries, even if private credit classifies these as neutral data. The extent to which a negative private credit affects lending to the self-employed depends not least on whether they need the loan for business or personal purposes.
Negative private credit and credit requirements for business purposes
An operating loan is generally available to the self-employed in spite of negative private credit, as the key figures in this case are more important than the private credit rating. Typically, credit requests for operational loan applications are not made by private credit, but by other credit bureaus whose records, unlike private credit data, contain predominantly business information.
The possibly bad creditworthiness of the loan seeker as a result of a private forfeited private credit negative contribution is included in this information regularly, but contributes only to a small extent to the credit rating of the company. Company founders are in many cases entitled to a subsidy loan from the nationwide development bank. It also approves the reduced loan for the self-employed, despite the negative private credit, since most programs provide for a private credit request, but only for a bankruptcy petition.
Borrowing for the self-employed in negative private credit for private purposes
Personal loans are personal loans, even if they are paid to a self-employed borrower. According to this principle, the usual rules for consumer loans apply to loan repayment, which usually includes a good private credit. Some domestic financial institutions do not generally reject lending in the case of a bad private credit of the self-employed, but examine each individual case, so that higher expected future income increases the chances of lending. In addition, a loan for the self-employed can be taken over the own private pension insurance or life insurance despite negative private credit.
In this case, the creditworthiness of the independent borrower is of little importance, since the own disbursement claims serve against the insurance company as collateral. The Swiss loan is generally accessible to the self-employed despite negative private credit, but only a few federal or Liechtenstein banks lend to non-employees. As an alternative to bank loans, it is also possible to apply for a loan for self-employed people through private loan placement websites, despite negative private credit.
The private lenders registered there also accept to a large extent self-employed persons as contractual partners. The award decisions are made by individual private lenders alone. They are informed about a negative private credit, but do not necessarily see it as a reason for rejecting the loan request if they classify the intended use as supportive.