Of the challenges faced by microentrepreneurs, lack of capital is undoubtedly the one that most hinders business growth.
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So, if you've been an entrepreneur for a long time and are having trouble taking the next step, knowing how to get a loan for MEI could be the solution.
Therefore, we will answer some questions about the process of obtaining credit and also show you some options for you to take advantage of, with more attractive rates and interest rates.
Starting a business isn't easy, but we know how liberating it is. Getting a good line of credit will be a great way to fuel your MEI's growth.
Take advantage of these tips and clear up any doubts you may have before applying for a line of credit.
Happy reading.
Loan for MEI: how does it work?
Because the MEI is basically an individual with a CNPJ, there is some difficulty when seeking a loan, as it is not a company with share capital.
However, it is currently possible to achieve credit lines in several financial institutions, including those with bad credit, but it is worth noting that your score can be consulted,
Furthermore, there will be negotiation of interest and installment numbers, very similar to a loan for an individual.
As for proof of income, we have a tip below that can help you a lot.
And how to get a loan for MEI?
If you are self-employed and have become an MEI to regularize your situation, you know that when seeking a loan you will encounter the lack of proof of income.
That's why many people believe it's not possible to get a loan for MEI, but the truth is that there are more ways to prove income than just pay stubs.
If you are self-employed, you can use your bank statements, and if you have already filed your Personal Income Tax return, this document can also be used to prove your income.
Another important point is to indicate the purpose for which the credit will be used in your company. For example, paying suppliers, purchasing equipment, and so on. This helps lend credibility to your request.
Some institutions specialize in fostering entrepreneurship, including offering more attractive interest rates, which is great for those just starting out.
Benefits of loans for MEI
Microentrepreneurs can access specific lines of credit with interest rates much lower than those of conventional personal loans.
But it is worth mentioning that it varies from financial institution to financial institution, and some banks may be more flexible or not, but in general comparison, the conditions for MEI are usually much more attractive.
BNDES (National Bank for Economic and Social Development) has recently taken initiatives to foster entrepreneurship, offering lines of credit to microentrepreneurs under very favorable conditions.
As a state-owned financial institution, BNDES's credit lines are geared toward working capital, equipment purchases, renovations, and the acquisition of other inputs, always aiming to benefit the country's economy.
How to prove MEI income?
If you've been self-employed for a while but recently became an MEI, bank statements may still be enough to prove your income.
It is important that you present as many statements as possible, as this helps to create a good average, which would be the equivalent of a salary.
With at least one year of statements proving your income, your chances of having a line of credit approved are much higher.
Documents required to apply for the loan
In theory, they do not differ much from the documents requested for an individual loan, so you will need an ID, CPF, proof of residence, and of course, proof of MEI, which can be easily issued on the Entrepreneur Portal.
Bank account details are also required, so applying for a line of credit at a financial institution where you've had an account for a long time can help you get approved, but the interest rates aren't always worth it.
Therefore, do your research and find out what types of MEI loans are available on the market.
Types of loans for MEI
There are several lines of credit at several different financial institutions, each with their own conditions.
But so you don't get left in the dark, we've selected the three most popular options for individuals and micro-entrepreneurs that offer a greater chance of approval.
Vehicle Warranty
Proof of income is nothing more than a way for the bank to ensure that you will be able to afford the loan installments, and in the case of a loan secured by a vehicle, the institution has this confirmation in the car.
Therefore, this type of loan usually has a good chance of approval, as in the event of default, the bank can take possession of your vehicle.
The particularity of this model is that the credit you will obtain will be calculated based on the value of the car, so the amount of credit will depend on the model of your car.
Microcredit for MEI
We have already mentioned microcredit for MEI from BNDES, a public institution, but this modality is also offered by private institutions.
In this case, these are loans with smaller amounts, around 20 to 30 thousand, which serve as working capital or for the acquisition of inputs, and therefore tend to offer less risk to banks.
On average, the interest rate varies from 1% to 4% per month at major financial institutions, so it is worth comparing before deciding which one to choose.
Loan with banks
This is the best-known modality and is basically a personal loan, which will take into account your score and proof of income.
The chances of success are greater at banks where you already have an active and active account for a long time, preferably with a good relationship with the manager to try to get the best possible payment terms.
How to apply for a loan for MEI?
With the expansion of the internet and the emergence of fintechs, the options for credit lines have grown significantly, and today, they can be requested online.
Therefore, you, as an MEI, have a world of options at your disposal to analyze and find the one that best suits your reality.
But as we said, with so many options for online and offline financial institutions, you'll have to analyze them one by one to find the most attractive one.
Or, you can be smarter and visit our website and check out the loan options, as our financial team has already surveyed and compared the main institutions to help you decide.
At Consulta Cred you'll find the best loan options!
Find options that fit your budget and make the right choice to get credit for your business to grow.
Conclusion
Starting a business isn't easy, so getting a little push to learn how to get a loan for MEI will boost your operations and allow your business to take the next step toward growth.
The options have increased, but it is important to be careful not to choose a financial institution with dubious promises. To do this, Visit the Consulta Cred website and we'll help you find the best loan options.
