We bring you a new update, this time in response to the consultation on mini-loans in installments that a user sends us from Barcelona. 

Before starting with the answer to the query and see what are the options that the self-employed have to be able to get a loan with Financial Credit Institutions and that can be returned in installments, this is the email sent to us by our visitor:

Mini créditos a plazos con ASNEF

“Where can I contract a mini loan with Financial Credit Institutions and installments being autonomous?”

Hello! I send you this email to see if you can help me find a mini loan that can be paid in several monthly installments and with Financial Credit Institutions , since all the financials that I have looked for offer terms of thirty days maximum.

I am self-employed and I want to request € 900 to pay some suppliers’ bills. Also as I said, I have a small debt in Financial Credit Institutions for a pending Internet bill, which is several years old. Can you help me? Thank you so much!

Jordi, from Barcelona.

Mini-loans in installments and with Financial Credit Institutions: entities that offer them

The first thing to answer Jordi’s query is to clarify that yes, there are currently several financial companies that offer mini-loans in installments and in which Financial Credit Institutions is not taken into account.

In addition, these are platforms that like our user requests, are also suited to the needs of professionals who are seeking funding for your business or company, as they offer high amounts of capital that are adapted to those who are looking for credits for self-employed .

Mini loan platforms with Financial Credit Institutions and installment payments

  • Currency: offers loans of 750 up to 5,000 euros, with installment payments with a maximum of 36 months.
  • Creditea : also has loans with a maximum amount of 5,000 euros to be reimbursed in installments between 61 days and 36 months.
  • Savso: finally, we have this credit platform up to € 900 (but with a limitation of € 300 for the first application). They offer repayment in terms of 13 to 26 weeks.

Of course, we have that these three platforms that we are talking about here are compatible with mini-loans with Financial Credit Institutions , since they will not exclude requests that are unpaid, as Jordi explained to us in his email.

Be autonomous and get a loan in installments while at Financial Credit Institutions

Be autonomous and get a loan in installments while at Financial Credit Institutions

As we have just seen, we have several entities that today offer loans focused on the self-employed, which can be paid in installments and with Financial Credit Institutions.

This is an important detail to take into account given that working on your own account means not having documentation such as a payroll, which facilitates access to credit in many entities.

If we add to this the pending debts in files associated with defaults, it can seem complicated to be able to contract a loan. However, this situation has changed enormously since a few years ago, with the landing of private financing entities in our country.

So: can the self-employed contract debts with Financial Credit Institutions and return them in several installments? The answer is yes, because as we told you a little above there are platforms that have sought to offer financing alternatives, marketing credits that offer the user greater versatility.

In addition, more facilities have also appeared when it comes to reimbursing the credit granted, allowing to pay little by little in installments.

In short, if we are self-employed and we seek a loan with Financial Credit Institutions to repay in installments, we have different options to choose from . Above all, if we do not want to get high capital amounts.

Miniloans to pay in installments and with Financial Credit Institutions: requirements if you are autonomous

Let’s talk about the main differences that we can find when hiring a credit service with Financial Credit Institutions and in terms such as the one we are dealing with, being a self-employed worker.

The first thing we have to take into account is that private lending platforms have a series of requirements that, in contrast to what we are accustomed to find in conventional banks, do not need exhaustive characteristics for their hiring.

This applies to the case of the self-employed, as well as any other type of individual interested in obtaining their services.

Therefore, if we look for a mini-loan with Financial Credit Institutions and that can be repaid in installments being autonomous , we will not be required to provide extra documentation, or pass a more complex credit study.

The only difference with which we will find in this case, is that when adding a proof of income in our application, not having a payroll or a pension or benefit, we will have to provide our latest VAT return and IRPF.

Credits to pay in installments and with debts: what are the requirements?

Apart from the requirement that we just talked about, loans with debts and that are paid in installments also have the requirements that we normally find in any application associated with financing.

These are the following:

  1. Be over 18 years old
  2. Document DNI or NIE updated
  3. Reside in Spain
  4. Contact phone number / Email address
  5. Provide a proof of regular income: it can be a payroll, an unemployment benefit, a pension, or VAT or personal income tax in the case of self-employed

Loans to be repaid in installments, with Financial Credit Institutions and for a self-employed: how are they requested?

Finally, we will go to see how the process of requesting a loan to pay in installments and with Financial Credit Institutions works, from the point of view of a self-employed person.

The most important thing that we have to take into account if we are in a case like this is that we will not find substantial differences throughout the process, given that the process is exactly the same for all users:

We start by visiting the website of the platform, entering the amount to request along with the reimbursement period.

The following is to fill in a form with which we will indicate to the financial our personal data, among which we find the most basic data such as the case of our full name, DNI or NIE, address, telephone number to contact, and so on.

After this, we will have to attach the required documentation, the only time in which we will have a difference between a freelance and any other user of the service.

Apart from a copy of our DNI or NIE, to apply for a loan while in Financial Credit Institutions and pay in installments we will have to add a receipt of income that can demonstrate to the lender that we have enough stability to face the expense that will involve the return of the loan .

If we are self-employed, we will have to choose in this case to attach a copy of our last quarterly VAT or IRPF declaration, since we will not count, for example, a payroll.

Finally, once we have sent these documents, we will have to wait for the entity to verify all our data and send us a response informing us if our loan application with Financial Credit Institutions has been accepted and in installments.