If you want to start and create your own business, this article is undoubtedly for you since in this one, we will discuss a great solution for all those people who are promoting their new businesses. Specifically, we will talk about micropréstamos and we will explain what they are, what are their main characteristics and above all, the most outstanding advantages.
What is a microloan?
A microloan is a type of financial product and refers to a small amount that is granted to a person for a short period of time. In this way, it is considered that this type of loan of a reduced amount and time is designed with the aim of promoting entrepreneurs who want to carry out their own business.
It is important to mention that microloans are requested by those who cannot access and request what is known as a traditional loan.
How is a microloan characterized?
In order to better understand what this type of loan consists of, we consider it necessary to comment on the most important characteristics to take into account.
Purpose of the loan
It is important to mention that this type of loan is usually requested in order to cover simple and minor expenses. As we have mentioned previously, by means of a microloan you can request a reduced amount of money so they are the financial product to carry out short-term projects.
Loan duration
Another of the most outstanding characteristics is the duration of the loan. In this case and unlike the time in which traditional loans are usually granted, a microloan is established for a short term of between 1 to 5 years.
More flexible
The last feature that we want to mention in this article is that microloans are characterized by being much more flexible than other types of loans since fewer requirements are required to apply for them. It is only required that the applicant be of legal age and present their identification and the account number where the money will be deposited.
Main advantages of a microloan?
To end this article, we will discuss the main advantages that you will obtain when applying for a micro loan.
Fast and easy
One of the main benefits offered by this type of financial product is that it is carried out through a very easy and simple process so that the desired amount can be offered in the shortest possible time.
Currently, it offers the possibility of being able to manage the entire microloan process online, which makes the process even faster.
Follow-up in the process
Another of the most important advantages that we want to highlight is that through some microloans, not only are businesses financed and money is offered, but they also offer follow-up as a guide so that small businesses can progress.
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