Obtaining a self-employed loan is difficult but entirely possible. Self-employed workers must, like employees, provide organizations with documents justifying their financial stability. If the conditions for obtaining a self-employed loan are more stringent than in other cases, several financing solutions exist, even if you have already had a loan refused. Let’s review all the possibilities offered to autoentrepreneurs wishing to apply for a loan.
Auto-entrepreneur credit under the microscope
Self-employed entrepreneurs wishing to obtain a credit must show their credentials. Credit without CDI always represents a risk for lending institutions. Without a global vision of the situation and the stability of the borrower, organizations or banks find it difficult to agree. Whatever the amount of auto-entrepreneur loan desired, credit organizations are primarily interested in the creditworthiness of the borrower.
Our various tests carried out with the largest auto-entrepreneur credit organizations reveal that account statements are not systematically necessary. On the other hand, it is systematic to justify your income with a tax notice when you prepare the loan file . The auto-entrepreneur credit is different from an artisan, merchant or liberal profession credit. Let us detail together the different possibilities of financing offered to an independent.
Auto-entrepreneur credit for financing over $ 5,000
It is through a personal loan at the fixed APR rate that autoentrepreneurs generally finance their need for money of $ 5,000 or more. It is the right way to get cheap credit. Like all other individuals, they will go through a car loan to finance a vehicle and a work loan for work. There is no specific auto entrepreneur credit as such.
The auto-entrepreneur credit is specific when calculating the score. Only freelancers with sufficient income and a low debt ratio will see the doors of credit above $ 5,000 open. Remember that if the loan without proof of use of funds is common, that without supporting documents does not exist! This is even more true in the case of micro-enterprise.
Generally, a request for auto-entrepreneur credit for a high amount will be subject to more stringent conditions . If the initial credit agreement only mentions the last tax assessment, the organization engaged on a pre-acceptance is entitled to request other documents, such as account statements or all of the tax notices on a given period.
Almost all of the files concerning recent auto-entrepreneurs (less than a year) will be rejected by the credit organizations. Failure to provide at least the last tax assessment related to the freelance activity will in fact result in an automatic refusal. Keep in mind that the lender needs collateral : the sustainability of the business is one. Only the best customers of certain traditional banks can claim a loan at the start of liberal activity. They still have to prove certain liabilities and important guarantees linked to their solvency.
Compare offers, a priority
Auto-entrepreneur credit obeys certain conditions but is nonetheless competitive. Self-employed people who are confident about their ability to obtain a favorable opinion have every interest in comparing all credit offers . A quick glance at our comparator shows the savings that can be made:
For a loan of $ 15,000 over 60 months, the best organization offers an APR rate of 4.29%: total cost of the credit of $ 1659.60
The second best offer – calculated under the same conditions – announces a rate of 5.77%: total cost $ 2,242.20
We can save $ 582.60 between the best offer and its first competitor on a simulation in the amount of $ 15,000.
Small auto-entrepreneur credit
Small auto-entrepreneur credit most often results in revolving credit. This model has higher rates overall than for the personal loan. The “revolving” credit nevertheless has a serious advantage for the self-employed who wish to reserve a reserve of money. Unpaid invoice, obligatory purchase to develop his business: all these small unforeseen events of a self-employed person can justify a revolving credit.
Revolving credit is positioned on higher rates but can be repaid in advance, without penalties . A self-employed person wishing to release a credit of $ 1000 from their money reserve on a few monthly payments can thus avoid a difficult pass while waiting for a late payment. If the reimbursement is partial, the cost of the credit will drop and will become – in our case – more reasonable. Full reimbursement will terminate the contract.
Home loan for autoentrepreneur
Obtaining a home loan as a self-employed entrepreneur is only reserved for self-employed people whose situation is stable. A bank will never lend a large sum of money (> $ 50,000) over 15 years to a self-employed person whose situation has not been stabilized for several years. The auto-entrepreneur mortgage loan file will still have a little more weight with banks in certain cases:
- If supported by a co-borrower, in CDI
- When the request is associated with a substantial contribution, greater than 10% of the amount
- If the applicant has insurance reserved for the self-employed linked to the risks of job loss
The financial stakes linked to a mortgage are enormous . Our comparator provides a first good indication of the best offers for financing a property purchase.
Autoentrepreneur credit: the essentials to remember
Self-employed people have less access to credit than an employee on a permanent contract . Obtaining a credit when you are self-employed is only possible if a first tax assessment associated with the activity is issued. Only autoentrepreneurs already enjoying a certain seniority / sustainability in their activity will be able to access a credit of 10,000 USD or more.
A more flexible alternative in its acceptance criteria, revolving credit (<5000 $) can be a good solution for the self-employed who simply wish to remedy unforeseen events thanks to a reserve of money directly available.