How and where to get payday Loans

Among the credits destined to the financing of companies, there are payday loans for small entrepreneurs, because they adjust to their production needs. These are aimed at companies engaged in commercial activities, dedicated to providing services or production whose support is their own income. The credits offer the entrepreneur a support during the emergence of their business, they also facilitate the sustainability of the company. The financing, therefore, should be adjusted to the nature of the business, thus ensuring good support and, in addition, its ability to respond to workers and the bank. The payday loans for small entrepreneurs are those that adjust, for a medium time, the entrepreneur to solve the needs of their production. Adjustments for credit are defined with a financial advisor, but are based on certain parameters that restrict the different cases.

Therefore, payday loans have been designed to:

    • Promote small businesses
    • Provide micro-enterprises with good equipment.
    • Ensure the acquisition of production material.
    • Support the machinery and transport of the company.
    • Support the entrepreneur with the finishing of the property.
  • Facilitate transactions according to financial agreements.

Requesting a payday loan for smaller companies not only responds to early business or a boost to their productivity. The minor credits are adjusted to the commercial project without being an asphyxiating burden but a contributing responsibility, and this is achieved by analyzing the hope of growth of the small industry or commercial entity. To this end, aspects that range from income for time lapses to the destination of resources or the feasibility of marketing mechanisms are taken into account. Requesting a payday loan would also imply an exposition of the viability of the company and, therefore, the resource of what to have in order to improve its productive nature. Therefore, the advisor will be interested in knowing the spaces to be financed.

Microcredits for small entrepreneurs:

The need to explain the case in detail to the advisor personalizes each query, so when applying for a payday loan, it is in principle of interest:

    • Measure the feasibility of the project undertaken.
    • Evaluate the growth potential of the company.
    • That the company has one year of activity.
    • An income up to 9000 (nine thousand) tax units per year.
    • Have up to 10 (ten) workers.
    • Do not involve personal interests or acquisitions unrelated to the nature of the company.
  • Payment of debts to other financial entities.

Small loans are a feasible option for proposals that are not, in principle, very large, especially because financial commitments depend, among other factors, on different resources, such as capital, in parallel to the responsibility they exercise over the company. The business project or the credit application must not exceed the other.

The activities to be financed are close to:

    • Crafts such as carpentry / blacksmithing.
    • Dressmaking / manufacturing.
    • Gastronomic productions
    • Reproduction centers, machinery and personal attention.
  • Sale of products similar to clothing, food or appliances.

For different cases, different modalities of payday loan are offered, being:

    • The promissory note represents a short-term financing that does not exceed 12 (twelve) months, generally focused on primary support, such as capital.
    • The loan as a way to increase production resources, thus increasing the feasibility of the company through real estate, machinery, equipment, and so on.
    • Leases facilitate access to other larger assets, such as machinery or vehicles for production. This modality is an advantage in comparison with others, since the microentrepreneur depends on certain resources to be available, while the assets acquired until the cancellation of the acquired debts will be owned by the financial entity.
  • Factoring with resources is another modality that depends on the existence of accounts receivable, but committed by debtors that have a secure backup to respond to these obligations.

The bank will stipulate a term, between one and five years, for the obligations acquired by the payday loan for small entrepreneurs. The requested documentation will also depend on the lender and the nature of the company to be financed.

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