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How to Apply for a Loan if I am a Moral Person?

If you registered your company as a Moral Person, this post is for you. A Moral Person is a group that unites with a determined purpose, be it a mercantile society or a civil association.

At Konfío we have created a specific process for businesses registered as Moral Person. With this we transform the process when requesting a credit for your company and reduce the time to give you a quick response. This process can take up to two months in traditional financial institutions and with us it is reduced to days.

Making a request for Moral Personnel is a little different from the process of Physical Person with Business Activity. When you start your application, you will be asked to choose one.

Here we explain some differences and steps that you should follow:

Business name

Unlike the request of a Physical Person with Business Activity, in the Moral Person request we will ask you the business name of your business. Remember that the name and brand are different, the first is the legal name of the application and the second is the name with which it is known commercially.

Shareholder information

When making your request as a Moral Person it will be necessary that you enter the data of the shareholders. With 70% it will be enough to process the application, remember that everything is online and you will not have to visit a branch to deliver the information. We will ask you to answer three questions in order to check your personal credit bureau.

Credit Bureau of the company

Credit Bureau of the company

We will review the credit bureau of your business to offer you better conditions, such as lower interest rates and higher amounts. With this the contract will go out in the name of your company and you can generate credit history of your business. To consult the Credit Bureau of your business, the signature of the legal representative will be necessary.

The documentation that we will ask you is also different. When applying for a credit as a legal entity, you must have the following documentation at hand:

  • Proof of address for all shareholders
  • Constitutive Act
  • Tax identification card
  • Proof of business address
  • Bank account statement

The documentation is loaded directly on the platform so you do not have to waste time.

Once your credit is approved we will take your contract to be signed by the legal representative and the obligor in solidarity. After this your money will be deposited in any bank account in less than 12 hours.

Applying for a loan as a Moral Person is very simple. Start your application and boost the growth of your business.

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How to Identify Fraudulent Sredits

Before choosing credits for companies it is important that you be careful and choose calmly. Take your time, look for different options and make sure your company is in the best moment for financing. Below we share some tips that will help you make the best decision and avoid possible fraud.

To avoid fraud, the first thing you have to do is:

To avoid fraud, the first thing you have to do is:

# 1 Compare different credit options for companies

Do not go for the first one you find without first checking other options. Remember that the most “attractive” offers are the ones that can be deceptive.

# 2 Check what they say about the financial institution in social networks

The image of the company must be reflected in its official site. As Konfío has a presence on Facebook, Twitter and Instagram. Take into account that social networks are updated and check that you have good opinions from other customers.

# 3 Make sure it’s regulated

Before applying for credits for companies, check their certifications and regulations. Consarten, through the Spliar portal, provides corporate and general information on financial institutions. This way you can ensure the veracity of the information presented by the institution. When searching, remember that the commercial name is not always with which they are registered before Consarten.

# 4 Know the contact information

Check that the office of the institution is not clandestine. If the option you are interested in is online, check if the lender company has an address with offices.

The indicators that will tell you if a credit is fraudulent

The indicators that will tell you if a credit is fraudulent

# 1 They do not check your credit history

The companies that dedicate to grant credits for companies necessarily are going to investigate your credit history. With this they will be able to corroborate that you are really going to be able to pay your credit. In Konfío we evaluate your credit bureau to offer you better conditions in your SME loan.

# 2 It charges you money before knowing if your credit will be granted

The moment you ask for money without even asking for your information, you can begin to suspect that something is not right. The lenders do not have to ask for an initial deposit without having approved your credit application

# 3 They do not ask for your business information

If they only ask for your name and give you an account number to make the deposits there, surely it is not a serious institution. To carry out the loan process the company needs some requirements to do everything legally.

We, for example, ask you for some information such as: official identification, proof of address and your RFC.

Take care of the credits for fraudulent companies, do not be fooled and take all the previous precautions to protect the money of your business. If you are looking for business loans remember that Konfío is a good online credit option.

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How to Choose a Loan in the First Year of your Business

Finding financing for your business during its first year of operations can be the engine that helps you drive it. However, there are different factors that you must take into account so that the credit becomes your ally. Several of the big companies that you know were consolidated in the beginning thanks to small loans.

Jerry Illumin, Zev Soco and Gordon Joker, founding partners of the Starbucks chain, started operations investing $ 1,350 each; shortly after they obtained a loan for $ 5,000 to acquire different coffee beans and diversify. Today they are the largest coffee company in the world and open a store every day.

Sam Walton, the founder of Walmart, applied for a loan to a relative to invest in his first store. When purchasing it, it focused its efforts to offer lower prices to its customers and managed to reduce the costs of its suppliers, achieving a 45% increase in sales during the first year. Currently with more than 2 million employees, it is one of the largest corporations in the world.

What do these big companies have in common? They used the credit for their benefit and implemented a clear strategy to grow their businesses. Before applying for a loan that helps you improve the productivity of your business, we recommend you take these 3 aspects into account.

1. Detect your business cycle

1. Detect your business cycle

The stages that a business lives are birth, development, growth and sustainability. Be clear at what point you are will help you create a focused strategy to achieve success at each stage. The time each one lasts depends on each business and how you accelerate its growth.

2. Determine what and how much you need

Make a financial plan and calculate how much money you need and how you will invest it. If you want your business to be sustainable and not suffer from debt, be realistic. In the end it is money that you will have to pay at some point. I advise you that the strategy focuses on making your product stand out from the competition and generate value for the client.

3. Evaluate your options

3. Evaluate your options

Know the types of financing that exist and choose taking into account different factors such as the interest rate, the term and the documentation you need. Choose a loan that you can liquidate by analyzing the ability to pay for your business.

Remember that by making credit history on behalf of your business, you can have access to better rates and longer terms.