Loans for self-employed: necessary requirements
Obviously, since these are loans for self-employed , banks cannot be based on the paycheck of those who request them: in order to know and assess the applicant’s income in detail, therefore, reference is made to a certification of his income; for example, through the single model or the tax return , thanks to which the amounts received are certified in a precise and incontrovertible way.
One difference between employees and self-employed is that for the first reference is represented by the monthly paycheck, while the latter reference is represented by the annual revenue, since for this category of workers in a month and the other may there must be wages of a very different entity.
Other times additional requirements may be necessary : for example, in the case of loans for self-employed persons who have changed them, they may have been forced to have a life insurance policy of not less than three years, while in various circumstances lenders may require guarantees, either in the form of real estate on which to refer in the event of a non-payment or, more simply, in the form of a guarantor ready to take over the repayment of the installments.
The guarantor is obviously required to have a reasonable income that can be demonstrated, either through the pension slip, or through the paycheck and must never have been reported to the risk center – CRIF – as a bad payer in a central risks.
In summary: credit and financial institutions provide loans (this is their business), but only (except in special cases) if solid guarantees are present. In general, when trying to obtain a loan / loan, the rule is never to give up on the first refusal . It should be borne in mind that each bank / financial institution has its own valuation rules and that these too are sometimes forced to change their way of operating according to the economic situation and / or their financial status, or internal strategies.
Summary of the requirements for obtaining a loan when you are self-employed (with VAT number)
- Document certifying income – single model / tax return (sometimes even 2 0 3 years are required backwards)
- Do not be reported to the CRIF and if you have, delete the databases where you are reported as bad payers.
- If the income is insufficient, real estate can be offered as collateral, even if it has been reported as bad payers.
- Having a guarantor with proven financial strength (ok also pensioners, as long as it is not too far ahead of years to make the operation too risky).
The types of loan for self-employed workers
In general, for self-employed loans, the limit of 50 thousand USD is not exceeded , regardless of whether this sum is requested for personal reasons, for the purchase of services or goods or for one’s own business. Having ascertained that each contribution plan is studied in a specific and personalized way according to the characteristics, needs and average monthly income of the applicant, generally there are two types of loans for self-employed people with whom you can deal:
- the personal loan changed;
- the non-finalized personal loan.
The personal loan is not finalized
The other possibility in the range of loans for self – employed persons is to be found in the non – finalized personal loan : a capital that changes according to the salary is granted and the applicant is not required to produce specific documentation to justify the destination of the money. In this case the interest rate that is applied is fixed and the installment must be repaid by postal bulletins or by RID procedure once a month.
As for the documentation to be submitted , there is no need for anything other than the single model .
It should be remembered that, in the event that the payment of one or more installments is skipped and therefore the bank defaults, it is possible to face penalties or penalties, which could also result in the application of a default or in an increase in interest.
The personal loan changed
The personal loan is a form of financing by virtue of which the bills signed by the applicant represent the guarantee that the bank will be able to recover in the event of default: the bills themselves, in fact, represent an executive title with respect to the asset that is placed in warranty.
This type of loan can also be requested and obtained by a self-employed worker who in the past has suffered a protest or has in any case proved to be a bad payer: it is an almost universal solution, in short, for which the monthly installments to be paid for restitution of the disbursed capital is not reimbursed through postal bills but through bills of exchange.
Bills of exchange – we remind you – are executive titles which, in protest, allow for attachment: in practice, if the debt is not reimbursed, the movable and immovable property belonging to the applicant can be attached.
For credit institutions , bills of exchange are very significant guarantees : they issue loans for self-employed persons who are promoted following the signing of the bills by the person to whom the money is destined.
With bills loans are not finalized, which means that you are not required to justify and explain what will be the destination of the money received.
Since their issue, bills of exchange must be in compliance with the stamp duty.
The enforcement order allows banks to request the expropriation of assets in the event of irregularities in the payment of installments.
The block of bills of exchange reports the amount that must be paid with a fixed deadline every month, for a maximum time that is usually 10 years (120 months).
In conclusion, loans for self-employed people have different requirements to be respected than loans for pensioners and employees, but what does not change is the basic principle, namely the guarantee for the bank that grants the loan to be repaid the capital. disbursed and related interest.