In the market, there are different types of financing for different objectives, such as SMEs.
However, there are also a few others that have gained notoriety thanks to their versatility and the freedom they give as to how you can use them once you acquire them.
One of them is liquidity, therefore, we want to explain in detail what the requirements are for a loan of this nature so that you are encouraged to take the next step and begin to have results and returns on your project or end your debts.
If you are looking for options to deal with payroll problems, you want to acquire machinery or elements to grow your business or consolidate your debts, take a look at the requirements for a liquidity loan, which is an excellent option.
These are the requirements for a liquidity loan
One of the main headaches for people who are thinking of acquiring financing is everything that involves the process to request and obtain it.
These increase when you go to a banking institution, since the requirements for a loan are usually severe and inflexible, leaving many people without the possibility of accessing it.
Fortunately, there are some independent but fully regulated institutions under the legal framework, such as Multiple Purpose Financial Companies (Sofomes), as is our case at ION Financiera.
These tend to be much more flexible, so they are an excellent option for most people who want to meet the requirements for a loan and obtain it more quickly.
Let’s see what are the requirements that we request at ION Financiera so that you can see if you are a candidate for a liquidity loan with us:
1. Have a lien-free property
This is the first requirement for a liquidity loan since it is a loan with a mortgage guarantee and without a lien-free property, it is impossible to access it even if everything else is met.
What is lien-free property? In simple words, it is a property, be it a house or an apartment, that does not have any debt and that is free of any legal problems in relation to Hajando or another financial institution.
Also, your deed must be released and registered in the Public Registry of property, taxes must be up to date, as well as the payment of all public services associated with your address.
The property must have these characteristics so that the institution that grants the loan has a guarantee that the person will pay the established monthly payments on time.
If not, in the most extreme cases, the property becomes the property of the financial institution and that is how the debt is settled, but this is the last way.
2. Have a good credit history
A good credit history serves to guarantee that you have the solvency to face the payment of a financing.
This requirement for a liquidity loan is usually present in any financial institution because only in this way the entity that grants the credit can have greater security that you will be able to make the corresponding payments.
To be a candidate for a liquidity loan, it is important that you start to create a history beforehand through departmental or credit cards, as well as different types of financing.
If not, it is difficult for you to be granted a credit of any nature, since there is no precedent to support you.
Generally, a query is made in the Credit Bureau to see how good your score is and, based on the result, it is decided whether you are a candidate or not.
3. Age range for a liquidity loan
The age factor varies from a financial institution to financial institution, so it is not necessary to give a precise range.
In our case, at ION Financiera, the minimum is 21 years and the maximum is 70.
The minimum age, which is 21, is because it is the average age at which a person begins their working life and, therefore, is capable of generating income, but there is nothing established. The finance company is completely free to set a different minimum range.
The age limit also depends on the institutions. Some establish a maximum of 60-64 years, while others reach up to 70 years, due to the risks posed by advanced age.
4. Ability to pay
The payment capacity is the amount of money that you have month after month to cover the different debts or financial commitments that you have. This, without compromising your basic expenses, such as food, rent, services and others.
This data is obtained by adding all your income and subtracting your expenses. The result is key to acquiring any type of financing.
The ability to pay is not as such a requirement for a liquidity loan, but it serves to determine how feasible it is that the credit will be granted since from that data it is possible to see if you will be able to meet the payment agreed in your contract.
5. Filling the application
Once all the previous requirements have been fulfilled to obtain a liquidity loan, it is necessary to continue with the filling out of the application, so that you can finally know whether or not you are a candidate for the financing of this nature.
When you have filled out the application, it is thoroughly reviewed and, if the result is positive, you continue with the following steps to now obtain the resources that you have been looking for so much.
So that you have all the necessary documents on hand and all the paperwork can be streamlined, we invite you to review a checklist to obtain a liquidity loan.
Fulfilling these requirements for a liquidity loan, you will have the opportunity to begin to materialize each of the objectives that you have, so we invite you to review each of them thoroughly so that you know if you can access financing of this type or not.
In any case, if you need advice or help with any of the requirements, you can approach ION Financiera, where we will gladly resolve any questions you may have regarding this type of credit.
Do not miss the opportunity to meet your goals this year and access a loan that suits your needs in terms of amount, payments and terms. Together we can find the best way.