Did you know that you do not have to be employed to get a personal bank or financial loan? There are several options!
“When you are self-employed or informal, getting a personal loan can be an extra stress. We can help guide you to your ideal loan regardless of your professional life. “
In these times all financial caution is few. However banks are increasingly willing to lend money to someone without a solid financial history, so much so that in the last six months the largest institutions earned more than 46 billion reais.
Regardless of how much you have won, who has restrictions or is negatived you have several credit options to choose to make and keep money in your pocket.
– Informal workers, freelancers, self-employed are especially known as freelancers.
And as the number of self-employed professionals increases, creditors realizing that there is an expanding market that needs to be met, are out in the wild. Because of this, while it may be somewhat more difficult to get a personal loan being informal, this has become easier and more flexible on the part of the institutions.
If you are self-employed, you work at your own risk , our ” Complete Guide to Loans for Self-Employed and Informal ” will be useful:
- To understand more about all credit options?
- How to apply for a personal loan with advantages and good conditions?
- What informal documents probably need to initiate the request?
- What proof will it take to demonstrate monthly or yearly income?
But first let’s know what it is and how it works
What is an informal loan in Brazil?
There is not much distinction between formal and informal loans , apart from the fact that an informal worker does not have a portfolio record or a work contract that removes this informality.
Usually, traditional and potential lenders ask for proof of income, such as: checks, pay stubs, salary receipts, or benefit details at the time of a loan application in most institutions – this is the standard procedure.
The self-employed, be it formalized or informal, he also obtains through the bank statement, IRPF or Decore to prove income to request the amount that he wishes.
General information : “An informal or autonomous worker is any citizen who performs one or more activities in a professional manner, but on his own account, that is, without having a connection as an employee with companies, public bodies, organizations or other persons. “
In Brazil, we have about 22.9 million people working in the informal sector, many have ventured into their own business, others have left or lost their jobs with a formal contract, and now they work as freelancers or make the famous spouts to earn extra income.
For an informal one, the best way to adjust its credit image with banking and financial institutions is to regularize its informal activity by signing up as MEI, which is a formalization program for individual microentrepreneurs.
How can I get a loan for informal if I am self-employed?
If you are self-employed and looking for a personal loan being informal , you may feel intimidated by the qualification requirements often required by credit institutions.
On the other hand, if you have how to prove income, whether in the form of income tax returns, decors or handling bills and bank statements – there will be no problem.
It is also possible to get quick approval with some lenders online, the process to approve the request on websites and applications, not more than 10 minutes, the release of money within 24 hours. It is obvious that you greatly increase your chances of succeeding if you know what your best options are.
Be happy to know that there are various forms and categories of credit to grant the loan that an autonomous who works informally needs! There are dozens of conventional financial institutions and dozens of alternative lenders and companies.
Lending to informal individuals is easy as long as the applicant meets the eligibility requirements and can submit all necessary documentation.
There are also alternative types of credit that can cater to the needs of people with self-employment, such as a bank loan, a negative loan, restricted or no paperwork, and certain types of credit cards are easily released.
How much does interest cost for being autonomous and informal?
Not necessarily the interest rates will be higher because the claimant is autonomous – especially if it meets the criteria that a lender applies to approve or deny claims. Usually, if all the information is consistent and there is no income commitment – everything will be done properly!
– Remember that as competition is growing, being a stand-alone lender, you may find arrangements that are not as expensive as standard personal credit at banks.
Just be sure to compare all of the options available to you. See which terms and conditions apply to the chosen form of credit before registering with a specific company, bank or lender.
– It is worth mentioning that creditors who carry out the loan without consulting the SPC, interest in general are much larger than conventional banks
To make things easier, compare the lines of credit offered in Brazil. See which of them fits more with your financial profile, access the website of the Central Bank to know more about interest rates and how much this can cost you.
Are there alternatives for self-employed?
In short, yes, however, every lender has its own credit policies and terms for granting.
Whether or not it is a smart choice, this will depend solely on your circumstances, financial needs and the lender who carry out the operation for granting the cash credit.
1. Loan with guarantee
With the secured loan , a property will be given as guarantor of the operation (usually a house or a vehicle). The property (usually a property) remains as collateral, and if there are problems, that is, in the event of default in payments, the bank or financial institution takes appropriate measures to receive the loaned money.
2. Overdraft limit
Overdraft is the credit limit used as a loan for a few days or the entire month released by the bank where you own it. This mode is many used because it is easy to obtain, fast and practical.
For freelancers the overdraft can be interesting , the problem is that interest is high in most banks, in cooperatives the rates are lower.
3. Individual personal loan
” Personal loan to individuals ” is one of the easiest to apply for, both at banks and online websites and applications. Just go to your bank, in a financial store carrying the basic documents and proof of income, that’s all right.
– As the name itself says, credit is intended for people, not for businesses.
As previously stated, personal loans are usually granted by financial institutions and not necessarily by banks, financial institutions, credit unions, credit facilities and independent lenders also release money through personal credit and financing.
In online personal loan, the speed of approval and release of money into account are out of the ordinary, in less than 5 minutes is approved and the money is released the same day. But not all creditors have this expertise.
4. Microcredit for self-employed
Microcredit is a special personal loan modality , it caters to micro and small entrepreneurs who need money to implement, maintain or start a business.
When talking about loans for self-employed, microcredit is what makes the most sense in terms of opportunities because the debt can be repaid with the profit of the borrowed money itself. There are many options but we took one for you to know:
Oriented Productive Microcredit : this line of credit is available at Banco do Brasil , serves to meet the financial needs of individuals and also legal entities that undertake in activities of micro and small companies.
5. Loan with restriction
For self-employed with a negative name , with a restriction on the CPF with Serasa, SPC and others, and can not offer any guarantee of payment, the alternative that the credit market offers is precisely the loans that do not make the credit query. But in these cases the rates are higher than the bank loan.
In the restricted loan, normally the lenders who work in this segment, release amounts in cash to use the way you want, the terms are up to 12 times, the amounts released starts at R $ 200.00 and goes up to R $ 3,500, some up to R $ 5,000, with rates starting at 11%.
6. Loan for self-employed without proof of income
Not all banks have lines of credit specially designed for informal workers , however, some modalities do not require the self-employed or the informal to prove income to have the amount approved, including:
Pledge : in this case is the most popular line without proof of income, is available at Caixa Econômica. The appraiser is the one who determines the value of the object, jewelry etc., presented for attachment. In general, the informal professional leaves with up to 85% cash of the estimated amount, either in hand or pocket – whatever! The important thing is to get the money.
Construcard : also a Caixa line of credit, is released for purchase of building materials. Check with the nearest agency what the condition for this type of loan is for formalized informal and self-employed workers.
Caixa Fácil : the name says it all, it is an unproved income loan line directed to the purchase of durable goods such as appliances, computers, furniture, etc.
What documentation does a freelancer need?
Being a stand-alone candidate for a loan usually will need some documents and proofs, among them include:
- Presentation of documents . RG, CPF, CNH are the basic documents accepted in a request, must be valid and regular.
- Tax returns. You should be able to submit income tax returns for at least the past two years to help prove your declared income.
- Confirmation of 1-year addresses. This is not a hindrance, but it is acceptable in the form of utility bills, rental contracts, etc.
- Bank statements and account access. These are required for the lender to have a clear picture of their financial position, regular income and expenses.
- Proof of any income. You must present if you need any legal proofs such as one, IRPF or DECORE, made by Certified Accountant.
- Company / business information. For those who have entrepreneurial status, MEI, if required, submit what is requested.
1. How much can I apply for?
The amount requested may be what you want, but this will depend on several factors, including the eligibility assessment, loan type and lender’s credit policies. The amount and time period normally met meets the qualification and eligibility requirements and the mode chosen.
One more detail, how you intend to use money is also another factor taken into account. Therefore, the value that a self-employed person can apply for depends on their income (degree of commitment to debt) and their cadastral situation with the credit protectors – they are many factors considered.
2. Is there anything I should avoid when making a loan application?
Make sure that you know what money will actually be used for and do not fall into the trap of taking on debt that you can not afford. Read “no debt, no loans”
Ask only for the amount you know you can afford, and no matter how tantalizing the offer with a fair interest rate or a different grant agreement, before accepting, see if you can afford the payments every month.
Do not lie about how much you earn and how much you want to borrow.
3. Is there any extra tip that can help a freelancer get approved?
Understand how the loan works that you want to take, and be sure to check out the criteria for approval. Provide any and all documentation requested at the time of order.
You may also consider asking a relative, friend or relative to act as a loan guarantor. And finally, if you are in a business with a member, you can make the loan application together, both of which are equally responsible for repaying the requested money.