How to Choose the Best Loan Online for a Business?

If you are deciding on an online credit for your business, it is best that you know all the options that exist and choose the most appropriate one. Well, not only the amount, interest and term they are willing to give you is enough, but the ease of obtaining it and the subsequent benefits that you may have.

Therefore, below, we will tell you what you should compare within these aspects to choose the best and at the same time prepare to apply. In addition to that you will have a broader idea of ​​how a credit works online.

What do you need to compare?

What do you need to compare?

Requirements

Some financial institutions that grant this type of loan request minimum requirements, thus achieving that the clients that approach have a greater opportunity to access financing. That is why, in order to start comparing the different financial institutions that exist, it is first good to identify the requirements they request. Since in this way you will save time discarding those that do not suit your possibilities.

Among the requirements commonly requested are:

  • Official identification
  • Proof of address
  • RFC with which you invoice
  • Minimum time of operation of the business
  • Minimum amount of income
  • Guarantee or guarantee
  • Deposit before receiving the credit

Now, depending on the institution, some only ask for 3 or 4 requirements from the previous list. Well unlike a bank and the endless list of paperwork that you must put together, a financial institution that operates through the internet, has the facility to request the minimum. Because thanks to the high-tech tools they use, the analysis of your data and those of your business is done quickly and safely. Achieving so you can receive an immediate response of how much you can approve.

Offer and benefits

With regard to the offer that an online credit makes specifically for a business, the amounts usually range from 10 thousand pesos to 6 million. And the interest rates they handle are competitive with respect to what traditional banking offers for both loans and credit cards.

But what really makes the difference are the benefits. Since there is the possibility that each credit and offer are personalized and flexible according to the payment capacity that you present and the needs of your business. For the model under which online loans work, has been thought to open a real access to financing for small and medium entrepreneurs who want to grow their business. In this way, we can revolutionize the financial services to which we have access for both physical and moral persons.

The recommended thing for you to compare the offer is that you first establish well the needs of your business and based on that make a budget. This way you will have the amount of what you need and be able to request the appropriate amount from the different online financial institutions.

Online loans available in Mexico

Online loans available in Mexico

Dirosher

The first option that we can present you within the different online credits that exist in Mexico for a business or SME, is Dirosher. Since through the platform you can enter to start your application. Once you complete it, you receive a pre-approved amount according to the analysis we make with the data you provide. After accepting your offer you receive your credit in less than 48 hours to the bank account you want.

Requirements

  • RFC with which invoices
  • Official identification
  • Information about your business

Offer

The amounts we offer range from 100 thousand to 2 million with preferential rates and calculated in a personalized manner. That is, according to your level of billing we establish the amount that we can offer including the term and interest percentage of all your credit.

Benefits

The first benefit is that there is no penalty for advance payments in the settlement of your financing. That is, you can write off before the deadline defined in your contract and there is no problem. Also, as you show an adequate level in your payments and punctuality, we can offer you in your second loan under better interest rates and larger amounts. This is so that you can continue to grow your business and achieve the goals you have set for yourself.

Now that you know more about choosing the best online credit option for your business, you can start to compare to decide for the most appropriate one. As a last tip, we can tell you that you are based on what you want to do and the ability to pay with which you account. In this way you can see the credits as allies and tools that will boost your business or SME.

Is it Time to Apply for a Loan for my SME?

The credit for SMEs is a key element to encourage the growth of your business. If you know how to use it correctly, you can take your SME to the top. To get a loan for SMEs, the institutions evaluate different aspects. If you are going to venture to request one, be sure to be prepared, because the credit for SMEs is a great responsibility that you will take for your business.

We share the aspects that you have to evaluate to make sure you are ready to apply for a loan for SMEs.

There is economic stability is enough to pay

There is economic stability is enough to pay

Do not forget that you can not ask for a loan if the economic situation of your business is not going to let you pay. It is not bad to ask for a loan to pay some debts, but as long as you make sure that the future profits of your business are going to give you what is necessary to pay a loan later. If the credit exceeds your income is NOT the time to apply for a loan for SMEs.

Your business meets all legal requirements

Your business meets all legal requirements

To request a loan it is important that your business is formalized. Formal financial institutions will not want to lend you money if you are not already established. The best thing is that you do all the relevant procedures and formalize your business before applying for a loan.

You have clear where you will take your business

You have clear where you will take your business

If you are not clear on what you would invest your credit for SMEs once you have it, you are not ready to request one. We recommend that before applying for a loan, make a plan and decide what you will use it for. Check what it will cost you to make that plan. Delimit your financial goals and define how you will do to achieve them.

Once you have reviewed the aforementioned aspects and comply with everything, you will be ready to request a loan for SMEs. Look for your best option and make sure you meet the requirements of that institution. Do not forget that each financial institution asks for different requirements. For example the requirements in Konfío are very simple that facilitate the process of requesting a loan. Prepare to continue growing and encourage yourself to ask for a loan for SMEs.

How Should you Prepare to Apply for an SME Loan?

 

If you are determined to improve your business and have made the decision to help you with financing. A good tip to apply for an SME loan is to be prepared. Well before, you should know what they ask and how the whole process works so that you use time effectively and on your behalf.

Commonly financial institutions share very basic and important requirements with respect to a business. These are not only to verify that there is a valid registration before the law but also to evaluate how viable it can be to grant you money. That is to say, although the final decision of the offer made by the institutions depends in a certain way on your compliance with each one of them. In the end also the capacity of payment that your business generates and the level of debt that you have up to this moment are decisive.

# 1 To fill out an application

# 1 To fill out an application

Every institution that offers loans, be it a traditional bank or an online financial one, asks you to fill out an application in which you must share basic information such as your name, your SME’s and the reason why you are requesting the loan. Here it is good to mention that depending on the institution and the way they handle their services, this last requirement is taken into account in a different way. For some institutions it is only information without influencing the final decision, but for others, “what are you requesting the loan for” is a determining factor.

For example, some banks request the business plan of your SME to analyze the feasibility of borrowing money, but in addition to this they also request another plan in which details in detail and how you will use the amount that will be lent. This gives an indication that depending on whether the project will generate a beneficial change to your business, in terms of money, they will answer yes. Here, our recommendation is that you investigate more thoroughly if this is a requirement requested by the institution you wish to ask for, so that you can assemble those documents with time and conscience.

# 2 To present documents that validate your business and your identity

# 2 To present documents that validate your business and your identity

In addition to giving basic information such as your name, your business and your location to request an SME loan, you must provide records that support this information. As they are proofs of address, official identification and the RFC (Federal Register of Taxpayers) with which you issue invoices in your SME. The latter is to verify that you meet your obligations before the Tax Administration System and that there is also a legal record of your business before the Government.

If you still do not have an RFC and you are not registered with the SAT, we recommend that you think about formalizing your small or medium business. Any institution that offers loans and is reliable requires this to be able to validate that their transactions follow the legal statutes established by the country. In addition to not only provide you with the benefit of obtaining financing but you open up the opportunities to get larger clients, managing to boost your business towards a promising future.

# 3 To provide documents on the financial status of your business

# 3 To provide documents on the financial status of your business

Another requirement that banks or financial institutions have in common is that they present documents that support the financial status of your SME. For example, a traditional bank will ask for at least the last 12 statements of account, all your annual and partial returns and your credit bureau. A financial online will probably only ask for your password from the SAT to see the level of billing that your business has and will review your credit bureau, in order to make the process faster and easier.

As you can tell, you need to know how much your income business generates and how much your level of debt and expenses is. Well, that gives a real idea of ​​the viability of borrowing money and being able to pay it. For example, your billing shows as the flow of money in your company, while the credit bureau shows your behavior with other loans and the debts you still have. Remember that it is not bad to belong to the bureau but to have a bad history; which you can improve by creating a payment plan to liquidate past due balances and manage to pay on time.

How is the proccess?

How is the proccess?

The process between each bank and financial institution also varies, and although it is simple, time is important. Well after applying for your credit, the time of analysis of all the information to arrive at a final offer is different. While with traditional banking you can get an answer until after 15 days a fintech gives it to you immediately. As you see, it is important to take into account when you need the money and to whom you ask.

After you have a final offer and decide to accept it, follow the legal formality. That is nothing more than signing the contract in which the amount, interest and time to settle is established. And once you sign it, it only remains to continue with your project and give the correct use to your financing.

Now that you know how to prepare for an SME loan, you can go ahead to get everything they ask and in the end the process is efficient and agile. As a last recommendation, we can tell you to investigate more thoroughly all the institutions that can offer financing, so that you can choose the best option for both your ability to pay and your business.