What is the best loan for MEI?
If you are an individual microentrepreneur and are needing credit, you may have noticed that there are many options on the market. If applying for credit for individuals already seems complicated, loans for MEIs can also cause doubts.
This happens because of all the capital involved and the fact that, normally, financial institutions are not interested in granting credit to this category, especially the self-employed.
And why do financial institutions not like to give loans to MEIs? The reason is: income instability of MEIs and, also, the high amounts requested that are usually requested. Consequently, this makes the business risky for banks.
Still, there are several loan options that can be taken out by companies. You just need to find one that fits your budget.
What is MEI, exactly?
For those who don't know, MEI was a way found by the Federal Government to allow self-employed professionals and small businesses to formalize their businesses. With this, the microentrepreneur guarantees some social security benefits and can also obtain credit more easily than if they were an individual. Among other advantages, MEIs usually have access to more advantageous conditions and lower interest rates.
Check out the types of loans for MEI
If you need to take out a loan for MEI, but don't know which one to choose, don't worry. Check out some options to help you decide.
Microcredit
Microcredit is a loan option for self-employed individuals or MEIs. Although it does not provide very high amounts of credit, microentrepreneurs can obtain amounts of R$10,000 or R$15,000, depending on the financial institution.
And this is done without much bureaucracy and also with a lower monthly interest rate, which should not exceed 4%. After all, this is the maximum rate value determined by law.
This is a loan option made available by several financial institutions. Therefore, each one determines what the credit should be used for. In fact, this type of loan is characterized by Assisted Concession, in which an agent from the institution goes to the business to see if the money is being used as promised.
Online loan
This is another way for MEI to get a loan with lower interest, less bureaucracy and greater security. And the great advantage is that you don't need to leave your home. Simply access the institution's website, check the conditions and send the required documentation.
It is worth noting that it is usually necessary to do a simulation. This way, the bank can analyze your application and indicate the best credit with the best interest rates. In fact, some fintechs guarantee the availability of the money within 24 hours, which is not very common for more traditional institutions.
Loan for MEI with property guarantee
This is one of the best loan options for MEIs. It is most commonly used to pay off company or personal debts, as well as credit for working capital and home improvements. It involves putting up a property as collateral.
This is the best way to pay a company's bills, without having to give up your comfort and use your personal reserves, for example.
Also known as refinancing, it has the lowest interest rates among traditional types of credit lines. In addition, the amount to be withdrawn can be extremely high, reaching 60% of the total value of the property. The terms are highly flexible and can extend up to a maximum of 30 years for repayment.
To have access to all these benefits, it is necessary to transfer the property indirectly to the financial institution, serving as security for the bank to make them available. Despite this, the property can continue to be used by the owner in the same way, including for renting if the owner so prefers. This type of loan has the lowest cases of default.
Documents required to apply for a loan for MEI
It is important to keep in mind that each financial institution has its own requirements when it comes to approving or denying a loan, so there is no general mandatory rule. However, they usually work in a similar way.
Typically, when the amount to be borrowed is lower than other types of credit, there is less bureaucracy involved. The documents required are usually:
● Personal documents (ID, CPF and proof of residence)
● CNPJ and certificate of existence of the company
● Bank account details
● Proof of address of the commercial establishment
● Criminal record (in some cases)
For loans with higher amounts, banks may still require:
● Business plan
● Bank statement for the last three months of the company
● Cash flow document
● Income Tax Declaration
This is the main information you need to know when taking out a loan for MEI.
