If you are thinking about applying for a credit for your business this post is for you. Understanding what banks or financial institutions evaluate will help you increase your chances of obtaining financing.
The process to apply for a loan in traditional banking is still complicated and can take up to 2 months to be approved. If you are going to apply for financing in a bank, these are the requirements that you must have at hand:
Most banks will ask you for at least 12 months of account statements to evaluate the way you handle the finances of the business.
Some banks may ask for up to 24 months of account statements. Additionally, they ask you for all the annual and partial declarations that you have made.
Warranty and guarantees
To apply for a business loan, you will be asked to have an endorsement to support your debt; in addition to some real estate that serves as a guarantee. This is a limitation for most small and medium businesses that are starting.
When you apply for a loan or credit at any bank, they will ask you to have an account at the institution so you can process your credit. In case you do not have one, you will have to open it to start the process.
In addition to taking months to respond, the requirements become a limitation for SMEs to access financing. Today there are online credits, which facilitate the process and are completely safe.
Why is it easier and faster to ask for a credit online?
Evaluation in minutes
Financial technology companies (fintech) use digital information to give you an immediate response. They carry out an evaluation of your credit bureau to evaluate the risk of lending to you. In addition to review the turnover of your business, which gives us an idea of your ability to pay and make a good offer to know what you really need.
When applying for a credit online, it is not necessary that you have any guarantee or guarantee, as well as any advance. With your credit history, the RFC with which you invoice and your SAT password you can complete your request and receive a response in minutes.
Online credits have become an ally to reduce the lack of access to finance that small and medium enterprises face. If you are going to apply for loans online, look for institutions that are registered with the Condusef.