The idea that independent workers, or better known as "freelancers", are not candidates for a bank loan is a thing of the past. Nowadays, there are more and more options available to access a one. If you are one of those freelancers that are trying to access a loan to buy a house, or a car, or simply start a business, in this article we’ll let you know of your options to obtain one.
** We have to add that this article is specialized in our Mexican audience.
More than 15 million freelancers in Mexico
By the year 2019, Mexico had already over 15 million working freelancers according to INEGI. But, if you add to this figure the salaried workers who in their free time provide their services as freelancers, then the number increases to almost 17 million people.
This is why financial institutions have taken these figures into account and, little by little, have been granting easier loans to all those people who are not affiliated to Infonavit or Fovissste so they can buy a property.
How to access a bank loan if you are a freelancer
Provide bank statements
In the past, institutions used to ask for a payroll receipt to corroborate your income. Nowadays, a bank statement is a way to prove income; this document is one of the essential requirements to apply for a personal loan.
Build your credit history
It is very important that you start building a credit history now, which is a requirement requested by financial institutions to lend a loan. One of the most common ways to start building your credit history is through a credit card, or by contracting services such as cable or internet. Remember that through credit bureau records, lenders know you as a payer and thus determine whether or not to loan to you.
Not having any type of credit history represents a risk for financial institutions, which is why they grant you loans with higher interest rates. However, this should not be a problem if you are a totalero, that is, if you pay all your monthly expenses.
If you decide to contract services such as cable or internet, be careful with them. With the changes in the financial reform, even pay TV, cell phone or electricity contracts are part of your credit history. You must be very cautious in the way you handle contracts, because you are creating your letter of introduction to banks or lenders. Once you start generating credit history, there should not be any other obstacle for you to receive financing in a formal way.
Have your payments in order
Remember to take good care of your payments. As its name suggests, a credit history records all your financial movements over a period of time. Although it is true that the records are erased every certain period of time, according to the rules established by Banco de México, having a bad score could cost you the credit you need. The simplest formula to have a good credit history is to know your limits, respect them and do not get into too much debt.
Another way to take care of you payments is always staying on budget. Since your income is not regular, you must be careful with the debts you incur. Making a budget will show you what your payment capacity is. If salaried people must do it, you must do it even more since you do not have a fixed income.
Credit is a perfect instrument to develop yourself; in your case, it can be one of the ways in which you can grow as an independent professional if you don't want to be tied to a company; just take advantage of it and manage it correctly so you don't get out of control.