What divides the success of investment from hiring a loan is the planning it does for that money to make the business grow. But how to hire credit in the best way?
Although some people are afraid to make a contract with a financial institution because they are afraid of breaking it, hiring a loan can serve just to get the finances in order and heal financial problems.
It is important, however, to choose a credit option that meets your goals. There are several models, financing institutions and specific interest for individuals and legal entities.
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In the case of business loans, the documents also include those of the company itself. Just as institutions need to ensure that a natural person will pay the installments, so does the business loan. here are the findings.
The business plan is a document that is useful not only to acquire a loan but also to the management of your company. With it, the financial institution can verify how the requested credit fits into the expansion projects.
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The social contract is the document that presents the profile of your company, the products, and services you offer and the nature of your business. Information on start-up capital is also included in this document.
The balance sheet shows the financial situation of the company. It is a balance between assets and liabilities and serves for the bank to verify the conditions of the company comply with its commitment to pay the installments of the loan.
Generally, financial institutions ask for the balance of the last 3 years, in which they evaluate the revenues and debts of the company.
In this document, the bank can check in detail the cash flow of its business, and it is necessary to deliver the DRE (Statement of Income for the Year). With them, it is possible to assess whether financial issues are in order.
How does hiring personal and business credit work?
In general, every loan works in a similar way. The financial institution – which can be a bank, a cooperative or a funder – provides value to the contractor and charges the installments with interest over a few months or years.
In Brazil, interest rates are usually high, both in lending and asset financing, because in addition to the basic rate indicated by the Central Bank, which serves as the base, administrative fees, profit, and default risk are increased.
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To get personal credit, you can turn to banks or financial companies that specialize in this service. In general, they are somewhat less bureaucratic than business loans because they do not need a business plan and accounting documents of the company such as social contract and balance sheet.
It is important to note, however, that a personal loan should not be asked for an investment in your business. Use personal loan only if you want solutions to your life as an individual.
What are the prerequisites for hiring credit?
To get a loan , the prerequisites change depending on the product ordered from the bank. A payroll loan, for example, will be deducted directly from the employee’s payroll , if the company is a bank partner or the public servant’s paycheck. These options usually have lower interest rates.
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The better you can prove to the financial institution that you can pay the installments of the loan, the easier it will be to get credit approval at reasonable interest rates. In the case of personal credit, proof of income, real estate on your behalf and not having the CPF registered in credit protection services usually help.