Applying for a loan as a self-employed person in Switzerland - requirements and opportunities

Applying for a loan as a self-employed person - special requirements of the banks

Many self-employed people in Switzerland sooner or later ask themselves whether they can apply for a loan. Entrepreneurs, freelancers or people with their own company often need financing, for example for investments, major purchases or to bridge liquidity fluctuations.

Compared to employees, banks usually scrutinise loan applications from the self-employed much more closely. This is because the income of self-employed people often fluctuates more and is not always as regular as in a traditional employment relationship.

Nevertheless, it is generally possible to apply for a loan as a self-employed person. The decisive factors are above all the stability of the business, income development and the applicant's creditworthiness.

Credxperts also specialises in loans for the self-employed and is very familiar with the requirements of various banks. If you would like to check whether a loan is possible, you can request a loan here.request redit.

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Minimum duration of self-employment - the most important requirement

One of the most important requirements for a loan as a self-employed person is the duration of self-employment. Banks want to see that the business is stable in the long term and has developed over several years.

In practice, many banks require applicants to have been self-employed for at least two years. This minimum period helps banks to assess whether the business model is viable and whether the income is stable enough.

If a person has only been self-employed for a short time, a loan application is often rejected because banks are not yet able to sufficiently assess the development of the company.

Role of the definitive tax assessment

A key document when applying for a loan as a self-employed person is the definitive tax assessment. Banks very often scrutinise loan applications from self-employed people on the basis of this document.

The final tax assessment shows the tax-recognised profit and income of a self-employed person. This allows banks to understand how high the actual income is and whether the monthly loan instalment remains sustainable in the long term.

It is important that the tax assessment is up to date. In many cases, banks require that the final tax assessment is not older than 11 months. The decisive factor here is not the tax year, but the date of issue of the assessment.

If the document is older, banks often require a more recent tax assessment or additional evidence.

Why banks scrutinise the self-employed more closely

With every loan application, banks must ensure that the monthly loan instalments are sustainable in the long term. For employees, income can be assessed relatively easily on the basis of payslips.

The situation is more complex for the self-employed. Income can fluctuate and depends heavily on the success of the business. This is why banks often analyse several years of business development.

The more stable the business figures are, the better the chances of being granted a loan.

Further documents for the self-employed

In addition to the definitive tax assessment, banks often require further documents in order to assess the financial situation of a self-employed person.

Typical documents are

• Final tax assessment
• Tax returns
• Rental or mortgage agreement
• Identity documents

These documents help banks to understand how the income has developed and whether the monthly loan instalment remains affordable.

Importance of the credit check

In addition to business figures, personal creditworthiness also plays an important role. Banks check every loan application to see whether there are any negative credit entries.

In Switzerland, this check is often carried out via the ZEK. This database contains information on existing loans, leasing contracts and credit enquiries.

If there are no negative entries, this improves your chances of being approved for a loan.

You can find more information about the ZEK here.

Role of income for the self-employed

Income remains one of the most important factors for loan approval, even for the self-employed. Banks check whether the income is sufficiently high and stable to pay the monthly loan instalment in the long term.

Banks often look at several years in order to better assess fluctuations.

If the income is stable and there is sufficient financial leeway, financing may be possible.

What types of loans self-employed people can apply for

Self-employed people can also apply for various types of loan. Particularly common are classic Consumer loans where the money can be used freely.

If a vehicle is to be financed, a Car loan be a possible solution:

For smaller amounts, a Small loan make sense:

Why experience is important when it comes to loans for the self-employed

Loans for the self-employed often require a more detailed analysis of the financial situation. Banks need to understand how stable the income is and how the business has developed.

Credxperts also specialises in loans for the self-employed and is very familiar with the requirements of various banks. This means that loan applications can be prepared in a more targeted manner.

If you would like to check whether a loan is possible, you can apply for a loan here.

Applying for a loan as a self-employed person is possible

Even if banks scrutinise loan applications from the self-employed more closely, financing is generally possible. The decisive factors are stable business development, a clean credit rating and a current definitive tax assessment.

It is particularly important that you have been self-employed for at least two years and that your tax assessment is up to date.

If you fulfil these requirements and prepare your loan application well, you may well be approved for a loan.

If you would like to check whether a loan is possible, you can apply for a loan here.

FAQ - Applying for a loan as a self-employed person in Switzerland

Can I apply for a loan as a self-employed person?

Yes, self-employed people can also apply for a loan in Switzerland. However, banks check the income situation and the stability of the business particularly carefully.

How long do you have to be self-employed to apply for a loan?

Many banks require applicants to have been self-employed for at least two years. This allows banks to assess whether the business is stable in the long term.

Why do banks require a definitive tax assessment?

The final tax assessment shows the officially confirmed profit and income of a self-employed person. Banks use this document to check the affordability of the loan.

How up-to-date must the tax assessment be?

Many banks require that the final tax assessment is not older than 11 months. The decisive factor here is the date of issue of the assessment and not the tax year.

What other documents are required?

In addition to the tax assessment, banks often require tax returns, bank statements and financial statements.

Does the ZEK play a role in the loan application?

Yes, banks check your creditworthiness via the ZEK for every loan application.

Can a bank refuse a loan due to self-employment?

Yes, if your income fluctuates too much or if you have been self-employed for too short a time. In addition, only a few banks in Switzerland offer loans for the self-employed. We at credXperts will be happy to show you which ones they are. Apply for a loan here

Can I apply for a loan despite having an existing loan?

Yes, as long as your income is sufficient and the monthly burden remains affordable.

How can you increase your chances of being approved for a loan?

Stable business development, a current tax assessment and a clean credit rating significantly increase the chances.

Where can I apply for a loan as a self-employed person?

If you would like to check whether a loan is possible, you can do so here start an enquiry.

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