It is extremely difficult to take out a loan for business start-ups, despite private credit, because start-ups usually require a loan that is not insignificantly higher, which of course must also be secured by appropriate collateral against the lender. However, if there is already a bad private credit entry, which can always be assumed, if a loan is requested without checking the private credit, this situation is usually not given.
If the potential borrower then comes out of unemployment, banks are even more skeptical than ever. A well-designed business plan with a clear line and well-founded sales and earnings forecasts can increase the chances of a start-up loan, even if the business idea outweighs and the market actually offers potential for other participants. Nevertheless, the initial situation for borrowers is quite bad, because if the credit rating is classified as insufficient, usually the best business plan does not help much.
If the loan is then still relatively high, a rejection by the big banks and direct banks takes place relatively quickly. In order to still receive the credit for business start-ups despite private credit, the only option left is to additionally secure the loan with a guarantee or attachable capital. If a guarantor is not at hand and no assets are available, which could be seized, a rejection is almost inevitable.
How about your own independence?
But if start-ups are to be done in any case, founders need to look for another way to raise debt. A private loan is a possibility, but often difficult to realize due to the generally high sum. Perhaps a business partner could also be involved in the formation, which has a corresponding creditworthiness, the necessary confidence in the project or even a high level of equity capital.
However, this possibility is of course only given if at least one of the factors applies and the person concerned can also be moved to make that decision. Although it is difficult to obtain credit for start-up companies through direct banks despite private credit, the attempt can of course be made. A loan comparator can be found suitable providers with attractive terms, which sometimes differ in their adoption rate.
Thus, targeted loan providers can be selected, which have a high acceptance rate and do not ask a query to the private credit. Then a loan may be possible, but a positive outcome is not too likely. Nevertheless, the comparison is of course completely free and not binding until the loan application. However, if a refusal occurs, the founder and borrower incur no costs.