Loans for self-employed

Currently, being autonomous is not an easy and simple task, no matter where you look. However, when it is required to make loans for freelancers , we are talking about a doubly difficult task, above all because of the labor and economic instability suffered by these workers because of the irregularity with which they receive their income.

Therefore, the vast majority of the time this generates problems and delays in the world of loans for self-employed , also complicates access to any type of credit product.

All this is derived from the fact that financial entities consider that giving access to loans to people with this profile is more likely to have problems at the time of reimbursement, if the request is made by employees with a stable job or pensioners .

Requirements to access loans for self-employed

The requirements that will require you to apply for a self-employed loan will always depend on the type of entity or establishment you have.

Since it will never be the same to request a loan for a small or not so ambitious project, such as a credit for already established companies.

Some of the requirements that will usually be requested to access loans for self-employed are:

  • Have ID.
  • Not be on a list of defaulters.
  • Your level of indebtedness should be below 40% of your income.
  • The amortization periods, the requested amount, the percentage of financing, the destination of the financing, its viability will be taken into account.
  • Link with the entity.
  • It will be necessary to have an endorsement or several.
  • Seniority in the company and type of contract.
  • Proof of monthly income.
  • Business plan.
  • Last payment of social security.

Documents you need to submit to obtain freelance loans

When we are going to access a loan for freelancers , the companies or entities that we go to will demand a greater amount of documents.

All this will depend on the amount of money of the loan that is going to be requested, as well as the company that we go to, but these are the basic documents that could be requested and that you will have to prepare if you require financing:

  • Photocopy of the declaration of income and patrimony
  • Photocopy of the registration document as self-employed
  • Any proof of stable income
  • Document that shows the antiquity and route of our business
  • Photocopy of the NIF of all the people involved in the operation
  • Photocopy of receipts of debts with other entities
  • Last payment made to Social Security

Characteristics of loans for the self-employed

The characteristics and conditions of self-employed loans are very flexible and vary according to the needs and profile of the client.

When we want to access one of these loans for freelancers, it is convenient to follow the following aspects:

  1. Consider the opportunity to hire short-term loans because they are very useful to avoid discoveries when covering specific liquidity needs.
  2. Search only specific banking products for the self-employed, because they respond better to the specific needs of the group.
  3. Before applying for the loan, it is recommended to carry out an exhaustive business plan taking into account the payments that will be made. For this, it is advisable to use an amortization table where the interest and capital that is going to be paid during the life of the loan are broken down.
  4. It is recommended to request the loan in more than one entity to be well informed of the conditions offered by other banks.