The social microcredits It is one of the products for financing that you can contract through banks. And that are characterized by a series of contributions that make them unmistakable to customers. In the first place, because of the very special recipients of your lines of credit. They are people, who generally cannot access traditional sources of financing, and have fewer financial resources.
The profiles of the users who demand any of these microcredits are long-term unemployed, separated women, single-parent families, and even young people who want to start their first business. In any case, they are very prone to people who are in a situation of social exclusion. And that through these monetary resources they can have a tip of liquidity to undertake a work project to channel their life.
Social microcredits were a very popular financial product a few years ago, specifically during the first half of the last decade. Where a good part of the financial entities commercialized credits of these characteristics. Especially the savings banks established in our territory, and with very favorable contracting conditions for the interests of its applicants. There were no excessive problems to market them, and the demand was very strong.
However, and as a consequence of the economic crisis that originated in 2008, and especially due to the reorganization of the banking system in Spain, its offer has been notably diluted, until it is clearly a minority. To the point that there are already very few banks that have this service of a social nature. It has practically disappeared from their proposals. Limiting itself only to very specific initiatives that are offered with more competitive interest rates, and that can be formalized without commissions, or other administrative or management expenses.
Entities specialized in these credits
Anyway, you are still on time to formalize these banking operations. They have been developed in recent years by an entity specialized in this class of small loans. This is Microbank, the microcredit division promoted by La Caixa to meet these unique needs. Offering several lines of credit for families without recourse, unemployed young people, and even entrepreneurs. He also has a very special microcredit, which is intended for ecological savings.
Other entities, on the contrary, have solved this need of people through more classic credits that improve their commercial margins. They are very specific cases, and in any case, mainly intended for young people who want to create their first business, or to become self-employed, the self-employed. If this is your case, you will pay less interest every year, and you will be able to access another series of benefits that are very favorable to your interests.
What do microloans offer you?
Unicaja, Kutxabank or Banco Sabadell are some of the financial entities that have developed these social products, and within their financing offer. What can you find in these designs? to get started, amounts not excessively generous, rarely exceeding 25.000 euros.
And where their conditions is the main hook to market them among users. Not in vain, have a discount of several percentage points with respect to the more conventional proposals. And to which is added much more flexible repayment terms, and a grace period that can reach 12 months. Finally, the presence of guarantors or people who support the operation is not usually required.
Based on this basic proposal, each entity prints its own identity on each product in question. In any case, they are enabled so that you do not have to pay any kind of commissions, nor other expenses. From this perspective, they are very beneficial credits in their formalization. Saving enough money from the moment you request them, and in this way you can allocate it to other urgent needs of your personal life.
If your request is approved you can allocate resources to various needs: create your own company, become a self-employed worker, or even meet the most basic needs of life. It is precisely for this reason that the applicants' candidacy is restricted. And where only a few will be able to access these financing proposals. Do you want to know if you are one of them?
What requirements do they ask of you?
The biggest problem in subscribing to any of these social products is meeting the necessary requirements for the application to be accepted. In a generic way, it is people in a situation of social exclusion who have it much easier to attract these monetary resources. If you are currently out of work, you are an abused woman, or it is simply difficult for you to make it to the end of the month, you will have come a long way to be granted it.
But it won't be as easy as you might imagine. Since microcredits aimed at self-employment projects will be granted with the mandatory condition of present a draft of the initiative, and of course that this is viable. If not, you will have no choice but to regret the rejection of the plan. And you have to find other more feasible financing channels to achieve this goal.
In another good part of the banking proposals you will have to demonstrate that your annual income does not exceed a fixed limit to access these social credits. Normally this amount cannot exceed 20.000 euros approximately a year. And then the most specific and required for each of the cases: separated women, single-parent families, etc., justify the social situation.
If you have finally managed to pass these filters, you will have the amount in your checking account in a few days. And as long as they comply with the content of these financing channels for individuals. In any case, respecting the payment deadlines scrupulously. Not surprisingly, if you fail to comply with them, you could have heavy penalties from which your personal accounts could suffer.
Advantages they generate
If you are one of the people who have benefited from the award of some of the few social microcredits programmed by the main banks, you will have no choice but to resort to the advantages that your hiring will bring you. They are various and diverse in nature, and they will basically focus on the following aspects.
- The final cost of your claim it will be much more affordable What if you choose to apply for a traditional loan, and one of those that banks tend to market more regularly.
- They will offer you a more flexible term so that you return it, and that it is probably adjusted to your financial needs, but also to your personal ones, depending on the situation in which you find yourself at the time of formalizing the loan.
- You will initially have a grace period, between 6 and 18 months, so that you have a greater economic relief at the beginning, and that is especially valued for this class of recipients, precisely because of their financial difficulties.
- You will only pay the interest that will generate the credit, without other additional expenses that may increase the amount of the banking operation, which will facilitate its formalization to all bank users.
- You will not need any family member or friend to endorse the operation, but you will be the one who supports it. Many times with your own status as a plaintiff, and despite the little income you contribute.
- And in all scenarios, at an interest rate that is more beneficial for your personal needs. So what may vary from 4% to 7% as a maximum limit to close the transaction with your bank.
Other alternatives to finance you
In spite of everything, if this financing method fails for any reason, as a last resort you will always have the exploration of other monetary sources. It will not be an easy process, far from it, but at least you will be in a position to try it. Not in vain, it will not cost you anything, and in the end your effort can achieve the desired reward from the beginning and provide you with liquidity in the most extreme cases.
It is true that the possibilities will certainly be limited, and may not even satisfy you at all. But you will have no other solution to meet these desired goals. Even from very original proposals, which may even surprise you in their approach. Any effort is worth it to finance your projects or personal needs.
The first recourse will be to find a credit between individuals, with which you can save a lot of money if you finally close the operation with an interest rate close to 6%. It is an impossible mission for us, but on the contrary you can find financial platforms, where other people are in a position to lend you money as a formula to make their savings profitable.
As a consequence of this innovative strategy, both of you can benefit from the process to obtain a microcredit. Apart from requiring a lot of dedication and perseverance on your part. It is the only requirement that you will be sued in this option.
If you have also failed in the attempt, since only there will be the resource of asking your loved ones. They may have enough liquidity to solve the problem in a few hours, and without you having to sign a contract. Not in vain, it will depend on the goodwill of both parties.
And where the flexibility of the conditions will be the denominator of the commercial relationship. Surely there are some people close to your most intimate environment who are willing to lend you the amount of your demand. If you don't try, you will never know, and above all what relationships you can trust to develop this kind of operations, which are so frequent among Spanish families.