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Borrowing as an entrepreneur / self-employed person

Lenders look at various factors to determine whether or not to provide someone with a loan. A very important factor is income. With regard to income, both the level of the income and the type of income are considered. Lenders apply different acceptance criteria for each type of employment. According to lenders, an entrepreneur / self-employed person has less certainty about his income than someone with a permanent contract and therefore taking out a loan as an entrepreneur / self-employed person is not possible with every lender. Even applying for a loan as an entrepreneur is not possible with a number of lenders.

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Independently for longer or less than 3 years

Lenders who provide loans to entrepreneurs often make a distinction between the duration of self-employment. It is then checked how long they have been independent. If you have been self-employed for more than 3 years, it is more likely that you can borrow. Naturally, figures must be submitted that will be assessed. This concerns the figures for the past 3 years. Based on these figures, it is determined whether, and if so, how much you can borrow. If you are self-employed for less than 3 years, the chance is much smaller that you can apply for a loan.

Borrowing more expensive as an entrepreneur?

There are also lenders that do provide a loan to entrepreneurs, but then apply an interest premium. In other words: borrowing as an entrepreneur is more expensive than borrowing with a permanent employment contract.

Other factors

Naturally, lenders look at more factors than just the nature of the income before granting a loan. The most important and common factors besides the nature of the income are:
  • level of income (how much do you want to borrow in relation to your income?);
  • housing situation and housing costs;
  • Credit Registration Office (with a negative registration a loan is rarely granted);
  • family situation (a single person often has lower costs than a family with a few children);
  • age.
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