Tax Preparation Tips for the Self-Employed




 If you work as a self-employed person, your tax situation is different from that of someone who is an employee. Preparing independent taxes can be a bit of a minefield, but you can lower your tax bill by taking advantage of deductions. Here are some tips for preparing your independent tax.

1. Stay informed of your paperwork

1. Stay informed of your paperwork

If you work as a self-employed person, you are responsible for keeping your own data, especially your income and expenses. If you want to use tax deduction, you must retain all relevant receipts in case you are selected for an IRS audit.

2. Decide how you pay

2. Decide how you pay

Self-employed persons must pay estimated taxes based on the amount that you think you will pay to the IRS when you submit your tax return. Once you have calculated your estimated tax, you pay it on a quarterly basis to avoid fines or interest (which is very likely. If you leave your estimates until April 15 of the following year). In addition to being a safer option, it also reduces the temptation to spend the money you have set aside for taxes. Please note that this payment is only an estimate and that the amount you actually owe may be more than you expect.

3. Set money aside for taxes

3. Set money aside for taxes

To avoid being hit by a tax invoice that you cannot pay, you must transfer 20 to 25% of all income to a tax account that is specifically used for money that you have allocated to pay your tax assessments. In this way you have reserved money for paying your taxes for working as a self-employed person and you do not need to borrow money quickly from your savings account to scrape the money together. Because it is in a separate account, you shouldn’t be tempted to get into it for other expenses, but if you think you’re tempted, you make it harder to access the money by opening an account. use that is not directly linked to your check account.

4. Contribute to an IRA

4. Contribute to an IRA

This is often overlooked as a tax deduction, but it can have major benefits. Although you cannot pay for a 401 (k) if you are self-employed, you can save your pension in a self-employed pension fund such as an SEP IRA and you have the additional benefit of acting as a tax reduction. If you are a sole trader and you receive compensation as a person. You can contribute a maximum of 25% of your net adjusted income from independent activities or company profits. SEP IRA contributions are usually 100% tax deductible from person. Annual income.

5. Use tax deduction

5. Use tax deduction

As a self-employed person, you can request certain deductions to lower your tax assessment. Here are some of the tax deductions that you may qualify for.

  • The deduction from the home office . If you work from an office in your home, you may be able to pay part of the costs of your energy bills, secondary telephone. Yekylines (think of cell phones and Skype accounts that are used for business calls) and mortgage and insurance deduct payments. Ideally, this office should be separate from your living spaces. For example, it should be in a private room instead of just a work space in the corner of your bedroom. It makes it easier to determine what can be deducted. You must complete IRS form 8829 to see whether you can benefit from the deduction. Before you fill in the form, you need the exact dimensions of both your home and office space, because the percentage of your expenses that can be claimed is determined by the percentage of your home that serves as office space. Many people fear that claiming this deduction increases the chance that they will be checked by the IRS, but this does not prevent you from using the deduction if you qualify. The IRS look for a number of red flags before they choose who to audit.
  • Appointments of job times. If you use job sites or websites to find freelance or contract work and have to pay a membership fee, you may be able to deduct these as work yacht costs.
  • Unpaid invoices. If customers have not paid, you may be able to debit the unpaid invoices as doubtful debtors, but you must first add the amount (s) to your total income from independent activities.
  • Office provides deductions. Office supplies that are used for your business may be deductible and this may extend to office equipment such as computers or computer hardware that are used. Jekyllangs have been purchased for business use.
  • Fiscal services. Many self-employed people prefer having an accountant take care of his taxes to save time and to prevent potential problems that arise if you make mistakes. If you choose to use the services of a tax professional, you can debit this as a deductible expense.

If your small business is your full job and primary income, we strongly recommend that you hire a tax professional to help you prepare your taxes. It is a fact that more independent entrepreneurs are controlled by the IRS, so you want to make sure that your tax return is done properly the first time.

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Refinance Your Student Loans Peer-To-Peer


Even college students who find great jobs can wrestle with their debts after leaving school, especially if they have expensive private student loans. And for borrowers who cannot make ends meet, it is almost impossible to repay study progress in bankruptcy. The result is an endless cascade, possibly decades, of financial repercussions.

Social Finance, Inc., known as SoFi , seems to change this glumreality . Using peer-to-peer loans between members of the public and qualified student borrowers, student refinancing offers financing for graduates from more than 2,000 US universities. OConlaíangs has also studied SoFi in peer-to-peer personal loans, mortgages and markets for primary student claims.

Key Products

 Key Products

SoFi offers the following loan products. The rates can vary depending on your current income and your credit score and history.

Student loan refinancing

SoFi offers refinancing loans that can lower the interest on your outstanding private and federal student loans. These can have fixed interest rates, ranging from 3, 63% to 6, 99%; or, variable interest rates, currently ranging from 2, 44% to 6, 36%. For comparison: the Sallie Mae Smart Option Student Loan for students currently offers fixed rates between 5, 74% and 11, 85% and variable rates between 2, 62% and 9, 69%. Although the variable rates can rise or fall with Libor fluctuations, they are capped at 8, 95% for 5-year loans and 9, 95% for 10 and 15-year loans. There are no financing limits or origination costs for refinancing loans.

MBA loans

SoFi offers MBA loans to students at about two dozen American business schools, and that list continues to grow. Some MBA loans come with start-up costs from 1% to 2%. Term lengths are 10 or 15 years. While you are in school and during a grace period of six months after graduation, you can choose to postpone your repayments in full, repay interest only or make full principal and interest payments. The interest on loans with variable interest rates starts at 3, 91% (Libor plus 3, 75%) for a 10-year product and varies to a maximum of 9, 95% (Libor plus 9, 75%) for 15-year loans . The interest rate with fixed interest varies from 5. 88% on loans with a term of 10 years to a limit of 9, 95% (Libor plus 9, 75%) on loans with a term of 15 years.

Personal loans

SoFi offers persoConlai fixed-rate loans for existing customers with a principal balance of $ 10,000 to $ 35,000 and terms of three or five years. After an introductory percentage of 12 months between 0, 99% and 3, 99%, the percentages vary from 5, 63% (Libor plus 5, 5%) to 9, 88% (Libor plus 9, 75%). Depending on your credit history, costs for origination of up to 2% may be charged. Although you do not have to place collateral for a SoFi personal loan, you need a credit score of 700 or higher to qualify.

Mortgage loans

For existing customers, SoFi only offers three types of mortgage loans to borrowers in California, although it plans to expand its geographic reach. With the 7/1 ARM you pay a fixed interest rate for seven years (currently around 3, 38% or Libor plus 3, 25%) and then accept annual adjustments to your rate. With the 5/5/20 ARM only interest you only pay interest for 10 years, whereby your interest rate for the first five is set (currently around 3, 65%, or Libor plus 3, 5%). After that, your rate adjusts annually, whereby the repayments of the principal are repaid on the last 10 years of the loan. The rates for these two adjustable options may not increase more than 2% in one year and more than 6% over the term of the loan. 30-year fixed mortgages start at 4, 25% with a 20% deposit and 4, 77% with a 10% discount. Major and interest payments are made at the same rate for the entire length of the loan. SoFi issues $ 2, 5 million mortgage loans and never charges start-up costs.

Parent loans

It is currently being offered as a test program for parents of Stanford students. SoFi’s parent financing helps parents to pay for undergraduate education and board and lodging, without borrowing caps or origination costs. Term lengths are 10 or 15 years. Loans are offered at fixed interest rates (currently 4, 13% to 7, 13% or Libor plus 4% to 7%) or variable rates (starting at 3, 16% to 5, 41% or Libor plus 3% to 5.25 %), with limits of 8, 95% for 10-year loans and 9, 95% for those of 15 years.

Extra functions


Entrepreneur program

For starting entrepreneurs, SoFi can postpone student refinancing loans for up to six months. The program also includes networking opportunities with other SoFi entrepreneurs, professional mentoring services and access to accredited accredited SoFi investors, who may offer start-up financing. To prove that you are an entrepreneur, you must submit a business plan or presentation to [secure with e-mail]

Veterans Program

SoFi offers special rates for student refinancing loans for veterans who are not eligible for full tuition under the 9/11 GI Bill. Eligible veterans include honorable dismissed persons with less than three years of active service, graduates from the military academy, ROTC members and those who attended school more than 10 years after their dismissal. Participants must meet the same eligibility criteria, including employment requirements, as regular borrowers. SoFi does not publicly disclose the borrowed rates of the veteran program, which is decided on a case by case basis. It claims, however, that they are lower than the current rates on Stafford and Grad PLUS, non-subsidized federal loans.

Career Services

SoFi’s Career Services department is staffed by Robert Park, former assistant dean of Career Management at the Simon School of Business at the University of Rochester. It offers current and former borrowers assistance with job search, professional development and general career guidance. You can schedule one-on-one appointments with Mr. Park via e-mail.

Referral program

With SoFi you can create a unique referral link that you can share with friends who might be interested in his products. You earn $ 100 for every successful referral. SoFi currently also offers a $ 100 bonus to new borrowers who sign up via a referral link, although this may change in the future.

Unemployment Protection

If you are fired from your job, SoFi can temporarily suspend your monthly loan repayments and help you find a new job by connecting with other borrowers, investors and alumni in their network. You must re-apply for this program every three months. SoFi only suspends the loan payments for a total of 12 months during the entire term of the loan. During the suspension period, your loan continues to accrue interest, which is capitalized (added to the principal). To earn unemployment protection, you must be eligible for unemployment benefits. To stay in this program, you must actively work with SoFi’s Career Services department to find a new job. If you have obtained your loan with a co-signatory, you must both be unemployed to qualify.


Become a SoFi investor

 Become a SoFi investor

To become a SoFi investor, you must be considered as an accredited investor. The SEC requires accredited investors to meet at least one of these criteria:

  • $ 200,000 in annual individual income or $ 300,000 in combined family income over each of the past two years.
  • Net house value of at least $ 1 million.
  • The supervisor of a trust, a non-profit organization, a company or a partnership with assets of at least $ 5 million.

SoFi offers prospective investors a prospectus that is not available to the public and which describes the terms, duration, return and other aspects of the investments. SoFi makes no return oConlaine due to regulations, but other peer-to-peer lending promises an annual return of 4% to 8% on loans of comparable quality. You don’t have to be an alumnus of one of the affiliated schools or a previous SoFi borrower to become an investor.



1. Help for entrepreneurs and temporarily unemployed borrowers
SoFi does not only temporarily suspend loan repayments and entrepreneurial borrowers – it also allows you to use its community of investors and borrowers for development assistance, mentoring and even start-up financing. No other student lenders offer such an extensive deferment and support program for entrepreneurs. However, the student start-up plan of the Small Business Administration offers budding entrepreneurs the option of opting for an income-based repayment of their outstanding federal loans. The loans from Federal Sallie Mae run up to three years of unemployment, compared to the 12 months of SoFi, but the organization does not offer additional services such as SoFi.

2. Low or non-existent origination costs
The license costs for personal loans from SoFi vary from 0% to 2% of the principal, depending on the size of the loan and the borrower’s credit history. However, the refinancing and mortgage loans never come with start-up costs. Some MBA loans, including those for students from the University of Georgetown, the University of North Carolina-Chapel Hill and the University of Michigan, charge a fee of 1% to 2%.

Other private consultants for consolidating student loans, such as NextStudent and the student loan network, can charge a starting rate of up to 5%. Mortgage origination costs are common with traditional lenders such as Wells Fargo ($ 50 to $ 900, depending on the borrower’s credit). Other peer-to-peer lending services, such as the Lending Club, can charge much higher start-up costs (up to 5%) to personal loans.

3. Attractive fixed rates for qualified borrowers
If you are eligible for a SoFi loan with a fixed interest rate, this can result in a substantial Discount compared to other lenders. Fixed rates on the refinancing loans from SoFi range from Libor plus 3, 45% to Libor plus 7, 5%, depending on your credit score and income. For comparable Sallie Mae loans, the range is Libor plus 5, 5% for Libor plus 11, 75%. For Wells Fargo refinancing loans you pay anywhere from Libor plus 6, 75% to Libor plus 12, 25%.

Wells Fargo parent loans can be 2% to 6% higher than those of SoFi. For personal loans, SoFi’s rates are up to 2% lower than those of Wells Fargo, and they offer the added bonus of a 12-month introductory ratio, 0, 99% to 3, 99%. And while the rates for Wells Fargo personal loans range from around 7, 25% (Libor plus 7%) to around 9, 25% (Libor plus 9%) for borrowers with good credit, SoFi is starting at around 5% . The fixed-rate MBA loans from Discover start at 5, 99% and rise to 9, 74%, compared to a range of around 4% to 10% for SoFi loans.

4. Free support for professional development, networking and business financing
SoFi builds a community of talented, like-minded individuals who provide professional and financial support – including career guidance, entrepreneurship mentoring and even start-up or angel finance – for other members. While traditional lenders, such as Sallie Mae and Wells Fargo, provide college planning tools and general financial advice, their borrowers cannot use the insights and resources of an entire community. Although peer-to-peer lenders such as Lending Club follow the example of SoFi and encourage borrowers to ultimately become investors, making them a de facto community, they do not abuse that community to offer networking opportunities or professional development services.

5. Lucrative referral program
There is no limit to the number of $ 100 referral bonuses that you can earn by connecting student Refinancing candidates to SoFi. Although Sallie Mae has a referral program for lenders in its network, no other lender with a national profile offers such an attractive referral program for individual borrowers. Similar deals are limited to local institutions, such as Three-Branch Darien Rowayton Bank in Connecticut.



1. Strict financial eligibility criteria
SoFi makes loan decisions on a case-by-case basis and does not disclose the details of its methodology. However, to qualify for refinancing – which is the easiest way to get graduates to join – you must have a 700-plus credit score and enough monthly cash flow. To help determine if refinancing is right for you, SoFi shows you four ideal candidates: the lowest earnings earn $ 95,000 a year, and the most modest credit score is 733. For recent four-year graduates, this can be a high threshold for clear.

2. MBA loans and refinancing products are not available for all students and graduates
Compared to products from larger lenders such as Sallie Mae, Wells Fargo and US Bank (which are usually available to students and graduates from accredited US and US institutions of two and four years), the coverage of SoFi for MBA and refinancing loans is relatively small – approximately two dozen schools for the first, and 2000 for the last. No matter how attractive your profile as a borrower is, you may have to look elsewhere if your school is not on the list.

3. Other products are also restrictive
The other SoFi products are also severely limited. The mortgage loans are only available to borrowers in California, and the top-ranking loans – which are still being tested and may be terminated in the future – are only for parents of Stanford students.

The company’s website encourages non-Californians to apply for mortgages in the event that SoFi starts borrowing beyond the boundaries of the state, so it looks like the company has plans to expand elsewhere. Yet the attractive loan rates, conditions and support of SoFi are simply not available for large parts of the American population.

4. Investing is not realistic for many people
Although SoFi is a peer-to-peer lending service, it only accepts investments from people or organizations defined by the SEC as accredited investors. Other peer-to-peer loan platforms, such as the Lending Club, can offer comparable returns (4, 77% to 8, 24% for high-quality loans), but do not limit entry in this way.

5. Variable speed options cannot save you much
Although the fixed lending interest rates of SoFi are generally cheaper than those of other lenders, the variable rates for student loans and refinancing may not be. For example, the variable interest on Discover MBA loans is 1% to 3% cheaper than comparable SoFi loans.

Are you eligible for a SoFi loan?


To be eligible for a SoFi loan, you must meet these universal criteria:

  • Status of citizen or permanent resident
  • 18 years or older
  • No convictions for past crime
  • No bankruptcy statements in the past three years
  • Currently employed or in possession of a binding offer for future employment
  • Law graduates must take at least one state bar exam

You must also have graduated from one of the 2000 universities with which SoFi works. The company does not currently refinance loans for residents of Alabama, Delaware, Idaho, Mississippi, Montana, Nevada, North Dakota, South Dakota, Rhode Island or Vermont.

SoFi also uses strict acceptance criteria – the details of which are not made public – to approve or refuse applications for refinancing of student claims. To have a good chance of being approved, you must not be eligible for federal lending programs, have a credit score of at least 700, and have a modest debt / income ratio. However, SoFi does not clearly define “moderate”. You must also have a diploma of at least four years or expect this soon.

An Autopay discount of 0.25%, which applies when you sign up to have your loan repayment automatically debited from your bank account each month, is available on all loans.

Eligible for other loans

New SoFi borrowers may receive refinancing from student loans or MBA loans, but are not eligible for personal or mortgage loans. To be eligible for this, you must meet the universal admission criteria and be an existing SoFi investor or a refinancing or MBA loan customer.


Student Refinancing Loan


The refinancing application process is simple. After registering with the company and filling out a questionnaire for approval that determines whether you meet the general selection criteria, you will be immediately approved or refused, with an explanation of why. If approved in advance, you can select a plan that suits you and upload or fax documentation to verify your identity and the status of your outstanding loans.

After you have been officially approved, which usually happens within a few minutes, you complete the process by signing your refinancing agreement electronically. You also have the option to set up autopay. It is best to do this when you first submit an application, but you can always sign up for it later and get a discount of 0.25%. The SoFi MBA application process is similar, but you do not have to prove your current work status or cash flow.

Last word


SoFi uses peer-to-peer loans to refinance student loans and to issue mortgage loans, personal loans and certain student loans. Although your exact credit costs depend on your credit history and the amount you borrow, the rates are lower than those of many competitors. In addition, customers receive valuable benefits, including networking opportunities and job search assistance, that are not available through traditional lenders. It is just like a career coach, personal finance expert and lender, all in one package.


SoFi is a versatile lender with a steadily expanding product line. But it is suitable for well-to-do, highly qualified borrowers, especially when compared to other peer-to-peer lenders such as Prosper and Lending Club. And many of its other products are only available to current customers or an exclusive group of California residents. If you get access to this somewhat exclusive club for borrowing and lending money, you may like it, but that’s a big ‘if’.


3, 5 stars out of 5: ideal for those who qualify, but limiting qualification requirements and limited geographical coverage count. On the positive side, networking and career support can be huge for entrepreneurs.

Did you use SoFi to refinance your student loans?



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Student Loan – What is it and How to have it?

Student loan under the microscope:

Student loan under the microscope:

It is a good idea to finance your subsistence for the period of study, the vast majority of students use this option according to statistics. You can satisfy the cost of your maintenance when you are busy studying. A big incentive for this loan is that the state has adjusted the interest payment and it is a very low cost of the loan, which is definitely the first priority for students in the scale of the situation. With a student loan you do not have to have clearly defined what you want this money for, it depends on you, you can invest it in some idea, or have on your maintenance, whatever you want, it’s a matter of your choice.

Who can have it?

Who can have it?

It’s definitely about students, as the name suggests.

What students or for everyone?

What students or for everyone?

The university does not matter much, students of public and private universities have access to this type of loan. The system of study is similar to the university in this matter, also many do not matter, students studying the day, evening or extramural system have the option for this loan. The condition for this type of borrowing is that you must start studying before the end of the age of 25 , because after the age of 25, people are already able (to say a large sum) to reconcile work with studies, and earn better during this period of life. You can also take a student loan during doctoral studies.

What is the purpose of such a loan?

What is the purpose of such a loan?

The main goal was to support young students who come from more poor families. The state is doing a lot of work to make the population broaden its knowledge and improve its education, so you have extended the option of such a loan that is really profitable and can help students expanding their education. For this reason, each year, the maximum amount of monthly income per capita in the student family is determined, which checks whether the family is able to help the student in maintenance.

What to prepare for a student loan application?

What to prepare for a student loan application?

  • Confirmation of the income of the given person’s family
  • application from a creditor bank
  • a certificate that a given person is a student, it may be;
  • certificate of a university
  • document confirming that you were recruited for the given university
  • documents required by the bank in order to be able to assess creditworthiness

Applications are submitted from July 15 to October 20, and it does not change every year – in the bank you choose.

Information needed for this :

  • You must have a guarantor or guarantor:

Starting with who is the guarantor – the guarantor is a person who will repay the loan borrowed by you if necessary , and this is the basis for taking credit. This may be anyone, statistics show that parents, older siblings or some extended family like uncle / aunt are usually chosen for this type of role, but this does not mean that the sponsor can not be a non-family member. If as a student you are interested in taking a student loan, and your situation looks like you do not have a guarantor, there is also a way out for you. You must apply for a guarantee to Bank Locasta Crazo and the Agency for Restructuring and Modernization of Agriculture .

In the academic year 2018/2019, the terms and conditions of student loan guarantees by Bank Locasta Crazo apply:

  • total amount – students deprived of parental care regardless of income
  • the total amount – in the case of a student, when in his family income per person is not higher than PLN 1,500.
  • 90 percent of the amount – when the income per one person in the family does not exceed 2000.

And as for the Agency for Restructuring and Modernization of Agriculture:

People residing in the countryside may apply for it. Depending on the income per one person in the student’s family, the Agency guarantees for the student from the total amount down. 

  • How long is the loan granted?

    How long is the loan granted?

This is not a short time, which gives you a lot of time to repay and the possibility of stress-free living with this loan. This is for the period of study, not more than 6 years, but for PhD students extended by a maximum of 4 years. The loan is paid monthly, no longer than 10 months during the academic year. In the case of holidays caused by health or other reasons, the loan is not paid.

  • Monthly student loan payment of Social Issues:

    Monthly student loan payment of Social Issues:

It is usually around PLN 600, so adding up the entire academic year (10 months) during a year you will get PLN 6,000. If this is not enough for you, you can apply for PLN 800 or PLN 1000, it can also be reduced to PLN 400.

So the withdrawals:

  • 600 zlotys – the base
  • 800-1000 PLN – increased installment
  • PLN 400 – reduced

If your payment has decreased with the change of job, you have the right to apply for an increase in the student loan payment and again you can stabilize your finances somehow. There are many good options in this loan, and one of them is the possibility to apply for an increase or decrease of the loan withdrawal. Are you interested in additional financial knowledge? Check what an Instantor is.



Loan Companies on the Internet Loans up to 60 days In Installments up to 4 Years

The choice of the bank is indicated by those who have credit standing and are looking for a larger cash loan spread over a dozen or even several dozen installments. The installment must be first and foremost low. see for further notes

When looking for cash loans, very often then, we use the comparison of cash loans.

When a customer decides on a loan company, then it is not a priority for him to pay for the loan, which may seem a bit strange. Because these loans are mainly used by people who do not have sufficient creditworthiness. Non-bank entities are perceived, unlike banks, as a source of quick loans.

When we borrow in a bank and when in a loan company

When we borrow in a bank and when in a loan company

We borrow not because we were interested in the offer (although the emotional and impulsive approach to the advertising message is not uncommon), but because we have to – says adviser Tomasz Stankowski. In the case of a long-term loan and a large amount, we reach for a banking offer. And in this case, we are looking for a better bank for longer and we make a decision longer. In the case when we urgently need money, then we tend to use a cash loan in a loan company.

What is the loan, what is the loan for?

What is the loan, what is the loan for?

We reach for a non-bank cash loan when we urgently need to make an instant payment, health expenditure or current consumption. Unfortunately, we also use the loan to repay the loan at another loan company. We use the bank when we have to buy equipment in installments, we do not have enough money to buy a car or renovate a flat.

No commission on the loan

No commission on the loan

This is one of the most important factors for the consumer, alongside a low installment. Only that the low installment is mainly due to the extension of the loan period. The longer the installment payment period, the more creditworthiness we have. Looking for a cash loan of PLN 10,000 for 3 years, we must have a higher creditworthiness than with a loan of PLN 10,000 for 8 years.

However, the commission has a major impact on the cost of cash loans. A cash loan will be cheaper if the commission is lowered or not at all. This is very visible in the offer of loan companies, where in many cases the nominal interest rate is 0%. However, the commission for the loan is at a very high level.

Secure Installment Loans with Top Conditions Online!

If the expenses are once again higher than the revenue, the credit line is used more frequently. But who overdrays his account and claims a credit line, should be aware of what interest costs to get one, because the disbursements is usually in the double-digit range. For consumers who use their Dispo only a short time, this is usually not a problem, but if an account is for a long period of negative, you should think about a installment loan to replace the credit line. Read more at

An installment loan is a consumer loan that is given out for no purpose and repaid in constant monthly installments. An installment loan can be requested directly from a bank or via the Internet. Meanwhile, a consumer loan is gladly applied for over the Internet, because direct and online banks usually offer their customers low interest rates. These attractive offers should be used if you have used a credit line, which causes too much cost. If one balances his account with a favorable installment loan, one can save costs.

Anyone who receives a higher consumer credit than he needs to balance the current account, can also fulfill a small wish at the same time or create a small financial cushion.

Request installment loans conveniently and easily online!

Request installment loans conveniently and easily online!

If you want to apply for an installment loan, you have to complete a loan application on the Internet that can be done quickly and easily via an online form. In addition to all personal information that needs to be done, it is also necessary to provide evidence. A solid and undeclared employment relationship as well as a regular and sufficient income must be proven. Another point of the credit check is the questioning of the data at private credit, which shows the bank whether or not the prospective loan is creditworthy.

Only after this credit check is completed, a consumer credit can be awarded. However, you do not have to worry about having to wait for an installment loan for half an eternity, the credit check is now done using standardized procedures, so in most cases a loan decision can be taken on the same day. With a installment loan, you can thus quickly compensate for the overdrawn account, but also use a consumer loan for any other occasion.